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CenterPoint Says 1st-qtr Income Falls 45 Percent

The Associated Press

HOUSTON (AP) — Energy transmission and distribution company CenterPoint Energy Inc. on Wednesday said its net income fell by 45 percent in the first quarter, citing weaker performance across its business segments and several one-time charges.

CenterPoint said it earned $67 million, or 19 cents per share, in the three months ended March 31. That's down from $122 million, or 36 cents per share, in the same period last year.

Revenue fell 18 percent to $2.77 billion from $3.36 billion.

The company recorded several charges during the quarter, including a mark-to-market accounting charge of $19 million. It said operating income came to $285 million, though the company did not provide adjusted earnings per share.

Analysts surveyed by Thomson Reuters expected, on average, 31 cents per share on $3.26 billion in revenue.

CenterPoint reported declines in operating income across its four segments. Operating income at its largest segment, natural gas distribution, fell to $118 million from $121 million.

The company also reaffirmed its 2009 profit earnings guidance of $1.05 to $1.15 per share. Analysts expect $1.09 share, on average.

Shares of CenterPoint fell 23 cents, or 2.1 percent, to $10.51 in morning trading.