Houston, Texas – CenterPoint Energy Inc, a leading natural gas and power utility company, has announced an increase in its full-year profit outlook for 2023. The company now expects an adjusted profit between $0.49 per share and $0.50 per share, up from its previously stated range of $0.48 per share to $0.50 per share.
This increase in profit is attributed to higher utility revenues offsetting rising interest rate expenses . Areas serviced by utility companies, such as CenterPoint Energy, see an increase in electricity demand for powering various appliances when they experience weather conditions that are warmer or cooler than usual.
In the third quarter, the company saw its utility revenue rise to $0.85 billion from $0.83 billion in the previous quarter. This increase was due to the hottest September on record in parts of the country that CenterPoint services.
Looking ahead, CenterPoint Energy has also initiated its 2024 adjusted profit per share forecast between $0.60 and $0.63. Furthermore, the company has increased its 10-year capital plan by $500 million to $43.9 billion through 2030.
In other news, the company’s Chief Executive Officer (CEO), David Lesar, who has been CEO and president since June 2020, will retire early next year. Jason Wells will replace Lesar and take on the role in January next year.