CenterPoint Energy Reports 12% Revenue Increase

By Bobby Samwell • Tuesday, July 30 15:25 • Permanent Link

CenterPoint Energy, Inc. (NYSE: CNP) has reported its second quarter 2024 earnings, reaffirmed its 2024 earnings guidance, and provided an update on its response to Hurricane Beryl. The company's focus on improving emergency preparedness and response, as well as customer communications, was highlighted by President and CEO Jason Wells.

In terms of financial performance, CenterPoint Energy reported a 12% increase in revenue compared to the same period last year, reaching $3.5 billion for the second quarter of 2024. Additionally, the company's net income for the quarter saw a significant rise of 18%, totaling $290 million.

Addressing the impact of Hurricane Beryl, CenterPoint Energy outlined a comprehensive plan submitted to the Public Utility Commission of Texas. The plan is structured around three key priorities:

Resiliency Investments: The company is accelerating the adoption of the latest construction standards, retrofitting existing assets on an accelerated basis, and utilizing predictive modeling and advanced technologies to harden its distribution system and speed restoration. Furthermore, CenterPoint Energy aims to nearly double the size of its vegetation management crews to address the primary cause of damage and outages during the hurricane.
Best-in-Class Customer Communications: CenterPoint Energy is set to launch a new customer-oriented outage tracker by August 1, providing enhanced and timely information to customers during storms.
Strengthened Partnerships: The company plans to hire a seasoned emergency response leader to enhance its planning capabilities and develop close community partnerships to support more vulnerable communities during storm events.

President and CEO Jason Wells emphasized that while CenterPoint Energy has already started implementing solutions to improve customer outcomes, the company is committed to further steps as it continues to learn from customer and community engagement, as well as broader after-action reviews.

Following these announcements, the company's shares moved -2.3%, and are now trading at a price of $28.52. Check out the company's full 8-K submission here.

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