CenterPoint Energy 2013 Annual Report Download - page 136

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(16) Unaudited Quarterly Information
Summarized quarterly financial data is as follows:
Year Ended December 31, 2013
First
Quarter Second Quarter (2) Third Quarter Fourth Quarter
(in millions, except per share amounts)
Revenues.............................................................................. $ 2,388 $ 1,894 $ 1,640 $ 2,184
Operating income ................................................................ 332 223 244 211
Net income (loss)................................................................. 147 (100) 151 113
Basic earnings (loss) per share(1)........................................ $ 0.34 $ (0.23) $ 0.35 $ 0.26
Diluted earnings (loss) per share(1) .................................... $ 0.34 $ (0.23) $ 0.35 $ 0.26
Year Ended December 31, 2012
First
Quarter Second Quarter Third Quarter (3) Fourth Quarter
(in millions, except per share amounts)
Revenues.............................................................................. $ 2,084 $ 1,525 $ 1,705 $ 2,138
Operating income ................................................................ 338 302 88 310
Net income........................................................................... 147 126 10 134
Basic earnings per share(1) ................................................. $ 0.34 $ 0.29 $ 0.02 $ 0.31
Diluted earnings per share(1) .............................................. $ 0.34 $ 0.29 $ 0.02 $ 0.31
(1) Quarterly earnings per common share are based on the weighted average number of shares outstanding during the quarter,
and the sum of the quarters may not equal annual earnings per common share.
(2) Effective May 1, 2013, CenterPoint Energy contributed CenterPoint Midstream to Enable. See Note 2(b) and Note 9 for
further discussion on the formation of Enable and CenterPoint Energy’s investment in Enable, respectively.
(3) See Note 2(b) and Note (4) for further discussion on the acquisition of additional interest in Waskom and the goodwill
impairment charge, respectively.
(17) Reportable Business Segments
CenterPoint Energy’s determination of reportable business segments considers the strategic operating units under which
CenterPoint Energy manages sales, allocates resources and assesses performance of various products and services to wholesale
or retail customers in differing regulatory environments. The accounting policies of the business segments are the same as those
described in the summary of significant accounting policies except that some executive benefit costs have not been allocated to
business segments. CenterPoint Energy uses operating income as the measure of profit or loss for its business segments.
CenterPoint Energy’s reportable business segments include the following: Electric Transmission & Distribution, Natural Gas
Distribution, Energy Services, Midstream Investments and Other Operations. The electric transmission and distribution function
(CenterPoint Houston) is reported in the Electric Transmission & Distribution business segment. Natural Gas Distribution consists
of intrastate natural gas sales to, and natural gas transportation and distribution for, residential, commercial, industrial and
institutional customers. Energy Services represents CenterPoint Energy’s non-rate regulated gas sales and services operations.
Midstream Investments consists primarily of CenterPoint Energy’s investment in Enable and its retained interest in SESH. Other
Operations consists primarily of other corporate operations which support all of CenterPoint Energy’s business operations.
Prior to May 1, 2013, CenterPoint Energy also reported an Interstate Pipelines business segment, which included CenterPoint
Energy’s interstate natural gas pipeline operations, and a Field Services business segment, which included CenterPoint Energy’s
non-rate regulated natural gas gathering, processing and treating operations. As previously disclosed, the formation of Enable