Consolidated Edison, Inc. (ED - Free Report) reported fourth-quarter 2022 adjusted earnings of 81 cents per share, which beat the Zacks Consensus Estimate of 78 cents by 3.9%. However, the bottom line declined 19% from $1.00 in the prior-year quarter.
Barring one-time adjustments, the company posted GAAP earnings of 53 cents per share compared with 63 cents in the fourth quarter of 2021.
For the full-year 2022, ED reported adjusted earnings of $4.57 per share compared with $4.39 in the previous year’s quarter. Earnings beat the Zacks Consensus Estimate of $4.54 by 0.7%.
Total Revenues
In the reported quarter, the company’s total revenues of $4,031 million surpassed the Zacks Consensus Estimate of $3,518 million by 14.6%. The top line also improved 18% from $3,415 million in the year-ago quarter. The upside was attributable to higher electric, gas, and steam as well as non-utility revenues.
For the full-year 2022, total revenues came in at $15.67 billion. Total revenues increased 14.6% year over year and surpassed the Zacks Consensus Estimate of $15.16 billion by 3.4%.
Electric revenues totaled $2,528 million in the fourth quarter, up 9.6% from the prior-year quarter. Gas revenues were up 22.2% to $892 million.
Steam revenues were up 7.2% to $149 million. Also, non-utility revenues, which amounted to $462 million, went up by a whopping 92.5% from the year-earlier quarter.
Operating Statistics
Total operating expenses in the fourth quarter escalated 28.1% year over year to $3,481 million.
Fuel expenses increased 60.3% year over year, while the cost of gas purchased for resale increased a huge 79.5%. Depreciation and amortization expenses decreased 11.1%, and taxes, other than income taxes, increased 7.1% year over year. Other operations and maintenance expenses rose 38.1%, while purchase power costs increased 62.7%.
The company’s fourth-quarter operating income decreased 21.1% year over year to $550 million.
Financials
Cash and temporary cash investments as of Dec 31, 2022 were $1,282 million compared with $992 million as of Dec 31, 2021.
Long-term debt was $20,147 million as of Dec 31, 2022 compared with $22,604 million at the 2021-end.
In 2022, cash from operating activities amounted to $3,935 million compared with the $2,733 million generated in the year-ago period.
2023 Guidance
Consolidated Edison initiated its 2023 guidance. It expects earnings per share (EPS) in the range of $4.75-$4.95. The Zacks Consensus Estimate for full-year earnings is pegged at $4.85 per share, which lies in line with the midpoint of the company’s guided range.
Zacks Rank
Consolidated Edison currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Utility Releases
Hawaiian Electric Industries, Inc. (HE - Free Report) reported an EPS of 52 cents in the fourth quarter of 2022. The bottom line improved 4% from 50 cents in the prior-year quarter.
Hawaiian Electric’s total revenues of $1,019.1 million in the fourth quarter improved 32.3% from the prior-year quarter’s $770.3 million. The rise in revenues can be attributed to increased contributions from the Electric Utility, Bank and other segments.
Duke Energy Corporation (DUK - Free Report) reported fourth-quarter 2022 adjusted earnings of $1.11 per share, which surpassed the Zacks Consensus Estimate of $1.06 by 4.7%. The bottom line also improved 26.1% year over year.
Total operating revenues came in at $7,351 million, which improved 20.2% from $6,117 million in the year-ago period. The reported top line also surpassed the Zacks Consensus Estimate of $6,608 million by 11.2%.
CMS Energy Corporation (CMS - Free Report) reported a fourth-quarter 2022 adjusted EPS of 60 cents from continuing operations, which came in line with the Zacks Consensus Estimate. The reported figure improved 27.7% on a year-over-year basis.
For the quarter under review, CMS Energy’s operating revenues were $2,278 million, which exceeded the Zacks Consensus Estimate of $2,185.3 million by 4.2%. The top line improved 12.1% on a year-over-year basis.
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Consolidated Edison, Inc. (ED - Free Report) reported fourth-quarter 2022 adjusted earnings of 81 cents per share, which beat the Zacks Consensus Estimate of 78 cents by 3.9%. However, the bottom line declined 19% from $1.00 in the prior-year quarter.
Barring one-time adjustments, the company posted GAAP earnings of 53 cents per share compared with 63 cents in the fourth quarter of 2021.
For the full-year 2022, ED reported adjusted earnings of $4.57 per share compared with $4.39 in the previous year’s quarter. Earnings beat the Zacks Consensus Estimate of $4.54 by 0.7%.
Total Revenues
In the reported quarter, the company’s total revenues of $4,031 million surpassed the Zacks Consensus Estimate of $3,518 million by 14.6%. The top line also improved 18% from $3,415 million in the year-ago quarter. The upside was attributable to higher electric, gas, and steam as well as non-utility revenues.
For the full-year 2022, total revenues came in at $15.67 billion. Total revenues increased 14.6% year over year and surpassed the Zacks Consensus Estimate of $15.16 billion by 3.4%.
Electric revenues totaled $2,528 million in the fourth quarter, up 9.6% from the prior-year quarter. Gas revenues were up 22.2% to $892 million.
Steam revenues were up 7.2% to $149 million. Also, non-utility revenues, which amounted to $462 million, went up by a whopping 92.5% from the year-earlier quarter.
Operating Statistics
Total operating expenses in the fourth quarter escalated 28.1% year over year to $3,481 million.
Fuel expenses increased 60.3% year over year, while the cost of gas purchased for resale increased a huge 79.5%. Depreciation and amortization expenses decreased 11.1%, and taxes, other than income taxes, increased 7.1% year over year. Other operations and maintenance expenses rose 38.1%, while purchase power costs increased 62.7%.
The company’s fourth-quarter operating income decreased 21.1% year over year to $550 million.
Financials
Cash and temporary cash investments as of Dec 31, 2022 were $1,282 million compared with $992 million as of Dec 31, 2021.
Long-term debt was $20,147 million as of Dec 31, 2022 compared with $22,604 million at the 2021-end.
In 2022, cash from operating activities amounted to $3,935 million compared with the $2,733 million generated in the year-ago period.
2023 Guidance
Consolidated Edison initiated its 2023 guidance. It expects earnings per share (EPS) in the range of $4.75-$4.95. The Zacks Consensus Estimate for full-year earnings is pegged at $4.85 per share, which lies in line with the midpoint of the company’s guided range.
Zacks Rank
Consolidated Edison currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Utility Releases
Hawaiian Electric Industries, Inc. (HE - Free Report) reported an EPS of 52 cents in the fourth quarter of 2022. The bottom line improved 4% from 50 cents in the prior-year quarter.
Hawaiian Electric’s total revenues of $1,019.1 million in the fourth quarter improved 32.3% from the prior-year quarter’s $770.3 million. The rise in revenues can be attributed to increased contributions from the Electric Utility, Bank and other segments.
Duke Energy Corporation (DUK - Free Report) reported fourth-quarter 2022 adjusted earnings of $1.11 per share, which surpassed the Zacks Consensus Estimate of $1.06 by 4.7%. The bottom line also improved 26.1% year over year.
Total operating revenues came in at $7,351 million, which improved 20.2% from $6,117 million in the year-ago period. The reported top line also surpassed the Zacks Consensus Estimate of $6,608 million by 11.2%.
CMS Energy Corporation (CMS - Free Report) reported a fourth-quarter 2022 adjusted EPS of 60 cents from continuing operations, which came in line with the Zacks Consensus Estimate. The reported figure improved 27.7% on a year-over-year basis.
For the quarter under review, CMS Energy’s operating revenues were $2,278 million, which exceeded the Zacks Consensus Estimate of $2,185.3 million by 4.2%. The top line improved 12.1% on a year-over-year basis.
4 Oil Stocks with Massive Upsides
Global demand for oil is through the roof... and oil producers are struggling to keep up. So even though oil prices are well off their recent highs, you can expect big profits from the companies that supply the world with "black gold."
Zacks Investment Research has just released an urgent special report to help you bank on this trend.
In Oil Market on Fire, you'll discover 4 unexpected oil and gas stocks positioned for big gains in the coming weeks and months. You don't want to miss these recommendations.
Download your free report now to see them.
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