CenterPoint Energy, Inc. (NYSE:CNP) reported better-than-expected third-quarter earnings on Thursday, with net income surging 52% year over year. The strong results lifted shares 2.9% in early trading.
Adjusted earnings came in at $0.50 per share, beating the analyst consensus of $0.44. Revenue totaled $1.99 billion, slightly below the $2.05 billion expected by analysts.
Net income climbed to $293 million from $193 million in the same period a year earlier, supported by strong contributions from both the Electric and Natural Gas segments. Electric posted a $67 million increase in net income, while Natural Gas added $41 million.
“Our third quarter results demonstrate the continued strength of our core utility operations,” said Jason P. Wells, CEO of CenterPoint Energy. “We’re making significant progress on our strategic initiatives while delivering reliable service to our customers.”
The Electric segment benefited from higher transmission revenues and improved customer rates, while the Natural Gas segment saw a boost from favorable rate adjustments and a tax benefit tied to state apportionment changes.
Operating income rose to $502 million from $424 million in the prior-year quarter. A $104 million loss on equity securities was more than offset by a $105 million gain on indexed debt securities.
CenterPoint reiterated its commitment to its 10-year capital investment plan, unveiled in September, which targets $65 billion through 2035 to drive economic growth and enhance the customer experience.