CenterPoint Energy, Inc. (NYSE: CNP) reported third-quarter 2024 income available to common shareholders of $193 million, or $0.30 per diluted share on a GAAP basis, down from $0.40 per diluted share in Q3 2023.
For Q3 2024, non-GAAP EPS was $0.31 per diluted share, reflecting a $0.09 decrease from the prior year. The main factor in this variance was a $0.11 per share increase in operating and maintenance expenses due to accelerated activities under the initial phase of the Greater Houston Resiliency Initiative. Growth and regulatory recovery contributed $0.09 per share in favorability but were offset by lower usage of $0.02 per share from outages caused by Hurricane Beryl and a $0.04 per share impact from less favorable weather conditions for Houston Electric compared to Q3 2023.
CenterPoint’s President and CEO, Jason Wells, highlighted the company’s efforts to improve the resilience of Houston’s electric grid. “Our resiliency investments are progressing significantly, especially in hardening our transmission system. Now, we’re focusing on expanding investments in automation and self-healing technologies at the distribution level to help us meet our goal of building the most resilient coastal grid in the country.”
CenterPoint is advancing to Phase II of the Greater Houston Resiliency Initiative, aiming to build on recent successes and enhance trust with customers, communities, and stakeholders.
Due to challenges in predicting changes in the value of ZENS and other factors beyond management’s control, CenterPoint cannot provide a precise reconciliation for forward-looking non-GAAP diluted EPS.
