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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Ingredion Inc | TG:CNP | Tradegate | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 104.40 | 104.15 | 104.45 | 0.00 | 13:04:28 |
DOW JONES NEWSWIRES
CenterPoint Energy Inc. (CNP) posted a 19% decline in fourth-quarter net income on higher investment losses and income taxes.
The electricity and natural gas distributor also projected 2009 results below estimates amid increasing pension obligations. It sees earnings of $1.05 to $1.15, with pension expenses increasing roughly 16 cents a share. Analysts projected $1.29 a share, according to Thomson Reuters.
The economic downturn has forced energy providers and pipeline companies, faced with slumping demand and lower prices, to cut spending to boost liquidity.
CenterPoint recorded net income of $87 million, or 25 cents a share, down from $108 million, or 32 cents, a year earlier. Revenue climbed 6.6% to $2.77 billion.
Analysts were looking for earnings of 27 cents a share on revenue of $2.71 billion.
Electricity earnings fell 15% on higher transmission costs billed to the company from power providers while the pipeline unit's earnings dropped 7% amid higher operating expenses.
Profit at CenterPoint's natural gas distribution unit, which caters to homes and businesses in the Midwest, rose 7% on continued customer growth. The natural gas marketing business - which sells non rate-regulated natural gas to commercial, industrial and wholesale customers - reported a 37% jump.
CenterPoint is the holding company for all the regulated assets previously held by Reliant Energy Inc. (REI), from which it split in 2002.
Shares of CenterPoint closed Tuesday at $11.88 and there was no premarket trading.
-By Katherine E. Wegert, Dow Jones Newswires; 201-938-5294; katherine.wegert@dowjones.com
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