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Consolidated Edison Inc. (ED - Free Report) posted fourth-quarter 2016 adjusted earnings of 69 cents per share that beat the Zacks Consensus Estimate of 67 cents by 3%. Reported earnings were also up 13.1% from the year-ago figure of 61 cents.
Full-year earnings came in at $3.99 per share, beating the Zacks Consensus Estimate of $3.96 by 0.8%. However, 2016 earnings were lower than the year-ago adjusted number of $4.08 by 2.2%.
Consolidated Edison reported total revenue of $2,707 million in the fourth quarter, which fell short of the Zacks Consensus Estimate of $3,163 million by 14.4%. Revenues were, however, same as the year-ago level.
Electric revenues came in at $2,024 million in the reported quarter, up 6.8% from the prior-year figure of $1,895 million. Gas revenues increased 7.2% to $446 million. Steam revenues improved 45% to $145 million, while non-utility revenues amounted to $92 million, down 68.9% from $296 million a year ago.
Full-year revenues came in at $12.07 billion, lagging the Zacks Consensus Estimate of $12.21 billion by 1.1%. Reported revenues also fell 3.8% from the year-ago figure of $12.55 billion.
Operating Statistics
Total operating expenses in the quarter decreased 3.4% to $2,229 million due to lower purchase power and other operations and maintenance expenses.
While as purchased for resale, depreciation and amortization, fuel and taxes other than income taxes increased a respective 100%, 7.2%, 21.9% and 6.3%, purchase power and other operations and maintenance expenses decreased 31.2% and 4.4%, respectively.
Consolidated Edison Inc Price, Consensus and EPS Surprise
NextEra Energy, Inc. (NEE - Free Report) reported fourth-quarter 2016 adjusted earnings of $1.21 per share, which missed the Zacks Consensus Estimate of $1.29 by 6.2%. Reported earnings were, however, up 3.4% year over year. The company carries a Zacks Rank #2 (Buy).
WEC Energy Group (WEC - Free Report) reported fourth-quarter 2016 adjusted earnings of 61 cents per share, a penny lower than both the Zacks Consensus Estimate and the year-ago figure of 62 cents. The company carries a Zacks Rank #3.
Zacks Rank
Consolidated Edison currently has a Zacks Rank #4 (Sell).
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Consolidated Edison (ED) Tops Q4 Earnings, Gives 2017 View
Consolidated Edison Inc. (ED - Free Report) posted fourth-quarter 2016 adjusted earnings of 69 cents per share that beat the Zacks Consensus Estimate of 67 cents by 3%. Reported earnings were also up 13.1% from the year-ago figure of 61 cents.
Full-year earnings came in at $3.99 per share, beating the Zacks Consensus Estimate of $3.96 by 0.8%. However, 2016 earnings were lower than the year-ago adjusted number of $4.08 by 2.2%.
Total Revenue
Consolidated Edison reported total revenue of $2,707 million in the fourth quarter, which fell short of the Zacks Consensus Estimate of $3,163 million by 14.4%. Revenues were, however, same as the year-ago level.
Electric revenues came in at $2,024 million in the reported quarter, up 6.8% from the prior-year figure of $1,895 million. Gas revenues increased 7.2% to $446 million. Steam revenues improved 45% to $145 million, while non-utility revenues amounted to $92 million, down 68.9% from $296 million a year ago.
Full-year revenues came in at $12.07 billion, lagging the Zacks Consensus Estimate of $12.21 billion by 1.1%. Reported revenues also fell 3.8% from the year-ago figure of $12.55 billion.
Operating Statistics
Total operating expenses in the quarter decreased 3.4% to $2,229 million due to lower purchase power and other operations and maintenance expenses.
While as purchased for resale, depreciation and amortization, fuel and taxes other than income taxes increased a respective 100%, 7.2%, 21.9% and 6.3%, purchase power and other operations and maintenance expenses decreased 31.2% and 4.4%, respectively.
Consolidated Edison Inc Price, Consensus and EPS Surprise
Consolidated Edison Inc Price, Consensus and EPS Surprise | Consolidated Edison Inc Quote
Financials
Cash and cash equivalents as of Dec 31, 2016 were $776 million compared with $944 million as of Dec 31, 2015.
Long-term debt was $14,735 million as of Dec 31, 2016 as against $12,006 million at 2015 end.
In 2016, cash from operating activities was $3,459 million compared with $3,277 million in the year-ago period.
Guidance
For 2017, the company expects its earnings per share in the range of $3.95 to $4.15.
Peer Releases
American Electric Power Co., Inc. (AEP - Free Report) reported fourth-quarter 2016 operating earnings of 67 cents per share, which beat the Zacks Consensus Estimate of 55 cents by 21.8%. The company has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
NextEra Energy, Inc. (NEE - Free Report) reported fourth-quarter 2016 adjusted earnings of $1.21 per share, which missed the Zacks Consensus Estimate of $1.29 by 6.2%. Reported earnings were, however, up 3.4% year over year. The company carries a Zacks Rank #2 (Buy).
WEC Energy Group (WEC - Free Report) reported fourth-quarter 2016 adjusted earnings of 61 cents per share, a penny lower than both the Zacks Consensus Estimate and the year-ago figure of 62 cents. The company carries a Zacks Rank #3.
Zacks Rank
Consolidated Edison currently has a Zacks Rank #4 (Sell).
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In this latest Special Report, Zacks’ Aggressive Growth Strategist Brian Bolan explores a full-blown technological breakthrough in the making – autonomous cars. He also spotlights 8 stocks with tremendous gain potential to feed off this phenomenon. Click to see the stocks right now >>