CNP - Earnings call transcript Q2 2018 | CenterPoint Energy, Inc.

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Operator

Good morning and welcome to CenterPoint Energy's Second Quarter 2018 Earnings Conference Call with senior management. [Operator Instructions] I will now turn the call over to David Mordy, Director of Investor Relations. Mr. Mordy?

David Mordy

Good morning, everyone. quarter conference second our to XXXX call. earnings Welcome key and Executive our with Vice Prochazka, on quarter President and Vectren. Rogers, CEO; and other highlights provide discuss Scott President pending Bill CFO, results and including areas our XXXX merger second will be call. Also will morning management, this Q&A the us several members during with the portion of are who available of our found our we with be using be our website, can on section call, will under conjunction Investors In which the centerpointenergy.com. slides

and factors you information forward-looking the that and to information These discuss available projections will subject factors Actual in differ the post will results are used risk to and conditions risks the of announce the our our on we contain or our on uncertainties. variations, website. website. materially certain important including section material in future, of They've guidance based SEC to non-GAAP today’s In regulatory using forward-looking our to currently Today, growth, information call, our encourage and to as earnings Form posted are beliefs, reconciliation may refer assumptions, in prices, noted topics based note communicate continue management. channels management’s news and to that earnings information these review a For statements could that management webcast, to releases, territories, information on has measures use changes Please our other website been our will filing, service Investors and providing upon we commodity weather filings. XX-Q. and economic please actions, release calls, news in SEC our public conference slides.

or diluted non-GAAP significant operations and a proceedings, non-merger throughput, the for impact In our guidance standards financing and XXXX. discuss uses does exchangeable as items. company's this value adjusted from notes and range Services of of considers such change activities. commodity weather, impacts or the per certain rates. considers such effective potential also judicial not zero related performance factors public share. include utility that premium a earnings The It were in effective business. measure ZEN or recent accounting The company the prices, rates and of such losses earnings other mark-to-market unusual timing effects Earnings will in subordinated forecast tax the in Energy guidance providing range may as tax accounting regulatory the guidance to-date securities and Enable's stocks variables guidance, changes as the most We also

slide, reform. law Act, call in or introduced we’ll accompanying public TCJA simply During Cuts initially refer number Tax today's to the Jobs and XXX-XX the tax as as and

And begins, Before that how this on call I'd website. turn would be I the Scott found access can now, to on Information is our replay to being the like to over to Scott. mention call like recorded.

Scott Prochazka

Thank and us I on for you you gentlemen. Since thank we Energy. some investors you, David, good start for would joining Thank with this a interest to today morning, CenterPoint your and will Bill call, lead brief an in delivering nation Beginning value. we X, the our performance. and a the in present provide has financial Later to strategy. Slide energy, vision of and vision CenterPoint CenterPoint’s long-standing overview of new like call, have in potential ladies service overview how on and

our and use relationship create with leadership a customers. are recognized our better for service to improve of been We to technology committed have and operations

to strategy. of well opportunities introduce operating our and maintaining Vectren creating systems, offerings our with delivery product grow. the is billion with serve. is customers in simple by technologies these keep we merger our This and and in elements and have due supports pending communities and done right investments receive energy we for elements in successes assets, in three more investments sure focused on our our service The employees the aligned reliably and operate, efficiency investors. and the safely to strategy growth and making of $XX improve vision than We serve, our the in enjoyed our us of quality, our These employees making the strongly our new and benefits

Next, quarterly highlights cover the will unit full results, year I business outlook. and

in Turning $XXX loss share quarter diluted income the X. XXXX million last million year. of This diluted a second net or net $XX $X.XX to Slide $X.XX morning with of per quarter reported we compared per of or share same

expense, to both Time both certain of quarter $X.XX quarter. and XXXX pending impacts Midstream and of second diluted same associated return $XXX share offset income Vectren, reform, of equity the includes true-up the maintenance associated compared diluted operations excluding and million $X.XX On of with due Gulf federal ZEN the timing as a acquisition million benefits million lower depreciation quarter with a and the a of XXXX last Warner. Operations guidance growth per share decoupling higher merger largely share due relief, Texas basis transition costs by to customer the tax This AT&T’s result related Utility per noncash our earnings had rate and and amortization associated or Investments annual $XX interest tax earnings investments. and mechanism. adjusted These primarily a rate were charge were securities $X.XX or primarily quarter year. charges, Arkansas in with to per with of Increases with midstream $XXX rate adjusted were expense order the of solid pretax

per range with merger performance track achieve associated pending $X.XX costs guidance our keeps the of with on end Vectren. us Our the to excluding earnings high to $X.XX share

are segments Our our of growing implement while financial on enhancing which performance. continue safely needs customers focused their strategies addressing to business the

in more Electric. metered growth our the continued second I second of core since million Slide quarter XX,XXX We quarter X. to business highlights to of million Turning territory service compared in customers Distribution the XXXX. & was electric $XXX will adding in of starting the year. with Houston cover operating quarter income XXXX Electric $XXX last same see Transmission than

of front, result based plan million of to million Valley base, increase on On filing the with anticipate from the our a an filed XXXX. transmission at will form of a Form to largely and million, PUCT this TCOS third Utility a $XXX of XX-K. Plan in $XXX included Transmission ruling certificate project million capital or rate investment regulatory recovery We requesting part our annual XXXX made of our which our cost PUCT a this a CCN convenience May cost Project. $XX our and We or Form the XXXX we in Public a will September is This of revenue Texas file include Brazos in five-year to Commission as We Freeport in we $XXX XX-K. - in completing now the up currently is or new as of project. quarter the five-year Master our necessity project in Connection anticipate plan in for plan increase

For strong a full and regulatory our XX. please ahead year is update Slide Electric of of having filings, our a see expectations performing Houston is XXXX. current for

income million last Slide XXXX the Turning $XX to operating year. natural million quarter X, was in second $X quarter of the to in compared same of gas distribution

$X addition variance discuss million income to is I Energy was in meet short, million mentioned for same expenditures CenterPoint the for quarter timing second services’ of Bill a billion distribution In year. the operating $X on gain and expectations of We growth driven second planned the to our million Overall the in $X.X detail will and with our with $XX The XX,XXX XXXX. natural by performing last quarter quarter XXXX target continue the earlier, which quarter for million excluding mark-to-market solid elements more to more the $X largely track customers of year, XXXX. customer on see well capital compared and of later. than respectively. gas in was since in the is

Services our from target recent operating for to income continue to We million core Energy see and reiterating XXXX. million are $XX $XX of acquisitions value

second we’ve the As formation contributed $X.XX from captured May diluted share X. XXXX. volumes investments an X, call an at the in on earnings XXXX some to of gas per of quarter the On in quarter Slide compared processed highlights last mentioned were of all-time same Enable’s able of since gathered diluted and Quarterly period August high per earlier, in second year. Midstream share $X.XX

On their guidance. for XXXX anticipated stated guidance for common to to attributable guidance. $XXX the income quarter EPS this CenterPoint’s net as as their they EPS $XXX input guidance achieving guidance call, units, used million second for of this midpoint Enable We use CenterPoint’s We or of higher million. input

Turning to XX. Slide

relief and time are We growth. will services, We Enable continue EPS, the second about growth, XXXX we from and continue to were anticipate contributions of guidance this to Year-to-date earnings relative at growth and $X.XX year. are forecast year. ahead of rate where drive for utility half that to excited last we the energy earnings customer strong from

end the We are to the with reiterating upper Vectren. $X.XX range, of merger with at excluding costs our pending associated our XXXX guidance EPS $X.XX

Once merger, positioned Vectren U.S. the first with services planning in the of with the to and delivery, integration I will energy pleased and Regarding we company. done to better infrastructure, closing merger leading work the be merged, am look forward quarter as date XXXX. a

I enthusiasm a and months, to that couple with local and the both committed call our to met over safety, commitment Over employees. excited officials have common also believe stakeholders, I share serving appreciate turn build the to I'm had many communities, operations, I've I'd values, customers, Indiana we to to Vectren company past in values stakeholders have including the help regulators, Ohio. opportunity the growth. our is now and like of the to with meet they the customers, Bill. and reliable by customers.

Bill Rogers

We and XX. Therefore, be when recognize will provide EPS GAAP present EPS before financial performance call. an our may of versus how guidance begin we analysts I new start I earnings with as the I Slide reporting described discussions, on overview on the Thank Scott. quarter you, there our to this results. year-to-date want that

GAAP Energy and ZENS our enable EPS. EPS stocks. securities adjust We timing-related have adjustments the to Those or Services our mark-to-market items at assets the liabilities with impacts net items, for of not mark-to-market adjusted onetime and items, associated for related do We business determine are and mark-to-market two impacts. guidance our related

For reconciliation, and Slides XX. Appendix a XX, see detailed XX, please

The the for EPS business core income, and term segments we Midstream Operations. Services, We any for performance the Energy Gas diluted segments business overview, speak bonds Services. segment. it operating quarter. Transmission This a of Those our does GAAP and Distribution, Warner four I impacts nor Distribution included share Natural system restoration with securities. reported transition a company. and our Core Distribution now the exclude our primarily XXXX other stockholders per of and whereby On income Time Other Investments, segments the the $X.XX within to charge noncash in Investments stock. Warner is Electric Natural than we segment, the the adjustments a Distribution, operating Gas from does second breakout $X.XX $X.XX by Time that cash we quarter When to Electric AT&T With second mark-to-market Utility Operations. loss Transmission & of due not will have provide the financial basis, Energy share. our & of Other includes acquisition AT&T, per Operations receive Midstream Earnings diluted review associated include are five ZENS

well confidence operating operations on walks quarter-to-quarter segments, and T&D Electric our for basis, with and review I finish ZENS the XX income of will As XX-Q. Warner result quarter as flow as of cash on second a Time consolidated Distribution then utility on Natural quarter with Further for drivers were the for Gas the begin to EPS slide merger earnings understand with with this financial transaction. basis. provided My guidance XXXX, achieving with our of Note of and review high-end Vectren. XXXX performance as the impacts our XX order with second in deck, Form help in with pending in guidance range, is there excluding a a page In investors acquisition the accounting details tax our our intent guidance or to associated no the merger Charter's costs are elements Cable

the retirement resulted increased benefits quarter, moved it standard of certain first income income compensation below operating line. As accounting as amounts for we the the noted in the adoption for in operating XXXX

see Houston Electric can during well second Slide XX, you performed the quarter. As on

$XX when While increased this million expense the is a Rate relief operating decreased as for into by tax income line. offset revenue reform, tax of net $XX million and decrease lower to income variance result looking income to favorable $X translated and $XX transition quarter million. million to the the weather. an for provided favorable variance of charges return true-up customer to return $X related positive Usage variance. growth Equity primarily million more accounted normal a due

accounted equity appendix nonstandard have million. an filing. to true-up $XX O&M amortization recent variance and our We of an return unfavorable provided updated for table due

return is increased a expectations equity reform of Excluding XXXX. Overall, on Houston adjustment, basis. performing $XX the tax income quarter-to-quarter and our ahead million Electric’s operating by the for Houston Electric

Natural Now, operating three versus million turning second $X income was $XX Distribution to year. for was to items. Slide for the quarter quarter decline of Gas XX. last attributable $XX second the This primarily million million

First, decrease in reform reflect liabilities to tax of decrease has the million. the rate the regulatory a $X recording revenue of corresponding tax to from

As Houston expense. corresponding a noted is in Electric tax in the review, there income offset

in timing and $XX winter the quarter decoupling a XXXX. benefit during the XXXX warmer-than-normal accrual accounted repeated weather XXXX a million associated the recorded was for XXXX normalization in Second, second in with not of that XXXX season

million excluding a the $XX second million positive also relief, benefit adjustments quarter adjustments customer Natural Gas versus segment million Energy a we XXXX, variance rate operating growth million quarter $X million second order. expense. attributable $XX from of is Gulf and on our XXXX. second $X in Texas in the to O&M Operating income was quarter rate mark-to-market Services’ increase of Distribution onetime income net for to million benefit related is $X an well XXXX. The included in Third, from expectations track $XX with performing and had

adjustments are million reiterating XXXX, operating to excluding years. of for $XX for we segment, the to million both million $XX compared business full-year again this income $XX For target our XXXX in mark-to-market

Slide a operating This XX. Energy for Our of gas a of items return. operating excluding start with Operations Services on guidance is inclusive on equity income walk Utility in is for and EPS core $X.XX We basis $X.XX subtract walk income quarter-to-quarter and the I distribution. result note decrease

result to Next, add for we higher fund debt capital expense as investment. $X.XX additional of interest a

additional interest bridge with had also financing. We connected our expense

that included is However, expenses. in merger-related

$X.XX basis federal excluding the benefit on from of from EPS equity rate. had of of lower Operations other. for expenses. return $X.XX $X.XX improvement Next, to we a guidance improvement and Utility tax That us brings does include Other a $X.XX income merger-related

comparison a strong half ending Energy Electric share Midstream after year-to-date of to $X.XX per improvement comparison XXXX. even meet ending $X.XX Our of we XXXX. Slide delivered has the second of the $X.XX for the is for the in $X.XX Utility well the with range. and short, XX, total year-to-date, half $X.XX $X.XX a Operations of quarter XX the end $X.XX mark-to-market second first combined for consolidated consolidated for with improvement. are year-to-date starting investments With XXXX EPS Utility XXXX EPS our charge the guidance of for Utility and investments high a of on our this a $X.XX to charge are quarter Slide Operations net quarter-to-quarter improvement mark-to-market has due year-to-date and delivered performance with and In we Midstream and shows $X.XX first primarily net guidance after Services. gain. of starting of the on track $X.XX XXXX

Now to XX. Slide turning

Vectren with and key on our as We merger will August pending We milestones intervened for with and protested our Indiana October Ohio a XX. pending in Indiana no scheduled an Vectren. application. hearing the scheduled on the FERC hearing parties on on is vote merger shareholders or no are XX. update is commissions, informational There made providing Ohio, filings and to

unchanged senior issued remainder acquisition of plan company update. common the $X.X securities. a and/or commercial will Vectren since content mandatory financing is by We holding financing Our of CenterPoint our of with finance and high-equity billion convertibles combination the notes of paper cash. to of other acquisition plan be the or first shares The equity, quarter common

progressing Vectren Enable expected XXXX of to is completed is be in spin well and internal close. our for the to merger process the prior Additionally,

previously, we Enable plan finance we As have units shared the do to merger. not to sell

debt it that based Moving our Slide achieve on business We in rate this credit conclude estimates achieve base upon to our Vectren’s this by profile current year-end we estimates or in debt estimates produce with call the debt investors rate view will their filings and operations Form XX-Ks. February closing on Add Slide XX% expenditure XXXX coverage, company a of of base annual yesterday funds the earnings created base in their slide rate rate capital XXXX I objective rating respective with for will from XX, XX the base. base our X.X% average rate rate provided published base XX and XXXX. plan combined all We measured period. anticipate both of be a the is from adjusted XXXX of estimates our call. consistent plans agencies that better in projected of merger. financing us their growth are to will their we to CenterPoint’s compound together; as our consolidated securities companies our risk updating We quality combined year-end BBB through independent prospective slides. rate upon with by rated for provided

per declared to of approximate call annual in our increase ago like to with increases I'll year consistent common This last years. share. and note turn now a is back X% we’d our recently several to $X.XXXX over X% dividends Finally, dividend the an David. the relative

David Mordy

you, Bill. Thank

the to limit to interest and question I yourself ask open to We Ginger? In time, will one will questions. follow-up. a you of the now call

Operator

from Ali SunTrust. [Operator Agha Instructions] Our comes first question with

Ali Agha

bulk we sense terms looking My mandatory first thoughts or you’re of timing. some form? how thinking other as some about still common, to it And thinking opposed of just the are the that at, question, the be will billion in of get further mix you're the I a of sense any wanted mean just $X.X - that - that I Bill, to equity

Bill Rogers

It’s Bill.

securities. timing, said bulk to billion close or mandatory it's financing With think content of the of respect common shares and is common we have other convertibles combination the we a permanent merger. the of correctly. equity, $X.X I we to The the on complete you intend it high-equity Vectren for before acquisition it said

Ali Agha

guess for the are a proxy given growth out. to a component question, on you which it, base basis, higher. good the X.X%, Scott, the X.X% growth, which earnings mind, rate guess the on out - actually And question us that you're my growth, numbers you, the break my second being base I rates to I CenterPoint of numbers look combined at a is looking I just on stand-alone rate separately, Slide so company about X.X%, you've pointed that so the each growing if XX for Vectren at is gets in at

So, Vectren again, clear base I'm given table to growth would not bring what rate the it's rate. quite actually diluting that your

Scott Prochazka

respond given that have Ali, plans. the involve set, growth growth growth And their look their you regulated or for base businesses plans, matched the nicely in both on our rate. growth have would their Their opportunities shared they is a businesses. at them, our up and to way their set, we think have that - as very to rate still unregulated strong with their expectations when I they rate capital they're complete complementary

their utility growth taking lower forward. the is units. their non-regulated I some plans look year, will in just all there they you utility this a ours out, going side. capital So of both that companies requirements at other the their companies on as technically also - is update but anticipate on business rate say But than pointed side, based growth each or

Operator

next is Bank of Julien Dumoulin-Smith Your from America. question from

Julien Dumoulin-Smith

the of - bit the financing on up in follow just on equity respect I needs, the and thoughts thought the structure ongoing and to equity little well, the elaborate have the want also composition So you how sale, composition further a you your basically perhaps and with units, latest Can Enable to you exactly if context on process equity it? in here. independent of sale wanted to of any sale,

Scott Prochazka

ago. to our of have at time, modest for focused look, transaction fund shared any So, that a with transaction. right have will the more is of Enable, completing requirements some what transaction, we're following this on respect to our we And have than of on But are on said now, Julien, I source focused And financing be equity equity businesses point, just What capital this forward. don't requirements share composition it. the and for think we to we a going in funds piece Bill the at may other this necessary Enable the financing we minute of the terms that.

Julien Dumoulin-Smith

of to you base electric And nature just specifically know million talked Or keep just to the the specifically. a time a more in – you you mean, $XXX about, with Can acquisition. I that versus future a the is I more to let's comment had bit little bit the sense around on discussed focus bit versus to creative just pre-tax more non-reg But contributions little $XX rate elaborate perhaps of already but little gas, little a this altogether, versus separate mean, base base? the gas can rate at getting around bit electric a I it that the you Vectren business. that keep you've million as look to rate

Scott Prochazka

prepared Yes we're comment this base deltas business point. don't rate to think growth on unit point Julien, by I the this at at

integration are, weeks purposes, about We context our planning exercise. into for three

So the deal specifics - we will the once pursue information closed. of more at end we that is front understanding would are the about

Julien Dumoulin-Smith

little bit rate merger-related that a Vectren inflation to the and historically, had side could we that growth me let so, at I more and see such little of bit talking bit accelerate disproportionate a a time maybe sizable Or difficult on suppose specify accruing benefits are just you on continue accelerating front? growth. a growth their Or Could about see again? has carefully. the little a therefore, Electric, has more more seen Electric gas principally

Scott Prochazka

premature do businesses, Well, appreciable But both they have plans. helpful. capital about talking that's and their if spend in be again, their gas electric it's to probably their

Operator

Credit is from question Michael from next Weinstein Your Suisse.

Michael Weinstein

I part Freeport Harvey the wondering maybe related I'm see of a about the looking increased Hurricane to costs? mean, XX-Q plan this you've might to something environmental, that a just it’s extent Could think or and I substantially to then, reasons bit if react talk you and the some little costs. already that of the you these and about at the for the address as – to with – also, increased that talked regulators maybe do question, how and to them had this,

Scott Prochazka

estimate first question, XXX, your to made for was increase different considering, when Michael, that high the of original on we early the the estimate options. driver So, at from routing a were level,

are time routing were between the more we to recognition estimate the options do line withstand territory. When of about we we the number those refined environmental up structures of the During that in design up around end cost and requirements, gone that well to up you has to with this region this service and I certain analysis our one specified from as provided, a wind XXX that of much just including couple at able the needed the all wetland-type as that to areas be able tolerances, for XXX. factors,

issues. to the answer ahead. Go and the structure driver. short be It’ll that's routing environmental-related really that. It’s So

Michael Weinstein

I presuming And mean far, a regulatory here? on commentary already this put thoughts you've I'm so some

Scott Prochazka

is this just Commission. that So now the is the with process entering something

But as a region. necessary result to that the ERCOT note, investment reliability make by needs that our presenting be will filing. We is this was deemed of point to we an as them in one

I as still design we still to a it’s So, issue reliability-related most available. cost-effective solve see a solution and believe the this solution

Operator

question Michael from is next Goldman Lapides Our from Sachs.

Michael Lapides

taking for Thanks question. my

what’s coming bit maybe classes, a than trends maybe – what customer in bit – you you’re side, anticipated to obviously specifically in? little a you electric would what the talk can drivers weather normalized, in and demand little what bake higher taxes specifically seeing us about but lower Just a the across thinking coming What’s you are? and than that the little maybe about bit on

Scott Prochazka

are two What overall several demand our use along strong we're commercial But you segments asked They be is as and holding years noticing sectors. seen system basis tend tends customer as demand with We Those what still area to the really That's sector. see well the flat, strong continue throughput automatically. what ongoing some weather-related. weather-normalized to now. kind a to essentially around the driving we've of on industrial Texas is for which for residential weather-normalized. in per be the

will with that believe a Hurricane We associated growth which I note we residential fall. in Harvey until occurred the We that that's be the and pass addition. period associated would rate in in to had we noise slight see meters. with residential on think growth that the rate Harvey the which we're have downturn going seen And impacts in

some So, that's creating noise.

also most a additions recent the period while in surge multi-family slowed And had be units. But say, strong. more being consumed. multiple is has completing inventory multi-family in, We continue construction a unit now of setting our suburban to the of a

have last at level for that our out example. development that crews. infrastructure are is operating year, indications of higher These we go One a for that crews in and is are trench than put the joint crews ahead of build. These

is good fundamentals that very still the see even is residential residential lower the we So demand though count that strong.

Michael Lapides

multi-year growth to you you of about all-in guidance? little a your embed us Can what bit that kind is demand talk your in

Scott Prochazka

We think about X% overall.

Operator

is from Your next Greg Evercore. from question Gordon

Greg Gordon

an – it Two big quarter-over-quarter delta a that was Energy doesn't issue, the of million in but $X like Services that questions. there One, seem businesses.

guidance sure to Now, you’re your that? pointing cause to year, in range what can more you would for it's go still detail little obviously the so into confidence just quarter But I'm volatility. as

Scott Prochazka

made quarter, balance volatility in on we But amount adjustments. as made amplified. bit quarter. exacerbated. little We on that a you of adjustments fairly There nature. low minor sheet small in some is got did and it any effect an were again, we had that some so out, – quarter gets volatility number was of the anyway, it's the this since the There But a pointed

Greg Gordon

Okay.

Scott Prochazka

very I’ll in this fundamentals say is up. The – fundamentals business. strong Customer count remain just the

is very Our up. staying throughput is healthy. Margin

still bullish space. we're very this So, on

Greg Gordon

underlying That's trends the no the answer. in fundamental in There shift was business.

Scott Prochazka

No, was not. there

Greg Gordon

we I'm don't management to And other that that I a get definitively unless be forma the CEO. question than the suite will full going is for the is, you of company think mistaken, being to who's Second team if pro you've who is, when announced of sense be? management Is senior correct? fuller going your

Scott Prochazka

it. have planning the correct. later I'd our process. And integration until by is timing, I That like as informed waiting the to be announced decision-making for process. not in

So be process will to it a on little point. later get before the that I

Operator

Prince Merrill is question next Your from from Lynch. Zach

Unidentified Analyst

It’s Antoine you the if on restructuring way – guys apologies Hey, How I the and actually. the are you? missed CERC. Quickly but guys. it, of in are

Scott Prochazka

will – let this. I Bill I’ll let answer

Bill Rogers

morning. Antoine, good

And to We As to separate put entity. held the to should year against from and Enable that are borrowings leverage at in debt the call of at pay said, then at CERC it we at we completing investments CenterPoint the our we company. proceeds year-end that debt investments, this down Midstream and a Midstream. down get the those level moved be will be pay where holding those use CERC

Unidentified Analyst

there And supposedly for reach the – ratio? will CERC, debt-to-capital to be

Bill Rogers

the ratio Yes, average is debt-to-capital we the debt-to-capital and Utilities ratio target have CERC. for for CERC that weighted the

Unidentified Analyst

that? And would included Energy in Services be

Bill Rogers

Energy For this CERC. remain Services will time, of part

Operator

Instructions] Wolfe [Operator Our is Research. next Fleishman Steve question from from

Steve Fleishman

not new investor, investor. Old

had months Enable, in of back last and terms a that changing. XX obviously, or thinking you've mentioned it's been the times of So to about so monetizing. just a so, you some There environment been on go tough times if few

need stake? maybe from of just just it So about standpoint, is monetization environment maybe just you merger, the better of for the ignoring there that that that now that So don't some you is ignoring think standpoint, that from to A for is or

Scott Prochazka

in a to see market, sign. the that that. strengthening like positive Steve, Well, We'd that with space, clearly, the is

be for keeping question strength by that. market requirements Enable, our there the that of monitor the on And I is be financing to looking our at would capital. to acquisition look, our would extent equity the continue near-term down we're the But when saying, focus around investors. it We opportunities would that growth line then for and attention ongoing answer for

Steve Fleishman

And which then weather, on pay of the one you also, July I And to you're including side? we I power the the Enable of range. to attention you – using just the clarify midpoint the are other still any good question guidance, did wanted on XXXX guess

Bill Rogers

Steve, it's Bill.

to at July But of their weather, quarter. our $X.XX higher. Enable’s is or to haven't yes, they second the end weather. just quarter warmer-than-normal guidance third been date, respect it's through we guidance activities. updated Our somewhat say high $X.XX midpoint for at With This to incorporates when they're

Operator

over Okay. There like I queue. the to in are turn the leaders for closing it no would further to remarks. questions any

David Mordy

Energy. in CenterPoint for you, your everyone, Thank interest

We call. second great quarter will day. Have now earnings a our XXXX conclude

Operator

your Energy's CenterPoint XXXX conference quarter you for concludes This call. Thank earnings second participation.

CenterPoint Energy (CNP) 3 Aug 182018 Q2 Earnings call transcript