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Consolidated Edison Inc. (ED - Free Report) posted first-quarter 2017 adjusted earnings of $1.27 per share that beat the Zacks Consensus Estimate of $1.19 by 6.7%. Reported earnings were also up 7.6% from the year-ago figure of $1.18.
Total Revenue
Consolidated Edison reported total revenue of $3,228 million in the first quarter, which exceeded the Zacks Consensus Estimate of $3,061 million by 5.5%. Revenues increased 2.3% from the year-ago level of $3,156 million.
Electric revenues came in at $1,934 million in the reported quarter, up 1.2% from the prior-year figure of $1,912 million. Gas revenues improved 27.5% to $862 million. Steam revenues increased 15.5% to $298 million, while non-utility revenues amounted to $134 million, down 56.8% from $310 million a year ago.
Consolidated Edison Inc Price, Consensus and EPS Surprise
Total operating expenses in the quarter decreased 2.3% to $2,457 million due to lower purchase power and other operations and maintenance expenses.
While gas purchased for resale, depreciation and amortization, fuel and taxes and other than income taxes increased a respective 103.1%, 10.8%, 40.8% and 6.3%, purchase power, and other operations and maintenance expenses decreased 44.3% and 0.9%, respectively.
Financials
Cash and temporary cash investments as of Mar 31, 2017 were $67 million compared with $776 million as of Dec 31, 2016.
Long-term debt was $14,829 million as of Mar 31, 2017 compared with $14,735 million at 2016 end.
In the first quarter, cash from operating activities was $380 million compared with $458 million in the year-ago period.
Guidance
For 2017, the company reaffirmed its earnings per share in the range of $3.95–$4.15.
Public Service Enterprise Group Inc. (PEG - Free Report) or PSEG reported first-quarter 2017 adjusted operating earnings of 92 cents per share, which exceeded the Zacks Consensus Estimate of 84 cents by 9.5%. Revenues of $2,592 million in the reported quarter surpassed the Zacks Consensus Estimate by 1.1%.
Entergy Corporation (ETR - Free Report) reported first-quarter 2017 operational earnings of 99 cents per share, lagging the Zacks Consensus Estimate of $1.06 by 6.6%. It reported total revenue of $2,588.5 million, beating the Zacks Consensus Estimate of $2,566 million by 0.9%.
Ameren Corporation (AEE - Free Report) posted first-quarter 2017 earnings from continuing operations of 42 cents per share, in line with the Zacks Consensus Estimate. Total revenue of $1,514 million in the first quarter of 2017 was up 5.6% year over year.
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Consolidated Edison (ED) Tops Q1 Earnings, Sales, Keeps View
Consolidated Edison Inc. (ED - Free Report) posted first-quarter 2017 adjusted earnings of $1.27 per share that beat the Zacks Consensus Estimate of $1.19 by 6.7%. Reported earnings were also up 7.6% from the year-ago figure of $1.18.
Total Revenue
Consolidated Edison reported total revenue of $3,228 million in the first quarter, which exceeded the Zacks Consensus Estimate of $3,061 million by 5.5%. Revenues increased 2.3% from the year-ago level of $3,156 million.
Electric revenues came in at $1,934 million in the reported quarter, up 1.2% from the prior-year figure of $1,912 million. Gas revenues improved 27.5% to $862 million. Steam revenues increased 15.5% to $298 million, while non-utility revenues amounted to $134 million, down 56.8% from $310 million a year ago.
Consolidated Edison Inc Price, Consensus and EPS Surprise
Consolidated Edison Inc Price, Consensus and EPS Surprise | Consolidated Edison Inc Quote
Operating Statistics
Total operating expenses in the quarter decreased 2.3% to $2,457 million due to lower purchase power and other operations and maintenance expenses.
While gas purchased for resale, depreciation and amortization, fuel and taxes and other than income taxes increased a respective 103.1%, 10.8%, 40.8% and 6.3%, purchase power, and other operations and maintenance expenses decreased 44.3% and 0.9%, respectively.
Financials
Cash and temporary cash investments as of Mar 31, 2017 were $67 million compared with $776 million as of Dec 31, 2016.
Long-term debt was $14,829 million as of Mar 31, 2017 compared with $14,735 million at 2016 end.
In the first quarter, cash from operating activities was $380 million compared with $458 million in the year-ago period.
Guidance
For 2017, the company reaffirmed its earnings per share in the range of $3.95–$4.15.
Zacks Rank
Consolidated Edison currently has a Zacks Rank #3 (Hold).You can seethe complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Peer Earnings Review
Public Service Enterprise Group Inc. (PEG - Free Report) or PSEG reported first-quarter 2017 adjusted operating earnings of 92 cents per share, which exceeded the Zacks Consensus Estimate of 84 cents by 9.5%. Revenues of $2,592 million in the reported quarter surpassed the Zacks Consensus Estimate by 1.1%.
Entergy Corporation (ETR - Free Report) reported first-quarter 2017 operational earnings of 99 cents per share, lagging the Zacks Consensus Estimate of $1.06 by 6.6%. It reported total revenue of $2,588.5 million, beating the Zacks Consensus Estimate of $2,566 million by 0.9%.
Ameren Corporation (AEE - Free Report) posted first-quarter 2017 earnings from continuing operations of 42 cents per share, in line with the Zacks Consensus Estimate. Total revenue of $1,514 million in the first quarter of 2017 was up 5.6% year over year.
More Stock News: 8 Companies Verge on Apple-Like Run
Did you miss Apple's 9X stock explosion after they launched their iPhone in 2007? Now 2017 looks to be a pivotal year to get in on another emerging technology expected to rock the market. Demand could soar from almost nothing to $42 billion by 2025. Reports suggest it could save 10 million lives per decade which could in turn save $200 billion in U.S. healthcare costs.
A bonus Zacks Special Report names this breakthrough and the 8 best stocks to exploit it. Like Apple in 2007, these companies are already strong and coiling for potential mega-gains. Click to see them right now >>