Q2 2024 CenterPoint Energy Inc Earnings Call Transcript
Key Points
- CenterPoint Energy Inc (CNP) reported GAAP and non-GAAP EPS of $0.36 per share for the second quarter of 2024.
- The company reaffirmed its full-year 2024 non-GAAP EPS guidance range of $1.61 to $1.63, representing 8% growth at the midpoint from 2023.
- CenterPoint Energy Inc (CNP) expects to grow non-GAAP EPS and dividend per share growth at the mid-to-high end of its 6% to 8% range annually through 2030.
- The company has made significant progress in restoring power after Hurricane Beryl, including restoring power to over 1 million customers within 48 hours.
- CenterPoint Energy Inc (CNP) is investing heavily in vegetation management and system resiliency, including doubling its vegetation management resources and accelerating the adoption of advanced construction standards.
- Hurricane Beryl caused power outages for nearly 2.3 million customers, approximately 80% of the Houston electric customer base.
- The company faced significant challenges due to vegetation management issues, with 60% of the trees causing outages falling from outside of their rights-of-way.
- Increased interest expenses were a negative factor, driven by new debt issuances at a higher relative cost of debt.
- Weather and usage were unfavorable compared to the same quarter in 2023, primarily due to a milder spring in the Minnesota gas service territory.
- The company is pulling forward $250 million of equity planned for 2025 into 2024 to maintain credit metrics, indicating potential financial strain.
Good morning, and welcome to CenterPoint Energy's Second Quarter 2024 Earnings Conference Call with senior management. (Operator Instructions) I will now turn the call over to Jackie Richert, Senior Vice President of Corporate Planning, Investor Relations and Treausure. Ms. Richert, you may begin.
Good morning, and welcome to CenterPoint Energy's Second Quarter 2024 Earnings Conference Call. Jason Wells, our CEO; and Chris Foster, our CFO, will discuss the company's first quarter results. Management will discuss certain topics that will contain projections and other forward-looking information and statements that are based on management's beliefs, assumptions and information currently available to management.
These forward-looking statements are subject to risks or uncertainties. Actual results could differ materially based upon various factors as noted in our Form 10-Q, other SEC filings and our earnings materials. We undertake no obligation to revise or update
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