Consolidated Edison Inc. (ED - Free Report) posted third-quarter 2016 adjusted earnings of $1.50 per share, beating the Zacks Consensus Estimate of $1.49 cents by 0.7%. Reported earnings were also up 4.2% from the year-ago figure of $1.44.
Total Revenue
Consolidated Edison reported total revenue of $3,417 million in the third quarter, which fell short of the Zacks Consensus Estimate of $3,565 million by 4.2%. Revenues were also down 0.8% year over year.
Electric revenues came in at $2,769 million in the reported quarter, slightly up from the prior-year figure of $2,762 million. Gas revenues inched up 0.8% to $235 million. Steam revenues improved 8.6% to $63 million, while non-utility revenues amounted to $350 million, down 9.3% from $386 million a year ago.
Operating Statistics
Total operating expenses in the quarter decreased 1.2% to $2,581 million due to lower purchase power, fuel and other operations and maintenance expenses.
While gas purchased for resale, depreciation and amortization, and taxes other than income taxes increased a respective 26.6%, 7%, and 4.8%, purchase power, fuel and other operations and maintenance expenses decreased 7.2%, 6.5% and 3.3%.
Financials
Cash and cash equivalents as of Sep 30, 2016 were $150 million, compared with $944 million as of Dec 31, 2015. Net cash flow from operating activity in the first nine months of 2016 was $2,336 million, compared with $2,199 million a year ago.
Long-term debt was $13,747 million as of Sep 30, 2016, up from $12,006 million at 2015 end.
Guidance
For 2016, the company revised its earnings guidance to the range of $3.90 to $4.00 from the prior guidance of $3.85–$4.05.
Peer Releases
DTE Energy Company (DTE - Free Report) reported third-quarter 2016 operating earnings per share of $1.96, beating the Zacks Consensus Estimate of $1.54 by 27.3%. Reported earnings were also up 40% from the year-ago tally of $1.40.
Entergy Corporation (ETR - Free Report) reported third-quarter 2016 operating earnings of $2.31 per share, beating the Zacks Consensus Estimate of $1.95 by 18.5%. The reported number also improved 21.6% from $1.90 earned a year ago.
CMS Energy Corporation (CMS - Free Report) reported third-quarter 2016 adjusted earnings per share of 70 cents, beating the Zacks Consensus Estimate of 60 cents by 16.7%. Quarterly earnings also surged 32.1% from the year-ago figure of 53 cents.
Zacks Rank
Consolidated Edison currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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Consolidated Edison Inc. (ED - Free Report) posted third-quarter 2016 adjusted earnings of $1.50 per share, beating the Zacks Consensus Estimate of $1.49 cents by 0.7%. Reported earnings were also up 4.2% from the year-ago figure of $1.44.
Total Revenue
Consolidated Edison reported total revenue of $3,417 million in the third quarter, which fell short of the Zacks Consensus Estimate of $3,565 million by 4.2%. Revenues were also down 0.8% year over year.
Electric revenues came in at $2,769 million in the reported quarter, slightly up from the prior-year figure of $2,762 million. Gas revenues inched up 0.8% to $235 million. Steam revenues improved 8.6% to $63 million, while non-utility revenues amounted to $350 million, down 9.3% from $386 million a year ago.
Operating Statistics
Total operating expenses in the quarter decreased 1.2% to $2,581 million due to lower purchase power, fuel and other operations and maintenance expenses.
While gas purchased for resale, depreciation and amortization, and taxes other than income taxes increased a respective 26.6%, 7%, and 4.8%, purchase power, fuel and other operations and maintenance expenses decreased 7.2%, 6.5% and 3.3%.
Financials
Cash and cash equivalents as of Sep 30, 2016 were $150 million, compared with $944 million as of Dec 31, 2015. Net cash flow from operating activity in the first nine months of 2016 was $2,336 million, compared with $2,199 million a year ago.
Long-term debt was $13,747 million as of Sep 30, 2016, up from $12,006 million at 2015 end.
Guidance
For 2016, the company revised its earnings guidance to the range of $3.90 to $4.00 from the prior guidance of $3.85–$4.05.
Peer Releases
DTE Energy Company (DTE - Free Report) reported third-quarter 2016 operating earnings per share of $1.96, beating the Zacks Consensus Estimate of $1.54 by 27.3%. Reported earnings were also up 40% from the year-ago tally of $1.40.
Entergy Corporation (ETR - Free Report) reported third-quarter 2016 operating earnings of $2.31 per share, beating the Zacks Consensus Estimate of $1.95 by 18.5%. The reported number also improved 21.6% from $1.90 earned a year ago.
CMS Energy Corporation (CMS - Free Report) reported third-quarter 2016 adjusted earnings per share of 70 cents, beating the Zacks Consensus Estimate of 60 cents by 16.7%. Quarterly earnings also surged 32.1% from the year-ago figure of 53 cents.
Zacks Rank
Consolidated Edison currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Confidential from Zacks
Beyond this Analyst Blog, would you like to see Zacks' best recommendations that are not available to the public? Our Executive VP, Steve Reitmeister, knows when key trades are about to be triggered and which of our experts has the hottest hand. Click to see them now>>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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