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Consolidated Edison (ED) Q4 Earnings Beat, Revenues Down Y/Y
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Consolidated Edison Inc. (ED - Free Report) reported fourth-quarter 2018 adjusted earnings of 77 cents per share, which surpassed the Zacks Consensus Estimate of 76 cents by 1.3%. The bottom line, however, decreased 3.8% from 80 cents per share registered a year ago.
Barring a one-time benefit, the company posted GAAP earnings of $1.06 per share, reflecting a 35% decline year over year. This downside was on account of lower revenues as well as higher operating expenses.
For 2018, Consolidated Edison’s adjusted earnings came in at $4.33 per share, which outpaced the Zacks Consensus Estimate of $4.31 by 0.5%. The reported figure also improved 5.1% from $4.12 per share in the prior year.
In the reported quarter, the company’s total revenues of $2,949 million outshined the Zacks Consensus Estimate of $2,802 million by 5.2%. However, the top line declined 0.4% from $2,961 million in the year-ago quarter.
For 2018, Consolidated Edison generated total revenues of $12.34 billion, which exceeded the Zacks Consensus Estimate of $12.14 billion by 1.6%. The top line also rose 2.5% from $12.03 million in the prior year.
Electric revenues totaled $2,001 million in the fourth quarter, down 1.9% from the prior-year figure of $2,039 million. Gas revenues were up 11.3% to $601 million. Steam revenues also rose 6.8% to $157 million. Non-utility revenues amounted to $190 million, down 19.1% from $235 million registered in the year-earlier quarter.
Operating Statistics
Total operating expenses in the fourth quarter rose 2% year over year to $2,423 million.
Purchase power, fuel expenses, gas purchased for resale, depreciation, and amortization as well as taxes and other than income taxes increased 2.6%, 31.9%, 36.6%, 10.2% and 0.2%, respectively, from the prior-year quarter numbers. However, other operations and maintenance declined 11.1% year over year.
Financials
Cash and temporary cash investments as of Dec 31, 2018, summed $895 million compared with $797 million as of Dec 31, 2017.
Long-term debt was $17,495 million as of Dec 31, 2018, compared with $14,731 million at 2017 end.
At the end of 2018, cash from operating activities amounted to $2,695 million compared with $3,367 million a year ago.
2019 Guidance
For 2019, the company expects adjusted earnings per share to be in the $4.25-$4.45 range. The Zacks Consensus Estimate for the same is pegged at $4.32, lower than the midpoint of the company’s guided range.
Entergy Corporation (ETR - Free Report) reported fourth-quarter 2018 adjusted earnings of 60 cents per share, which surpassed the Zacks Consensus Estimate of 48 cents by 25%.
Ameren Corporation’s (AEE - Free Report) fourth-quarter 2018 earnings of 28 cents per share from continuing operations missed the Zacks Consensus Estimate of 32 cents by 12.5%.
American Electric Power Co. (AEP - Free Report) reported fourth-quarter 2018 operating earnings of 72 cents per share, in line with the Zacks Consensus Estimate.
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Consolidated Edison (ED) Q4 Earnings Beat, Revenues Down Y/Y
Consolidated Edison Inc. (ED - Free Report) reported fourth-quarter 2018 adjusted earnings of 77 cents per share, which surpassed the Zacks Consensus Estimate of 76 cents by 1.3%. The bottom line, however, decreased 3.8% from 80 cents per share registered a year ago.
Barring a one-time benefit, the company posted GAAP earnings of $1.06 per share, reflecting a 35% decline year over year. This downside was on account of lower revenues as well as higher operating expenses.
For 2018, Consolidated Edison’s adjusted earnings came in at $4.33 per share, which outpaced the Zacks Consensus Estimate of $4.31 by 0.5%. The reported figure also improved 5.1% from $4.12 per share in the prior year.
Consolidated Edison Inc Price and Consensus
Consolidated Edison Inc Price and Consensus | Consolidated Edison Inc Quote
Total Revenues
In the reported quarter, the company’s total revenues of $2,949 million outshined the Zacks Consensus Estimate of $2,802 million by 5.2%. However, the top line declined 0.4% from $2,961 million in the year-ago quarter.
For 2018, Consolidated Edison generated total revenues of $12.34 billion, which exceeded the Zacks Consensus Estimate of $12.14 billion by 1.6%. The top line also rose 2.5% from $12.03 million in the prior year.
Electric revenues totaled $2,001 million in the fourth quarter, down 1.9% from the prior-year figure of $2,039 million. Gas revenues were up 11.3% to $601 million. Steam revenues also rose 6.8% to $157 million. Non-utility revenues amounted to $190 million, down 19.1% from $235 million registered in the year-earlier quarter.
Operating Statistics
Total operating expenses in the fourth quarter rose 2% year over year to $2,423 million.
Purchase power, fuel expenses, gas purchased for resale, depreciation, and amortization as well as taxes and other than income taxes increased 2.6%, 31.9%, 36.6%, 10.2% and 0.2%, respectively, from the prior-year quarter numbers. However, other operations and maintenance declined 11.1% year over year.
Financials
Cash and temporary cash investments as of Dec 31, 2018, summed $895 million compared with $797 million as of Dec 31, 2017.
Long-term debt was $17,495 million as of Dec 31, 2018, compared with $14,731 million at 2017 end.
At the end of 2018, cash from operating activities amounted to $2,695 million compared with $3,367 million a year ago.
2019 Guidance
For 2019, the company expects adjusted earnings per share to be in the $4.25-$4.45 range. The Zacks Consensus Estimate for the same is pegged at $4.32, lower than the midpoint of the company’s guided range.
Zacks Rank
Consolidated Edison carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Utility Releases
Entergy Corporation (ETR - Free Report) reported fourth-quarter 2018 adjusted earnings of 60 cents per share, which surpassed the Zacks Consensus Estimate of 48 cents by 25%.
Ameren Corporation’s (AEE - Free Report) fourth-quarter 2018 earnings of 28 cents per share from continuing operations missed the Zacks Consensus Estimate of 32 cents by 12.5%.
American Electric Power Co. (AEP - Free Report) reported fourth-quarter 2018 operating earnings of 72 cents per share, in line with the Zacks Consensus Estimate.
Wall Street’s Next Amazon
Zacks EVP Kevin Matras believes this familiar stock has only just begun its climb to become one of the greatest investments of all time. It’s a once-in-a-generation opportunity to invest in pure genius.
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