Centrica Posts Lower Earnings Due To Near-Term Headwinds; Strategy Appears Intact
We are reaffirming our narrow moat and stable moat trend rating and our GBX 250 per share fair value estimate after Centrica reported lower earnings for the six months ending June 30, 2016, versus the same period last year. Earnings for the first half of the year were GBX 9.8 per share, 17% lower than last year, but actually were pretty decent considering recent headwinds such as lower commodity prices, low spreads and operational problems at the Rough storage asset, and warm weather in North Am...Centrica is an energy and services company. Co.'s segment are: Energy Supply and Services, which supplies gas and electricity in the U.K. and North America; Connected Home, which supplies energy solutions and technologies to residential customers; Distributed Energy and Power, which supplies energy solutions, generation and technologies to commercial and industrial customers; Energy Marketing and Trading, which trades and optimizes energy; Exploration and Production, which produces and processes gas and oil and develops new fields; Central Power Generation, which generates power from combined cycle gas turbines, wind and nuclear assets; and Centrica Storage, gas storage in the U.K.
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