HOUSTON, Feb. 28, 2019 /PRNewswire/ -- CenterPoint Energy, Inc. (NYSE: CNP) today reported full-year income available to common shareholders of
$333 million, or $0.74 per diluted share, compared with $1,792 million, or $4.13 per diluted share in 2017.
On a guidance basis, full-year 2018 earnings were $1.60 per diluted share, excluding impacts
associated with the Vectren merger (the merger). Full-year 2017 earnings, on a guidance basis, were $1.37 per diluted share, excluding a one-time tax benefit of $1,113 million
related to the Tax Cuts and Jobs Act (TCJA) federal income tax rate reduction.
Fourth quarter 2018 earnings were $0.18 per diluted share, compared to $2.99 per diluted share for the fourth quarter of 2017. On a guidance basis, fourth quarter 2018 earnings
were $0.36 per diluted share, excluding impacts associated with the merger. Excluding the
TCJA tax benefit, on a guidance basis, fourth quarter 2017 earnings were $0.33 per diluted
share.
"I am very pleased with our 2018 results as they represent another solid year of meeting the financial goals we set," said
Scott M. Prochazka, president and chief executive officer of CenterPoint Energy. "Our recently
completed merger expands our utility businesses to eight states, provides opportunities to leverage and expand our competitive
energy businesses across a larger U.S. footprint, and gives us greater confidence in putting forward long-term financial
targets."
Business Segments
Electric Transmission & Distribution
The electric transmission & distribution segment reported full-year 2018 operating income of $623
million, consisting of $568 million from the regulated electric transmission and
distribution utility operations (TDU) and $55 million related to securitization bonds.
Operating income for 2017 was $636 million, consisting of $561
million from the TDU and $75 million related to securitization bonds.
Operating income for the TDU benefited primarily from rate relief, customer growth and higher equity return related to the
annual true-up of transition charges. These benefits were partially offset by higher operation and maintenance expenses,
lower revenues reflecting the lower federal corporate income tax rate due to the TCJA, and higher depreciation and amortization
expense.
The retrospective adoption of the accounting standard for compensation-retirement benefits (ASU 2017-07) resulted in an
increase to TDU operating income and a corresponding decrease to other income of $26 million for
2017.
Natural Gas Distribution
The natural gas distribution segment reported full-year 2018 operating income of $266 million,
compared with $348 million in 2017.
Full-year 2018 operating income for natural gas distribution improved primarily as a result of rate relief and customer
growth. These increases were more than offset by lower revenues reflecting the lower federal corporate income tax rate
due to the TCJA, higher operation and maintenance expenses and higher depreciation and amortization expense.
The retrospective adoption of ASU 2017-07 resulted in an increase to natural gas distribution operating income and a
corresponding decrease to other income of $20 million for 2017.
Energy Services
The energy services segment reported a full-year operating loss of $47 million, which included a
mark-to-market loss of $110 million, compared with operating income of $126
million for 2017, which included a mark-to-market gain of $79 million. Excluding
mark-to-market adjustments, operating income was $63 million in 2018 compared to $47 million in 2017. Operating income increased primarily due to improved margin and volumes. This
increase was partially offset by higher operation and maintenance expenses primarily associated with growth.
Midstream Investments
The midstream investments segment reported full-year 2018 equity income of $307 million,
compared with $265 million in 2017.
Other Operations
The other operations segment reported an operating loss of $11 million for full-year 2018,
compared with operating income of $26 million in 2017. This decrease is primarily due to
merger-related costs.
Earnings Outlook
- 2018 - 2023 target of 5 - 7% compound annual guidance basis EPS growth, using $1.60 as the
starting EPS
- 2019 guidance basis EPS range of $1.60 - $1.70, excluding
certain impacts associated with the merger:
-
- Integration and transaction-related fees and expenses, including severance and other costs to achieve anticipated cost
savings as a result of the merger
- Merger financing impacts in January, prior to the completion of the merger, due to the issuance of debt and equity
securities to fund the merger that resulted in higher net interest expense and higher common stock share count
- 2020 guidance basis EPS range of $1.75 - $1.90
Both the 2019 and 2020 guidance ranges consider operations performance to date and assumptions for certain significant
variables that may impact earnings, such as customer growth (approximately 2% for electric operations and 1% for natural gas
distribution) and usage including normal weather, throughput, commodity prices, recovery of capital invested through rate cases
and other rate filings, effective tax rates, financing activities and related interest rates, and regulatory and judicial
proceedings as well as the volume of work contracted in our infrastructure services business. The ranges also consider
anticipated cost savings as a result of the merger and the estimated cost and timing of technology integration projects.
The 2019 guidance range assumes Enable Midstream Partners, LP's (Enable) 2019 guidance range for net income attributable to
common units of $435 - $505 million, provided on Enable's
4th quarter earnings call on February 19, 2019. The 2020 guidance range utilizes a
range of CenterPoint Energy scenarios for Enable's 2020 net income attributable to common units.
In providing this guidance, CenterPoint Energy uses a non-GAAP measure of adjusted diluted earnings per share that does not
consider other potential impacts, such as changes in accounting standards or unusual items, including those from Enable, earnings
or losses from the change in the value of the ZENS securities and the related stocks, or the timing effects of mark-to-market
accounting in the company's Energy Services business, which, along with the certain excluded impacts associated with the merger,
could have a material impact on GAAP reported results for the applicable guidance period. CenterPoint Energy is unable to
present a quantitative reconciliation of forward looking adjusted diluted earnings per share because changes in the value of ZENS
and related securities and mark-to-market gains or losses resulting from the company's Energy Services business are not estimable
as they are highly variable and difficult to predict due to various factors outside of management's control.
|
Quarter Ended
|
|
|
December 31, 2018
|
|
December 31, 2017
|
|
|
Dollars
in millions
|
|
Diluted EPS
|
|
Dollars
in millions
|
|
Diluted EPS
|
|
|
|
|
|
|
|
|
|
|
Consolidated income available to common shareholders and diluted
EPS
|
$ 90
|
|
$ 0.18
|
|
$ 1,296
|
|
$ 2.99
|
|
Midstream Investments
|
(67)
|
|
(0.13)
|
|
(551)
|
|
(1.27)
|
|
Utility Operations
(1)
|
23
|
|
0.05
|
|
745
|
|
1.72
|
|
|
|
|
|
|
|
|
|
|
Timing effects impacting CES(2):
|
|
|
|
|
|
|
|
|
Mark-to-market (gains) losses (net of taxes of $9
and $20)(3)
|
30
|
|
0.06
|
|
(36)
|
|
(0.09)
|
|
|
|
|
|
|
|
|
|
|
ZENS-related mark-to-market (gains) losses:
|
|
|
|
|
|
|
|
|
Marketable securities (net of taxes of $19 and $33)
(3)(4)
|
69
|
|
0.13
|
|
64
|
|
0.15
|
|
Indexed debt securities (net of taxes of $18 and $38)
(3)
|
(66)
|
|
(0.13)
|
|
(70)
|
|
(0.16)
|
|
Utility operations earnings on an adjusted guidance basis
|
$ 56
|
|
$ 0.11
|
|
$ 703
|
|
$ 1.62
|
|
|
|
|
|
|
|
|
|
|
Adjusted income and adjusted diluted EPS used in providing earnings
guidance:
|
|
|
|
|
|
|
|
|
Utility Operations on a guidance basis
|
$ 56
|
|
$ 0.11
|
|
$ 703
|
|
$ 1.62
|
|
Midstream Investments
|
67
|
|
0.13
|
|
551
|
|
1.27
|
|
Consolidated on a guidance basis
|
$ 123
|
|
$ 0.24
|
|
$ 1,254
|
|
$ 2.89
|
|
|
|
|
|
|
|
|
|
|
Impacts associated with the Vectren merger:
|
|
|
|
|
|
|
|
|
Merger impacts other than the increase in share count (net of
taxes of $2) (3)
|
37
|
|
0.07
|
|
-
|
|
-
|
|
Impact of increased share count on Utility EPS
|
-
|
|
0.03
|
|
-
|
|
-
|
|
Impact of increased share count on Midstream EPS
|
-
|
|
0.02
|
|
-
|
|
-
|
|
Total merger impacts
|
37
|
|
0.12
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Gain from tax reform(5)
|
|
|
|
|
|
|
|
|
Utility
|
-
|
|
-
|
|
(599)
|
|
(1.38)
|
|
Midstream
|
-
|
|
-
|
|
(514)
|
|
(1.18)
|
|
Total gain from tax reform
|
-
|
|
-
|
|
(1,113)
|
|
(2.56)
|
|
|
|
|
|
|
|
|
|
|
Utility Operations on a guidance basis, excluding impacts
associated with the Vectren merger and gain from tax reform
|
$ 93
|
|
$ 0.21
|
|
$ 104
|
|
$ 0.24
|
|
Midstream Investments excluding impacts associated with the
Vectren merger and gain from tax reform
|
67
|
|
0.15
|
|
37
|
|
0.09
|
|
Consolidated on a guidance basis, excluding impacts associated with the
Vectren merger and gain from tax reform
|
$ 160
|
|
$ 0.36
|
|
$ 141
|
|
$ 0.33
|
|
|
|
|
|
|
|
|
|
|
(1) CenterPoint earnings excluding Midstream
Investments
|
(2) Energy Services segment
|
(3) Taxes are computed based on the impact removing such
item would have on tax expense
|
(4) As of June 14, 2018, comprised of AT&T Inc. and
Charter Communications, Inc. Prior to June 14, 2018, comprised of Time Warner Inc. and Charter Communications,
Inc.
|
Results prior to January 31, 2018 also included
Time Inc.
|
(5) Tax reform legislation informally called the Tax Cuts
and Jobs Act of 2017
|
|
|
|
|
|
|
|
Twelve Months Ended
|
|
December 31, 2018
|
|
December 31, 2017
|
|
Dollars
in millions
|
|
Diluted EPS
|
|
Dollars
in millions
|
|
Diluted EPS
|
|
|
|
|
|
|
|
|
Consolidated income available to common shareholders and diluted
EPS
|
$ 333
|
|
$ 0.74
|
|
$ 1,792
|
|
$ 4.13
|
Midstream Investments
|
(223)
|
|
(0.49)
|
|
(675)
|
|
(1.56)
|
Utility Operations
(1)
|
110
|
|
0.25
|
|
1,117
|
|
2.57
|
|
|
|
|
|
|
|
|
Timing effects impacting CES(2):
|
|
|
|
|
|
|
|
Mark-to-market (gains) losses (net of taxes of $26
and $29)(3)
|
84
|
|
0.18
|
|
(50)
|
|
(0.12)
|
|
|
|
|
|
|
|
|
ZENS-related mark-to-market (gains) losses:
|
|
|
|
|
|
|
|
Marketable securities (net of taxes of $5 and $3)
(3)(4)
|
17
|
|
0.04
|
|
(4)
|
|
(0.01)
|
Indexed debt securities (net of taxes of $49 and
$17) (3)(5)
|
183
|
|
0.40
|
|
(32)
|
|
(0.07)
|
Utility operations earnings on an adjusted guidance basis
|
$ 394
|
|
$ 0.87
|
|
$ 1,031
|
|
$ 2.37
|
|
|
|
|
|
|
|
|
Adjusted income and adjusted diluted EPS used in providing earnings
guidance:
|
|
|
|
|
|
|
|
Utility Operations on a guidance basis
|
$ 394
|
|
$ 0.87
|
|
$ 1,031
|
|
$ 2.37
|
Midstream Investments
|
223
|
|
0.49
|
|
675
|
|
1.56
|
Consolidated on a guidance basis
|
$ 617
|
|
$ 1.36
|
|
$ 1,706
|
|
$ 3.93
|
|
|
|
|
|
|
|
|
Impacts associated with the Vectren merger:
|
|
|
|
|
|
|
|
Merger impacts other than the increase in share count
(net of taxes of $12) (3)
|
81
|
|
0.18
|
|
-
|
|
-
|
Impact of increased share count on Utility
EPS
|
-
|
|
0.04
|
|
-
|
|
-
|
Impact of increased share count on Midstream
EPS
|
-
|
|
0.02
|
|
-
|
|
-
|
Total merger impacts
|
81
|
|
0.24
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
Gain from tax reform(6)
|
|
|
|
|
|
|
|
Utility
|
-
|
|
-
|
|
(599)
|
|
(1.38)
|
Midstream
|
-
|
|
-
|
|
(514)
|
|
(1.18)
|
Total gain from tax reform
|
-
|
|
-
|
|
(1,113)
|
|
(2.56)
|
|
|
|
|
|
|
|
|
Utility Operations on a guidance basis, excluding
impacts associated with the Vectren merger and gain from tax reform
|
$ 475
|
|
$ 1.09
|
|
$ 432
|
|
$ 0.99
|
Midstream Investments excluding impacts associated with
the Vectren merger and gain from tax reform
|
223
|
|
0.51
|
|
161
|
|
0.38
|
Consolidated on a guidance basis, excluding impacts associated with the
Vectren merger and gain from tax reform
|
$ 698
|
|
$ 1.60
|
|
$ 593
|
|
$ 1.37
|
|
|
|
|
|
|
|
|
(1) CenterPoint earnings excluding Midstream
Investments
|
(2) Energy Services segment
|
(3) Taxes are computed based on the impact removing such
item would have on tax expense
|
(4) As of June 14, 2018, comprised of AT&T Inc. and
Charter Communications, Inc. Prior to June 14, 2018, comprised of Time Warner Inc. and Charter Communications,
Inc.
|
Results prior to January 31, 2018 also included
Time Inc.
|
(5) 2018 includes amounts associated with the acquisition
of Time Warner Inc. by AT&T Inc. as well as the Meredith tender offer for Time Inc. common stock
|
(6) Tax reform legislation informally called the Tax Cuts
and Jobs Act of 2017
|
Filing of Form 10-K for CenterPoint Energy, Inc.
Today, CenterPoint Energy, Inc. filed with the Securities and Exchange Commission (SEC) its Annual Report on Form 10-K for the
fiscal year ended December 31, 2018. A copy of that report is available on the company's website,
under the Investors section. Other filings the company makes with the SEC and certain documents relating to its
corporate governance can also be found under the Investors section.
Webcast of Earnings Conference Call
CenterPoint Energy's management will host an earnings conference call on Thursday, February 28,
2019, at 9:00 a.m. Central time/10:00 a.m. Eastern time.
Interested parties may listen to a live audio broadcast of the conference call on the company's website under the Investors section. A replay of the call can be accessed approximately two hours after the completion of the
call and will be archived on the website for at least one year.
Headquartered in Houston, Texas, CenterPoint Energy, Inc. is an energy delivery company with
regulated utility businesses in eight states and a competitive energy businesses footprint in nearly 40 states. Through its
electric transmission & distribution, power generation and natural gas distribution businesses, the company serves more than
7 million metered customers in Arkansas, Indiana, Louisiana, Minnesota, Mississippi,
Ohio, Oklahoma and Texas.
CenterPoint Energy's competitive energy businesses include natural gas marketing and energy-related services; energy efficiency,
sustainability and infrastructure modernization solutions; and construction and repair services for pipeline systems, primarily
natural gas. The company also owns 54.0 percent of the common units representing limited partner interests in Enable Midstream
Partners, LP, a publicly traded master limited partnership that owns, operates and develops strategically located natural gas and
crude oil infrastructure assets. With approximately 14,000 employees and nearly $30 billion in
assets, CenterPoint Energy and its predecessor companies have been in business for more than 150 years. For more information,
visit CenterPointEnergy.com.
This news release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of
1995. These forward-looking statements are based upon assumptions of management which are believed to be reasonable at the time
made and are subject to significant risks and uncertainties. Actual events and results may differ materially from those
expressed or implied by these forward-looking statements. Any statements in this news release regarding future earnings, and
future financial performance and results of operations, including, but not limited to earnings guidance, targeted dividend growth
rate and any other statements that are not historical facts are forward-looking statements. Each forward-looking statement
contained in this news release speaks only as of the date of this release.
Risks Related to CenterPoint Energy
Important factors that could cause actual results to differ materially from those indicated by the provided
forward-looking information include risks and uncertainties relating to: (1) the performance of Enable Midstream Partners,
LP (Enable), the amount of cash distributions CenterPoint Energy receives from Enable, Enable's ability to redeem the Enable
Series A Preferred Units in certain circumstances and the value of CenterPoint Energy's interest in Enable, and factors that may
have a material impact on such performance, cash distributions and value, including factors such as: (A) competitive conditions
in the midstream industry, and actions taken by Enable's customers and competitors, including the extent and timing of the entry
of additional competition in the markets served by Enable; (B) the timing and extent of changes in the supply of natural gas and
associated commodity prices, particularly prices of natural gas and natural gas liquids (NGLs), the competitive effects of the
available pipeline capacity in the regions served by Enable, and the effects of geographic and seasonal commodity price
differentials, including the effects of these circumstances on re-contracting available capacity on Enable's interstate
pipelines; (C) the demand for crude oil, natural gas, NGLs and transportation and storage services; (D) environmental and other
governmental regulations, including the availability of drilling permits and the regulation of hydraulic fracturing; (E)
recording of goodwill, long-lived asset or other than temporary impairment charges by or related to Enable; (F) changes in tax
status; and (G) access to debt and equity capital; (2) CenterPoint Energy's expected benefits of the merger with Vectren
Corporation (Vectren) and integration, including the outcome of shareholder litigation filed against Vectren that could reduce
anticipated benefits of the merger, as well as the ability to successfully integrate the Vectren businesses and realize
anticipated benefits and the risk that the credit ratings of the combined company or its subsidiaries may be different from what
CenterPoint Energy expects; (3) industrial, commercial and residential growth in CenterPoint Energy's service territories and
changes in market demand, including the demand for CenterPoint Energy's non-utility products and services and effects of energy
efficiency measures and demographic patterns; (4) timely and appropriate rate actions that allow recovery of costs and a
reasonable return on investment, including Houston Electric's anticipated rate case in 2019, the outcome of which may not result
in expected rates or recovery of costs; (5) future economic conditions in regional and national markets and their effect on
sales, prices and costs; (6) weather variations and other natural phenomena, including the impact of severe weather events on
operations and capital; (7) state and federal legislative and regulatory actions or developments affecting various aspects of
CenterPoint Energy's and Enable's businesses, including, among others, energy deregulation or re-regulation, pipeline integrity
and safety and changes in regulation and legislation pertaining to trade, health care, finance and actions regarding the rates
charged by our regulated businesses; (8) tax legislation, including the effects of the comprehensive tax reform legislation
informally referred to as the Tax Cuts and Jobs Act (which includes any potential changes to interest deductibility) and
uncertainties involving state commissions' and local municipalities' regulatory requirements and determinations regarding the
treatment of excess deferred income taxes and CenterPoint Energy's rates; (9) CenterPoint Energy's ability to mitigate weather
impacts through normalization or rate mechanisms, and the effectiveness of such mechanisms; (10) the timing and extent of changes
in commodity prices, particularly natural gas, and the effects of geographic and seasonal commodity price differentials; (11)
actions by credit rating agencies, including any potential downgrades to credit ratings; (12) changes in interest rates and their
impact on CenterPoint Energy's costs of borrowing and the valuation of its pension benefit obligation; (13) problems with
regulatory approval, construction, implementation of necessary technology or other issues with respect to major capital projects
that result in delays or in cost overruns that cannot be recouped in rates; (14) the availability and prices of raw materials and
services and changes in labor for current and future construction projects; (15) local, state and federal legislative and
regulatory actions or developments relating to the environment, including those related to global climate change; (16) the impact
of unplanned facility outages; (17) any direct or indirect effects on CenterPoint Energy's or Enable's facilities, operations and
financial condition resulting from terrorism, cyber-attacks, data security breaches or other attempts to disrupt CenterPoint
Energy's businesses or the businesses of third parties, or other catastrophic events such as fires, earthquakes, explosions,
leaks, floods, droughts, hurricanes, pandemic health events or other occurrences; (18) CenterPoint Energy's ability to invest
planned capital and the timely recovery of CenterPoint Energy's investments; (19) CenterPoint Energy's ability to control
operation and maintenance costs; (20) the sufficiency of CenterPoint Energy's insurance coverage, including availability, cost,
coverage and terms and ability to recover claims; (21) the investment performance of CenterPoint Energy's pension and
postretirement benefit plans; (22) commercial bank and financial market conditions, CenterPoint Energy's access to capital, the
cost of such capital, and the results of CenterPoint Energy's financing and refinancing efforts, including availability of funds
in the debt capital markets; (23) changes in rates of inflation; (24) inability of various counterparties to meet their
obligations to CenterPoint Energy; (25) non-payment for CenterPoint Energy's services due to financial distress of its customers;
(26) the extent and effectiveness of CenterPoint Energy's and Enable's risk management and hedging activities, including but not
limited to, financial and weather hedges and commodity risk management activities; (27) timely and appropriate regulatory
actions, which include actions allowing securitization, for any future hurricanes or natural disasters or other recovery of
costs, including costs associated with Hurricane Harvey; (28) CenterPoint Energy's or Enable's potential business strategies and
strategic initiatives, including restructurings, joint ventures and acquisitions or dispositions of assets or businesses
(including a reduction of CenterPoint Energy's interests in Enable, if any, whether through CenterPoint Energy's decision to sell
a portion of the Enable common units it owns in the public equity markets or otherwise, subject to certain limitations), which
CenterPoint Energy and Enable cannot assure will be completed or will have the anticipated benefits to CenterPoint Energy or
Enable; (29) acquisition and merger activities involving CenterPoint Energy or its competitors, including the ability to
successfully complete merger, acquisition and divestiture plans; (30) CenterPoint Energy's or Enable's ability to recruit,
effectively transition and retain management and key employees and maintain good labor relations; (31) the outcome of litigation;
(32) the ability of retail electric providers (REPs), including REP affiliates of NRG Energy, Inc. and Vistra Energy Corp.,
formerly known as TCEH Corp., to satisfy their obligations to CenterPoint Energy and its subsidiaries; (33) changes in
technology, particularly with respect to efficient battery storage or the emergence or growth of new, developing or alternative
sources of generation; (34) the timing and outcome of any audits, disputes and other proceedings related to taxes; (35) the
effective tax rates; (36) the effect of changes in and application of accounting standards and pronouncements; and (37) other
factors discussed in CenterPoint Energy's Annual Report on Form 10-K for the fiscal year ended December 31, 2018 and other
reports CenterPoint Energy or its subsidiaries may file from time to time with the Securities and Exchange Commission.
Use of Non-GAAP Financial Measures by CenterPoint Energy in Providing Guidance
In addition to presenting its financial results in accordance with generally accepted accounting principles (GAAP), including
presentation of income available to common shareholders and diluted earnings per share, CenterPoint Energy also provides guidance
based on adjusted income and adjusted diluted earnings per share, which are non-GAAP financial measures. Generally, a non-GAAP
financial measure is a numerical measure of a company's historical or future financial performance that excludes or includes
amounts that are not normally excluded or included in the most directly comparable GAAP financial measure. CenterPoint Energy's
adjusted income and adjusted diluted earnings per share calculation excludes from income available to common shareholders and
diluted earnings per share, respectively, the impact of ZENS and related securities and mark-to-market gains or losses resulting
from the company's Energy Services business. CenterPoint Energy's guidance for 2019 also does not reflect certain impacts
associated with the Vectren merger, which are integration and transaction-related fees and expenses, including severance and
other costs to achieve anticipated cost savings as a result of the merger and merger financing impacts in January, prior to the
completion of the merger due to the issuance of debt and equity securities to fund the merger that resulted in higher net
interest expense and higher common stock share count. CenterPoint Energy is unable to present a quantitative reconciliation of
forward looking adjusted net income and adjusted diluted earnings per share because changes in the value of ZENS and related
securities and mark-to-market gains or losses resulting from the company's Energy Services business are not estimable as they are
highly variable and difficult to predict due to various factors outside of management's control. These excluded items,
along with the excluded impacts associated with the merger, could have a material impact on GAAP reported results for the
applicable guidance period.
Management evaluates the company's financial performance in part based on adjusted income and adjusted diluted earnings per
share. Management believes that presenting these non-GAAP financial measures enhances an investor's understanding of CenterPoint
Energy's overall financial performance by providing them with an additional meaningful and relevant comparison of current and
anticipated future results across periods. The adjustments made in these non-GAAP financial measures exclude items that
Management believes does not most accurately reflect the company's fundamental business performance. These excluded items are
reflected in the reconciliation tables of this news release, where applicable. CenterPoint Energy's adjusted income and adjusted
diluted earnings per share non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or
superior to, income available to common shareholders and diluted earnings per share, which respectively are the most directly
comparable GAAP financial measures. These non-GAAP financial measures also may be different than non-GAAP financial measures used
by other companies.
CenterPoint Energy, Inc. and Subsidiaries
|
|
Statements of Consolidated Income
|
|
(Millions of Dollars)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
Year Ended
|
|
|
|
December 31,
|
|
December 31,
|
|
|
|
2018
|
|
2017 (1)
|
|
2018
|
|
2017 (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
Utility revenues
|
|
$ 1,629
|
|
$ 1,602
|
|
$ 6,163
|
|
$ 5,603
|
|
Non-utility revenues
|
|
1,407
|
|
1,036
|
|
4,426
|
|
4,011
|
|
Total
|
|
3,036
|
|
2,638
|
|
10,589
|
|
9,614
|
|
|
|
|
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
|
|
|
|
Utility natural gas
|
|
451
|
|
403
|
|
1,410
|
|
1,109
|
|
Non-utility natural gas
|
|
1,437
|
|
942
|
|
4,364
|
|
3,785
|
|
Operation and maintenance
|
|
621
|
|
595
|
|
2,335
|
|
2,157
|
|
Depreciation and amortization
|
|
261
|
|
287
|
|
1,243
|
|
1,036
|
|
Taxes other than income taxes
|
|
99
|
|
103
|
|
406
|
|
391
|
|
Total
|
|
2,869
|
|
2,330
|
|
9,758
|
|
8,478
|
|
Operating Income
|
|
167
|
|
308
|
|
831
|
|
1,136
|
|
|
|
|
|
|
|
|
|
|
|
Other Income (Expense):
|
|
|
|
|
|
|
|
|
|
Gain on marketable securities
|
|
(88)
|
|
(97)
|
|
(22)
|
|
7
|
|
Gain (loss) on indexed debt securities
|
|
84
|
|
108
|
|
(232)
|
|
49
|
|
Interest and other finance charges
|
|
(102)
|
|
(78)
|
|
(361)
|
|
(313)
|
|
Interest on securitization bonds
|
|
(13)
|
|
(19)
|
|
(59)
|
|
(77)
|
|
Equity in earnings of unconsolidated affiliates
|
|
99
|
|
66
|
|
307
|
|
265
|
|
Other - net
|
|
34
|
|
(2)
|
|
50
|
|
(4)
|
|
Total
|
|
14
|
|
(22)
|
|
(317)
|
|
(73)
|
|
|
|
|
|
|
|
|
|
|
|
Income Before Income Taxes
|
|
181
|
|
286
|
|
514
|
|
1,063
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax Expense (Benefit)
|
|
61
|
|
(1,010)
|
|
146
|
|
(729)
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
|
|
120
|
|
1,296
|
|
368
|
|
1,792
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Stock Dividend Requirement
|
|
30
|
|
-
|
|
35
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
Income Available to Common Shareholders
|
|
$ 90
|
|
$ 1,296
|
|
$ 333
|
|
$ 1,792
|
|
|
|
|
|
|
|
|
|
|
|
(1) Restated to reflect the adoption of ASU 2017-07.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reference is made to the Combined Notes to the Consolidated Financial
Statements
|
contained in the Annual Report on Form 10-K of CenterPoint Energy,
Inc.
|
CenterPoint Energy, Inc. and Subsidiaries
|
Selected Data From Statements of Consolidated Income
|
(Millions of Dollars, Except Share and Per Share Amounts)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
Year Ended
|
|
|
December 31,
|
|
December 31,
|
|
|
2018
|
|
2017 (1)
|
|
2018
|
|
2017 (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Earnings Per Common Share
|
|
$ 0.18
|
|
$ 3.01
|
|
$ 0.74
|
|
$ 4.16
|
|
|
|
|
|
|
|
|
|
Diluted Earnings Per Common Share
|
|
$ 0.18
|
|
$ 2.99
|
|
$ 0.74
|
|
$ 4.13
|
|
|
|
|
|
|
|
|
|
Dividends Declared per Common Share
|
|
$ 0.5650
|
|
$ 0.5450
|
|
$ 1.1200
|
|
$ 1.3475
|
|
|
|
|
|
|
|
|
|
Dividends Paid per Common Share
|
|
$ 0.2775
|
|
$ 0.2675
|
|
$ 1.1100
|
|
$ 1.0700
|
|
|
|
|
|
|
|
|
|
Weighted Average Common Shares Outstanding
(000):
|
|
|
|
|
|
|
|
|
- Basic
|
|
500,437
|
|
431,038
|
|
448,829
|
|
430,964
|
- Diluted
|
|
504,073
|
|
434,382
|
|
452,465
|
|
434,308
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income (Loss) by Segment (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Electric Transmission & Distribution:
|
|
|
|
|
|
|
|
|
TDU
|
|
$
88
|
|
$
108
|
|
$
568
|
|
$
561
|
Bond Companies
|
|
12
|
|
17
|
|
55
|
|
75
|
Total Electric Transmission & Distribution
|
|
100
|
|
125
|
|
623
|
|
636
|
Natural Gas Distribution
|
|
100
|
|
113
|
|
266
|
|
348
|
Energy Services
|
|
(27)
|
|
68
|
|
(47)
|
|
126
|
Other Operations
|
|
(6)
|
|
2
|
|
(11)
|
|
26
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
167
|
|
$
308
|
|
$
831
|
|
$ 1,136
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Results of operations have been restated to reflect the adoption of ASU
2017-07.
|
|
|
|
|
|
|
|
|
|
Reference is made to the Combined Notes to the Consolidated Financial
Statements
|
contained in the Annual Report on Form 10-K of CenterPoint Energy,
Inc.
|
CenterPoint Energy, Inc. and Subsidiaries
|
|
Results of Operations by Segment
|
|
(Millions of Dollars)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Electric Transmission & Distribution
|
|
|
|
Quarter Ended
|
|
|
|
Year Ended
|
|
|
|
|
|
December 31,
|
|
% Diff
|
|
December 31,
|
|
% Diff
|
|
|
|
2018
|
|
2017 (1)
|
|
Fav/(Unfav)
|
|
2018
|
|
2017 (1)
|
|
Fav/(Unfav)
|
|
Results of Operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TDU
|
|
$ 629
|
|
$ 644
|
|
(2%)
|
|
$ 2,638
|
|
$ 2,588
|
|
2%
|
|
Bond Companies
|
|
101
|
|
119
|
|
(15%)
|
|
594
|
|
409
|
|
45%
|
|
Total
|
|
730
|
|
763
|
|
(4%)
|
|
3,232
|
|
2,997
|
|
8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operation and maintenance, excluding Bond Companies
|
|
388
|
|
379
|
|
(2%)
|
|
1,444
|
|
1,397
|
|
(3%)
|
|
Depreciation and amortization, excluding Bond Companies
|
|
93
|
|
99
|
|
6%
|
|
386
|
|
395
|
|
2%
|
|
Taxes other than income taxes
|
|
60
|
|
58
|
|
(3%)
|
|
240
|
|
235
|
|
(2%)
|
|
Bond Companies
|
|
89
|
|
102
|
|
13%
|
|
539
|
|
334
|
|
(61%)
|
|
Total
|
|
630
|
|
638
|
|
1%
|
|
2,609
|
|
2,361
|
|
(11%)
|
|
Operating Income
|
|
$ 100
|
|
$ 125
|
|
(20%)
|
|
$ 623
|
|
$ 636
|
|
(2%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TDU
|
|
$ 88
|
|
$ 108
|
|
(19%)
|
|
$ 568
|
|
$ 561
|
|
1%
|
|
Bond Companies
|
|
12
|
|
17
|
|
(29%)
|
|
55
|
|
75
|
|
(27%)
|
|
Total Segment Operating Income
|
|
$ 100
|
|
$ 125
|
|
(20%)
|
|
$ 623
|
|
$ 636
|
|
(2%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Electric Transmission & Distribution Operating Data:
|
|
|
|
|
|
|
|
|
|
Actual MWH Delivered
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential
|
|
5,919,117
|
|
6,191,591
|
|
(4%)
|
|
30,405,434
|
|
29,703,307
|
|
2%
|
|
Total
|
|
20,062,233
|
|
20,680,236
|
|
(3%)
|
|
90,408,834
|
|
88,636,416
|
|
2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weather (average for service area):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage of 10-year average:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cooling degree days
|
|
91%
|
|
133%
|
|
(42%)
|
|
103%
|
|
109%
|
|
(6%)
|
|
Heating degree days
|
|
119%
|
|
100%
|
|
19%
|
|
104%
|
|
63%
|
|
41%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of metered customers - end of period:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential
|
|
2,198,225
|
|
2,164,073
|
|
2%
|
|
2,198,225
|
|
2,164,073
|
|
2%
|
|
Total
|
|
2,485,370
|
|
2,444,299
|
|
2%
|
|
2,485,370
|
|
2,444,299
|
|
2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural Gas Distribution
|
|
|
|
Quarter Ended
|
|
|
|
Year Ended
|
|
|
|
|
|
December 31,
|
|
% Diff
|
|
December 31,
|
|
% Diff
|
|
|
|
2018
|
|
2017 (1)
|
|
Fav/(Unfav)
|
|
2018
|
|
2017 (1)
|
|
Fav/(Unfav)
|
|
Results of Operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$ 909
|
|
$ 848
|
|
7%
|
|
$ 2,967
|
|
$ 2,639
|
|
12%
|
|
Natural gas
|
|
495
|
|
422
|
|
(17%)
|
|
1,467
|
|
1,164
|
|
(26%)
|
|
Gross Margin
|
|
414
|
|
426
|
|
(3%)
|
|
1,500
|
|
1,475
|
|
2%
|
|
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operation and maintenance
|
|
211
|
|
206
|
|
(2%)
|
|
803
|
|
722
|
|
(11%)
|
|
Depreciation and amortization
|
|
67
|
|
66
|
|
(2%)
|
|
277
|
|
260
|
|
(7%)
|
|
Taxes other than income taxes
|
|
36
|
|
41
|
|
12%
|
|
154
|
|
145
|
|
(6%)
|
|
Total
|
|
314
|
|
313
|
|
-
|
|
1,234
|
|
1,127
|
|
(9%)
|
|
Operating Income
|
|
$ 100
|
|
$ 113
|
|
(12%)
|
|
$ 266
|
|
$ 348
|
|
(24%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural Gas Distribution Operating Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Throughput data in BCF
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential
|
|
63
|
|
57
|
|
11%
|
|
186
|
|
151
|
|
23%
|
|
Commercial and Industrial
|
|
77
|
|
72
|
|
7%
|
|
285
|
|
261
|
|
9%
|
|
Total Throughput
|
|
140
|
|
129
|
|
9%
|
|
471
|
|
412
|
|
14%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weather (average for service area)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage of 10-year average:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Heating degree days
|
|
112%
|
|
101%
|
|
11%
|
|
106%
|
|
83%
|
|
23%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of customers - end of period:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential
|
|
3,246,277
|
|
3,213,140
|
|
1%
|
|
3,246,277
|
|
3,213,140
|
|
1%
|
|
Commercial and Industrial
|
|
260,033
|
|
256,651
|
|
1%
|
|
260,033
|
|
256,651
|
|
1%
|
|
Total
|
|
3,506,310
|
|
3,469,791
|
|
1%
|
|
3,506,310
|
|
3,469,791
|
|
1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Results of operations have been restated to reflect the adoption of ASU
2017-07.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reference is made to the Combined Notes to the Consolidated Financial
Statements
|
|
contained in the Annual Report on Form 10-K of CenterPoint Energy,
Inc.
|
|
CenterPoint Energy, Inc. and Subsidiaries
|
|
Results of Operations by Segment
|
|
(Millions of Dollars)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy Services
|
|
|
|
Quarter Ended
|
|
|
|
Year Ended
|
|
|
|
|
|
December 31,
|
|
% Diff
|
|
December 31,
|
|
% Diff
|
|
|
|
2018
|
|
2017 (1)
|
|
Fav/(Unfav)
|
|
2018
|
|
2017 (1)
|
|
Fav/(Unfav)
|
|
Results of Operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$ 1,456
|
|
$ 1,051
|
|
39%
|
|
$ 4,521
|
|
$ 4,049
|
|
12%
|
|
Natural gas
|
|
1,455
|
|
951
|
|
(53%)
|
|
4,453
|
|
3,816
|
|
(17%)
|
|
Gross Margin
|
|
1
|
|
100
|
|
(99%)
|
|
68
|
|
233
|
|
(71%)
|
|
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operation and maintenance
|
|
22
|
|
21
|
|
(5%)
|
|
96
|
|
86
|
|
(12%)
|
|
Depreciation and amortization
|
|
4
|
|
10
|
|
60%
|
|
16
|
|
19
|
|
16%
|
|
Taxes other than income taxes
|
|
2
|
|
1
|
|
(100%)
|
|
3
|
|
2
|
|
(50%)
|
|
Total
|
|
28
|
|
32
|
|
13%
|
|
115
|
|
107
|
|
(7%)
|
|
Operating Income (Loss)
|
|
$ (27)
|
|
$ 68
|
|
(140%)
|
|
$ (47)
|
|
$ 126
|
|
(137%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Timing impacts of mark-to-market gain (loss)
|
|
$ (39)
|
|
$ 56
|
|
(170%)
|
|
$ (110)
|
|
$ 79
|
|
(239%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy Services Operating Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Throughput data in BCF
|
|
362
|
|
336
|
|
8%
|
|
1,355
|
|
1,200
|
|
13%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of customers - end of period
|
|
30,000
|
|
31,000
|
|
(3%)
|
|
30,000
|
|
31,000
|
|
(3%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Operations
|
|
|
|
Quarter Ended
|
|
|
|
Year Ended
|
|
|
|
|
|
December 31,
|
|
% Diff
|
|
December 31,
|
|
% Diff
|
|
|
|
2018
|
|
2017 (1)
|
|
Fav/(Unfav)
|
|
2018
|
|
2017 (1)
|
|
Fav/(Unfav)
|
|
Results of Operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$ 4
|
|
$ 3
|
|
33%
|
|
$ 15
|
|
$ 14
|
|
7%
|
|
Expenses
|
|
10
|
|
1
|
|
(900%)
|
|
26
|
|
(12)
|
|
(317%)
|
|
Operating Income (Loss)
|
|
$ (6)
|
|
$ 2
|
|
(400%)
|
|
$ (11)
|
|
$ 26
|
|
(142%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Expenditures by Segment
|
|
(Millions of Dollars)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
|
|
Year Ended
|
|
|
|
|
|
December 31,
|
|
|
|
December 31,
|
|
|
|
|
|
2018
|
|
2017
|
|
|
|
2018
|
|
2017
|
|
|
|
Capital Expenditures by Segment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Electric Transmission & Distribution
|
|
$ 283
|
|
$ 308
|
|
|
|
$ 952
|
|
$ 924
|
|
|
|
Natural Gas Distribution
|
|
229
|
|
137
|
|
|
|
638
|
|
523
|
|
|
|
Energy Services
|
|
7
|
|
6
|
|
|
|
20
|
|
11
|
|
|
|
Other Operations
|
|
75
|
|
17
|
|
|
|
110
|
|
36
|
|
|
|
Total
|
|
$ 594
|
|
$ 468
|
|
|
|
$ 1,720
|
|
$ 1,494
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense Detail
|
|
(Millions of Dollars)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
|
|
Year Ended
|
|
|
|
|
|
December 31,
|
|
|
|
December 31,
|
|
|
|
|
|
2018
|
|
2017
|
|
|
|
2018
|
|
2017
|
|
|
|
Interest Expense Detail
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of Deferred Financing Cost
|
|
$ 14
|
|
$ 5
|
|
|
|
$ 48
|
|
$ 22
|
|
|
|
Capitalization of Interest Cost
|
|
(2)
|
|
(3)
|
|
|
|
(8)
|
|
(9)
|
|
|
|
Transition and System Restoration Bond Interest Expense
|
|
13
|
|
19
|
|
|
|
59
|
|
77
|
|
|
|
Other Interest Expense
|
|
90
|
|
76
|
|
|
|
321
|
|
300
|
|
|
|
Total Interest Expense
|
|
$ 115
|
|
$ 97
|
|
|
|
$ 420
|
|
$ 390
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Results of operations have been restated to reflect the adoption of ASU
2017-07.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reference is made to the Combined Notes to the Consolidated Financial
Statements
|
|
contained in the Annual Report on Form 10-K of CenterPoint Energy,
Inc.
|
|
CenterPoint Energy, Inc. and Subsidiaries
|
Condensed Consolidated Balance Sheets
|
(Millions of Dollars)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
December 31,
|
|
|
|
2018
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
Current Assets:
|
|
|
|
|
|
Cash and cash equivalents
|
|
$ 4,231
|
|
$ 260
|
|
Other current assets
|
|
2,794
|
|
3,135
|
|
Total current assets
|
|
7,025
|
|
3,395
|
|
|
|
|
|
|
|
Property, Plant and Equipment, net
|
|
14,044
|
|
13,057
|
|
|
|
|
|
|
|
Other Assets:
|
|
|
|
|
|
Goodwill
|
|
867
|
|
867
|
|
Regulatory assets
|
|
1,967
|
|
2,347
|
|
Investment in unconsolidated affiliate
|
|
2,482
|
|
2,472
|
|
Preferred units –unconsolidated affiliate
|
|
363
|
|
363
|
|
Other non-current assets
|
|
261
|
|
235
|
|
Total other assets
|
|
5,940
|
|
6,284
|
|
Total Assets
|
|
$ 27,009
|
|
$ 22,736
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
Current Liabilities:
|
|
|
|
|
|
Short-term borrowings
|
|
$
-
|
|
$
39
|
|
Current portion of securitization bonds long-term debt
|
|
458
|
|
434
|
|
Indexed debt
|
|
24
|
|
122
|
|
Current portion of other long-term debt
|
|
-
|
|
50
|
|
Other current liabilities
|
|
2,820
|
|
2,424
|
|
Total current liabilities
|
|
3,302
|
|
3,069
|
|
|
|
|
|
|
|
Other Liabilities:
|
|
|
|
|
|
Accumulated deferred income taxes, net
|
|
3,239
|
|
3,174
|
|
Regulatory liabilities
|
|
2,525
|
|
2,464
|
|
Other non-current liabilities
|
|
1,203
|
|
1,146
|
|
Total other liabilities
|
|
6,967
|
|
6,784
|
|
|
|
|
|
|
|
Long-term Debt:
|
|
|
|
|
|
Securitization bonds
|
|
977
|
|
1,434
|
|
Other
|
|
7,705
|
|
6,761
|
|
Total long-term debt
|
|
8,682
|
|
8,195
|
|
|
|
|
|
|
|
Shareholders' Equity
|
|
8,058
|
|
4,688
|
|
Total Liabilities and Shareholders'
Equity
|
|
$ 27,009
|
|
$ 22,736
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reference is made to the Combined Notes to the Consolidated Financial
Statements
|
contained in the Annual Report on Form 10-K of CenterPoint Energy,
Inc.
|
CenterPoint Energy, Inc. and Subsidiaries
|
Condensed Statements of Consolidated Cash Flows
|
(Millions of Dollars)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31,
|
|
2018
|
|
2017 (1)
|
|
|
|
|
Cash Flows from Operating Activities:
|
|
|
|
Net income
|
$ 368
|
|
$ 1,792
|
Adjustments to reconcile net income to net cash provided by
operating activities:
|
|
|
|
Depreciation and amortization
|
1,291
|
|
1,060
|
Deferred income taxes
|
48
|
|
(770)
|
Write-down of natural gas inventory
|
2
|
|
-
|
Equity in earnings of unconsolidated affiliate, net of
distributions
|
(40)
|
|
(265)
|
Changes in net regulatory assets
|
28
|
|
(107)
|
Changes in other assets and liabilities
|
427
|
|
(317)
|
Other, net
|
12
|
|
24
|
Net Cash Provided by Operating Activities
|
2,136
|
|
1,417
|
|
|
|
|
Net Cash Used in Investing Activities
|
(1,207)
|
|
(1,257)
|
|
|
|
|
Net Cash Provided by (Used in) Financing Activities
|
3,053
|
|
(245)
|
|
|
|
|
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted
Cash
|
3,982
|
|
(85)
|
|
|
|
|
Cash, Cash Equivalents and Restricted Cash at Beginning of
Period
|
296
|
|
381
|
|
|
|
|
Cash, Cash Equivalents and Restricted Cash at End of Period
|
$ 4,278
|
|
$ 296
|
|
|
|
|
|
|
|
|
(1) Restated to reflect the adoption of ASU 2016-15 and 2016-18.
|
|
For more information contact
Media:
Alicia Dixon
Phone 713.825.9107
Investors:
David Mordy
Phone 713.207.6500
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SOURCE CenterPoint Energy, Inc.