Dive Brief:
- CenterPoint Energy reported net income of $143 million, or $0.33 per diluted share for the third quarter of 2014, compared to net income of $151 million in the same period a year ago.
- The electric transmission and distribution unit (TDU) reported operating income of $232 million for the quarter, with $202 million contributed by the regulated utility operations and $30 million related to securitization bonds.
- Operating income for the third quarter of 2013 was $239 million, consisting of $207 million from the transmission and distribution unit and $32 million related to securitization bonds.
Dive Insight:
"I am pleased with our company's financial and operational performance this quarter, which was in-line with our expectations," said Scott Prochazka, president and CEO of CenterPoint Energy. "We continue to execute our robust capital plan supported by strong customer growth across our service territories. We are on-track to achieve our expected earnings for the year and remain well positioned to deliver long-term growth."
The transmission and distribution segment benefited from higher revenues in the quarter, linked to continued strong customer growth, higher equity returns primarily related to true-up proceeds and increased right of way revenues. But the company said the increase was more than offset by higher operating and maintenance expenses and decreased usage, primarily due to milder weather.
Operating income for the nine months ended Sept. 30, 2014, was $482 million, consisting of $392 million from the TDU and $90 million related to securitization bonds. Operating income for the same period of 2013 was $488 million, consisting of $387 million from the TDU and $101 million related to securitization bonds.
