Consolidated Edison, Inc. (ED - Free Report) reported third-quarter 2023 adjusted earnings of $1.62 per share, which beat the Zacks Consensus Estimate of $1.58 per share by 2.5%. However, the bottom line decreased 0.6% from $1.63 in the prior-year quarter.
Barring one-time adjustments, the company posted of $1.53 per share compared with $1.73 in the third quarter of 2022.
Total Revenues
In the reported quarter, Consolidated Edison's total revenues of $3,872 million beat the Zacks Consensus Estimate of $3,816 million by 1.5.%. However, the top line declined 7% from $4,165 million in the year-ago quarter. The downside was due to lower gas steam and non-utility revenues.
Electric revenues totaled $3,469 million in the third quarter, up 4.2% from the prior-year quarter. Gas revenues were down 22.1% to $353 million.
Steam revenues were down 15.5% to $49 million. Non-utility revenues amounted to $1 million compared with $326 million in the year-earlier quarter.
Operating Statistics
Total operating expenses in the third quarter declined by 3.9% year over year to $3,149 million.
Fuel expenses decreased 42.4% year over year, and the cost of gas purchased for resale came down by 60.5%. Depreciation and amortization expenses decreased 2.5%, and taxes, other than income taxes, increased 3.1% year over year. Other operations and maintenance expenses went down by 6.6%, while purchase power costs increased 8.9%.
The company’s third-quarter operating income declined 18.8% year over year to $722 million.
Financials
Cash and temporary cash investments as of Sep 30, 2023 were $539 million compared with $1,282 million as of Dec 31, 2022.
The long-term debt was $20,650 million as of Se 30, 2023 compared with $20,147 million at the 2022-end.
For the nine months ended Sep 30, 2023, cash from operating activities amounted to $1,181 million compared with the $2,618 million generated in the year-ago period.
2023 Guidance
Consolidated Edison updated its 2023 guidance. It now expects earnings per share (EPS) in the range of $5-$5.10, up from the previous guidance range of $4.85-$5. The Zacks Consensus Estimate for full-year earnings is pegged at $4.91 per share, lower than the midpoint of the company’s guided range.
Zacks Rank
Consolidated Edison currently 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
PG&E Corporation’s (PCG - Free Report) adjusted EPS of 24 cents in the third quarter of 2023 lagged the Zacks Consensus Estimate of 28 cents by 14.3%. The bottom line decreased 17.2% from the year-ago quarter’s reported figure.
In the third quarter, PCG reported total revenues of $5,888 million compared with $5,394 million in the year-ago period. Operating revenues missed the Zacks Consensus Estimate of $5,946.1 million by 0.9%.
NextEra Energy, Inc. (NEE - Free Report) released third-quarter 2023 adjusted earnings of 94 cents per share, which beat the Zacks Consensus Estimate of 86 cents by 9.3%. The bottom line was also up 10.6% from the prior-year quarter. The year-over-year improvement was due to the solid performances of Florida Power & Light Company and NextEra Energy Resources.
For the third quarter, NextEra’s operating revenues were $7,172 million, which lagged the Zacks Consensus Estimate of $7,453 million by 3.8%. However, the top line improved 6.7% year over year.
CenterPoint Energy (CNP - Free Report) reported third-quarter 2023 adjusted earnings of 40 cents per share, which surpassed the Zacks Consensus Estimate of 37 cents by 8.1%. The bottom line also improved 25% from the year-ago quarter’s figure, driven by regulatory recovery and favorable weather.
CNP generated revenues of $1,860 million, down 2.3% from the year-ago quarter’s reported figure. The top line missed the Zacks Consensus Estimate of $1,910.7 million by 2.7%.
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Consolidated Edison, Inc. (ED - Free Report) reported third-quarter 2023 adjusted earnings of $1.62 per share, which beat the Zacks Consensus Estimate of $1.58 per share by 2.5%. However, the bottom line decreased 0.6% from $1.63 in the prior-year quarter.
Barring one-time adjustments, the company posted of $1.53 per share compared with $1.73 in the third quarter of 2022.
Total Revenues
In the reported quarter, Consolidated Edison's total revenues of $3,872 million beat the Zacks Consensus Estimate of $3,816 million by 1.5.%. However, the top line declined 7% from $4,165 million in the year-ago quarter. The downside was due to lower gas steam and non-utility revenues.
Electric revenues totaled $3,469 million in the third quarter, up 4.2% from the prior-year quarter. Gas revenues were down 22.1% to $353 million.
Steam revenues were down 15.5% to $49 million. Non-utility revenues amounted to $1 million compared with $326 million in the year-earlier quarter.
Operating Statistics
Total operating expenses in the third quarter declined by 3.9% year over year to $3,149 million.
Fuel expenses decreased 42.4% year over year, and the cost of gas purchased for resale came down by 60.5%. Depreciation and amortization expenses decreased 2.5%, and taxes, other than income taxes, increased 3.1% year over year. Other operations and maintenance expenses went down by 6.6%, while purchase power costs increased 8.9%.
The company’s third-quarter operating income declined 18.8% year over year to $722 million.
Financials
Cash and temporary cash investments as of Sep 30, 2023 were $539 million compared with $1,282 million as of Dec 31, 2022.
The long-term debt was $20,650 million as of Se 30, 2023 compared with $20,147 million at the 2022-end.
For the nine months ended Sep 30, 2023, cash from operating activities amounted to $1,181 million compared with the $2,618 million generated in the year-ago period.
2023 Guidance
Consolidated Edison updated its 2023 guidance. It now expects earnings per share (EPS) in the range of $5-$5.10, up from the previous guidance range of $4.85-$5. The Zacks Consensus Estimate for full-year earnings is pegged at $4.91 per share, lower than the midpoint of the company’s guided range.
Zacks Rank
Consolidated Edison currently 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
PG&E Corporation’s (PCG - Free Report) adjusted EPS of 24 cents in the third quarter of 2023 lagged the Zacks Consensus Estimate of 28 cents by 14.3%. The bottom line decreased 17.2% from the year-ago quarter’s reported figure.
In the third quarter, PCG reported total revenues of $5,888 million compared with $5,394 million in the year-ago period. Operating revenues missed the Zacks Consensus Estimate of $5,946.1 million by 0.9%.
NextEra Energy, Inc. (NEE - Free Report) released third-quarter 2023 adjusted earnings of 94 cents per share, which beat the Zacks Consensus Estimate of 86 cents by 9.3%. The bottom line was also up 10.6% from the prior-year quarter. The year-over-year improvement was due to the solid performances of Florida Power & Light Company and NextEra Energy Resources.
For the third quarter, NextEra’s operating revenues were $7,172 million, which lagged the Zacks Consensus Estimate of $7,453 million by 3.8%. However, the top line improved 6.7% year over year.
CenterPoint Energy (CNP - Free Report) reported third-quarter 2023 adjusted earnings of 40 cents per share, which surpassed the Zacks Consensus Estimate of 37 cents by 8.1%. The bottom line also improved 25% from the year-ago quarter’s figure, driven by regulatory recovery and favorable weather.
CNP generated revenues of $1,860 million, down 2.3% from the year-ago quarter’s reported figure. The top line missed the Zacks Consensus Estimate of $1,910.7 million by 2.7%.
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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