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Consolidated Edison (ED) Q1 Earnings & Sales Top Estimates

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Consolidated Edison Inc. (ED - Free Report) reported first-quarter 2018 earnings of $1.37 per share which surpassed the Zacks Consensus Estimate of $1.33 by 3%. Reported earnings also improved 7.9% from the year-ago period figure of $1.27 per share.

The year-over-year upside was driven by higher electric and gas rate bases, which was effective from Jan 1, 2018.

 

Consolidated Edison Inc Price, Consensus and EPS Surprise

 

Consolidated Edison Inc Price, Consensus and EPS Surprise | Consolidated Edison Inc Quote

 

Total Revenues

Consolidated Edison reported total revenues of $3,364 million in the first quarter, which surpassed the Zacks Consensus Estimate of $3,209 million by 4.8%. Moreover, the top line improved 4.2% from the year-ago quarter level of $3,228 million.

Electric revenues came in at $1,877 million in the quarter, down 2.9% from the prior-year period figure of $1,934 million. Gas revenues improved 8.9% to $939 million. Steam revenues rose 5.4% to $314 million. Non- utility revenues amounted to $234 million, up 74.6% from $134 million recorded in the year-ago quarter.

Operating Statistics

Total operating expenses in the quarter increased 8% year over year to $2,609 million.

Gas purchased for resale, other operation and maintenance, depreciation and amortization, fuel as well as taxes, and other than income taxes was up 17.8%, 13.1%, 5.8%, 24% and 5.2%, respectively, from the prior-year quarter. Meanwhile, purchase power expenses decreased 8.3% year over year.

Financials

Cash and temporary cash investments as of Mar 31, 2018 was $651 million compared with $797 million as of Dec 31, 2017.

Long-term debt was $14,730 million as of Mar 31, 2018 compared with $14,731 million at 2017 end.

At the end of first-quarter, cash from operating activities was $56 million compared with $380 million in the year-ago period.

Guidance

For 2018, the company continues to expect earnings per share in the range of $4.15-$4.35.

Zacks Rank

Consolidated Edison carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Other Utility Releases

PG&E Corporation (PCG - Free Report) reported adjusted operating earnings per share of 91 cents in first-quarter 2018, which missed the Zacks Consensus Estimate of $1.03 by 11.7%.

FirstEnergy Corp. (FE - Free Report) reported first-quarter 2018 operating earnings of 67 cents per share, which lagged the Zacks Consensus Estimate of 68 cents by 1.5%.

NextEra Energy, Inc. (NEE - Free Report) reported first-quarter 2018 adjusted earnings of $1.94 per share, beating the Zacks Consensus Estimate of $1.78 by 8.9%.

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