Consolidated Edison Inc. (ED - Free Report) reported first-quarter 2019 adjusted earnings of $1.38 per share, which surpassed the Zacks Consensus Estimate of $1.35 by 2.2%.
Barring one-time adjustments, the company posted GAAP earnings of $1.31 per share, reflecting a 4.4% decline year over year. This downside was primarily on account of higher operating expenses.
Total Revenues
In the reported quarter, the company’s total revenues of $3,514 million outshined the Zacks Consensus Estimate of $3,393 million by 3.6%. Moreover, the top line increased 4.5% from $3,364 million in the year-ago quarter.
Electric revenues totaled $1,941 million in the firstquarter, up 3.4% from the prior-year figure of $1,877 million. Gas revenues rose 10.1% to $1,034 million. Also, steam revenues increased 2.2% to $321 million. Meanwhile, non-utility revenues amounted to $218 million, down 6.8% from $234 million registered in the year-earlier quarter.
Operating Statistics
Total operating expenses in the firstquarter rose 4.6% year over year to $2,728 million.
Purchase power, gas purchased for resale, depreciation, and amortization as well as taxes and other than income taxes increased 4.2%, 16.9%, 18.7% and 6.1%, respectively, from the prior-year quarter numbers. However, fuel expenses as well as other operations and maintenance declined 14.5% and 5% year over year, respectively.
Financials
Cash and temporary cash investments as of Mar 31, 2019, summed $406 million compared with $895 million as of Dec 31, 2018.
Long-term debt was $16,933 million as of Mar 31, 2019, compared with $17,495 million at 2018 end.
At the end of the first quarter, cash from operating activities amounted to $395 million compared with $56 million a year ago.
2019 Guidance
For 2019, the company continues to expect adjusted earnings per share to be in the $4.25-$4.45 range. The Zacks Consensus Estimate for full-year earnings, pegged at $4.36, lies just abovethe midpoint of the company’s guided range.
Zacks Rank
Consolidated Edison 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
FirstEnergy Corp. (FE - Free Report) delivered first-quarter 2019 operating earnings of 67 cents per share, which beat the Zacks Consensus Estimate of 66 cents by 1.52%.
NextEra Energy, Inc. (NEE - Free Report) reported first-quarter 2019 adjusted earnings of $2.20 per share, beating the Zacks Consensus Estimate of $2.01 by 9.4%.
DTE Energy Co. (DTE - Free Report) reported first-quarter 2019 operating earnings per share (EPS) of $2.05, which exceeded the Zacks Consensus Estimate of $1.95 by 5.1%.
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Consolidated Edison Inc. (ED - Free Report) reported first-quarter 2019 adjusted earnings of $1.38 per share, which surpassed the Zacks Consensus Estimate of $1.35 by 2.2%.
Barring one-time adjustments, the company posted GAAP earnings of $1.31 per share, reflecting a 4.4% decline year over year. This downside was primarily on account of higher operating expenses.
Total Revenues
In the reported quarter, the company’s total revenues of $3,514 million outshined the Zacks Consensus Estimate of $3,393 million by 3.6%. Moreover, the top line increased 4.5% from $3,364 million in the year-ago quarter.
Electric revenues totaled $1,941 million in the firstquarter, up 3.4% from the prior-year figure of $1,877 million. Gas revenues rose 10.1% to $1,034 million. Also, steam revenues increased 2.2% to $321 million. Meanwhile, non-utility revenues amounted to $218 million, down 6.8% from $234 million registered in the year-earlier quarter.
Operating Statistics
Total operating expenses in the firstquarter rose 4.6% year over year to $2,728 million.
Purchase power, gas purchased for resale, depreciation, and amortization as well as taxes and other than income taxes increased 4.2%, 16.9%, 18.7% and 6.1%, respectively, from the prior-year quarter numbers. However, fuel expenses as well as other operations and maintenance declined 14.5% and 5% year over year, respectively.
Financials
Cash and temporary cash investments as of Mar 31, 2019, summed $406 million compared with $895 million as of Dec 31, 2018.
Long-term debt was $16,933 million as of Mar 31, 2019, compared with $17,495 million at 2018 end.
At the end of the first quarter, cash from operating activities amounted to $395 million compared with $56 million a year ago.
2019 Guidance
For 2019, the company continues to expect adjusted earnings per share to be in the $4.25-$4.45 range. The Zacks Consensus Estimate for full-year earnings, pegged at $4.36, lies just abovethe midpoint of the company’s guided range.
Zacks Rank
Consolidated Edison 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
FirstEnergy Corp. (FE - Free Report) delivered first-quarter 2019 operating earnings of 67 cents per share, which beat the Zacks Consensus Estimate of 66 cents by 1.52%.
NextEra Energy, Inc. (NEE - Free Report) reported first-quarter 2019 adjusted earnings of $2.20 per share, beating the Zacks Consensus Estimate of $2.01 by 9.4%.
DTE Energy Co. (DTE - Free Report) reported first-quarter 2019 operating earnings per share (EPS) of $2.05, which exceeded the Zacks Consensus Estimate of $1.95 by 5.1%.
Today's Best Stocks from Zacks
Would you like to see the updated picks from our best market-beating strategies? From 2017 through 2018, while the S&P 500 gained +15.8%, five of our screens returned +38.0%, +61.3%, +61.6%, +68.1%, and +98.3%.
This outperformance has not just been a recent phenomenon. From 2000 – 2018, while the S&P averaged +4.8% per year, our top strategies averaged up to +56.2% per year.
See their latest picks free >>
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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