Consolidated Edison Inc. (ED - Free Report) posted first-quarter 2017 adjusted earnings of $1.27 per share that beat the Zacks Consensus Estimate of $1.19 by 6.7%. Reported earnings were also up 7.6% from the year-ago figure of $1.18.
Total Revenue
Consolidated Edison reported total revenue of $3,228 million in the first quarter, which exceeded the Zacks Consensus Estimate of $3,061 million by 5.5%. Revenues increased 2.3% from the year-ago level of $3,156 million.
Electric revenues came in at $1,934 million in the reported quarter, up 1.2% from the prior-year figure of $1,912 million. Gas revenues improved 27.5% to $862 million. Steam revenues increased 15.5% to $298 million, while non-utility revenues amounted to $134 million, down 56.8% from $310 million a year ago.
Operating Statistics
Total operating expenses in the quarter decreased 2.3% to $2,457 million due to lower purchase power and other operations and maintenance expenses.
While gas purchased for resale, depreciation and amortization, fuel and taxes and other than income taxes increased a respective 103.1%, 10.8%, 40.8% and 6.3%, purchase power, and other operations and maintenance expenses decreased 44.3% and 0.9%, respectively.
Financials
Cash and temporary cash investments as of Mar 31, 2017 were $67 million compared with $776 million as of Dec 31, 2016.
Long-term debt was $14,829 million as of Mar 31, 2017 compared with $14,735 million at 2016 end.
In the first quarter, cash from operating activities was $380 million compared with $458 million in the year-ago period.
Guidance
For 2017, the company reaffirmed its earnings per share in the range of $3.95–$4.15.
Zacks Rank
Consolidated Edison currently has a Zacks Rank #3 (Hold).You can seethe complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Peer Earnings Review
Public Service Enterprise Group Inc. (PEG - Free Report) or PSEG reported first-quarter 2017 adjusted operating earnings of 92 cents per share, which exceeded the Zacks Consensus Estimate of 84 cents by 9.5%. Revenues of $2,592 million in the reported quarter surpassed the Zacks Consensus Estimate by 1.1%.
Entergy Corporation (ETR - Free Report) reported first-quarter 2017 operational earnings of 99 cents per share, lagging the Zacks Consensus Estimate of $1.06 by 6.6%. It reported total revenue of $2,588.5 million, beating the Zacks Consensus Estimate of $2,566 million by 0.9%.
Ameren Corporation (AEE - Free Report) posted first-quarter 2017 earnings from continuing operations of 42 cents per share, in line with the Zacks Consensus Estimate. Total revenue of $1,514 million in the first quarter of 2017 was up 5.6% year over year.
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Consolidated Edison Inc. (ED - Free Report) posted first-quarter 2017 adjusted earnings of $1.27 per share that beat the Zacks Consensus Estimate of $1.19 by 6.7%. Reported earnings were also up 7.6% from the year-ago figure of $1.18.
Total Revenue
Consolidated Edison reported total revenue of $3,228 million in the first quarter, which exceeded the Zacks Consensus Estimate of $3,061 million by 5.5%. Revenues increased 2.3% from the year-ago level of $3,156 million.
Electric revenues came in at $1,934 million in the reported quarter, up 1.2% from the prior-year figure of $1,912 million. Gas revenues improved 27.5% to $862 million. Steam revenues increased 15.5% to $298 million, while non-utility revenues amounted to $134 million, down 56.8% from $310 million a year ago.
Operating Statistics
Total operating expenses in the quarter decreased 2.3% to $2,457 million due to lower purchase power and other operations and maintenance expenses.
While gas purchased for resale, depreciation and amortization, fuel and taxes and other than income taxes increased a respective 103.1%, 10.8%, 40.8% and 6.3%, purchase power, and other operations and maintenance expenses decreased 44.3% and 0.9%, respectively.
Financials
Cash and temporary cash investments as of Mar 31, 2017 were $67 million compared with $776 million as of Dec 31, 2016.
Long-term debt was $14,829 million as of Mar 31, 2017 compared with $14,735 million at 2016 end.
In the first quarter, cash from operating activities was $380 million compared with $458 million in the year-ago period.
Guidance
For 2017, the company reaffirmed its earnings per share in the range of $3.95–$4.15.
Zacks Rank
Consolidated Edison currently has a Zacks Rank #3 (Hold).You can seethe complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Peer Earnings Review
Public Service Enterprise Group Inc. (PEG - Free Report) or PSEG reported first-quarter 2017 adjusted operating earnings of 92 cents per share, which exceeded the Zacks Consensus Estimate of 84 cents by 9.5%. Revenues of $2,592 million in the reported quarter surpassed the Zacks Consensus Estimate by 1.1%.
Entergy Corporation (ETR - Free Report) reported first-quarter 2017 operational earnings of 99 cents per share, lagging the Zacks Consensus Estimate of $1.06 by 6.6%. It reported total revenue of $2,588.5 million, beating the Zacks Consensus Estimate of $2,566 million by 0.9%.
Ameren Corporation (AEE - Free Report) posted first-quarter 2017 earnings from continuing operations of 42 cents per share, in line with the Zacks Consensus Estimate. Total revenue of $1,514 million in the first quarter of 2017 was up 5.6% year over year.
More Stock News: 8 Companies Verge on Apple-Like Run
Did you miss Apple's 9X stock explosion after they launched their iPhone in 2007? Now 2017 looks to be a pivotal year to get in on another emerging technology expected to rock the market. Demand could soar from almost nothing to $42 billion by 2025. Reports suggest it could save 10 million lives per decade which could in turn save $200 billion in U.S. healthcare costs.
A bonus Zacks Special Report names this breakthrough and the 8 best stocks to exploit it. Like Apple in 2007, these companies are already strong and coiling for potential mega-gains. Click to see them right 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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