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Consolidated Edison (ED) Q3 Earnings Miss, Revenues Down Y/Y
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Consolidated Edison Inc. (ED - Free Report) reported third-quarter 2020 adjusted earnings of $1.48 per share, which missed the Zacks Consensus Estimate of $1.51 by 2%. The reported figure also deteriorated 3.9% from the prior-year quarter’s adjusted earnings of $1.54.
Barring one-time adjustments, the company posted GAAP earnings of $1.47 per share, reflecting.5% year-over-year growth.
Total Revenues
In the reported quarter, the company’s total revenues of $3,333 million missed the Zacks Consensus Estimate of $3,389 million by 1.7%. Moreover, the top line slipped 1% from $3,365 million in the year-ago quarter.
Consolidated Edison Inc Price, Consensus and EPS Surprise
Electric revenues totaled $2,770 million in the third quarter, down 0.7% from the prior-year quarter’s $2,753 million. Gas revenues declined 5.6% to $289 million.
Moreover, steam revenues declined 12.1% to $51 million. Meanwhile, non-utility revenues amounted to $223 million, falling 10.1% from $248 million in the year-earlier quarter.
Operating Statistics
Total operating expenses in the third quarter dropped 1% year over year to $2,473 million.
Depreciation and amortization, purchased power and taxes other than income taxes grew 14.5%, 4.1% and 8.9%, respectively, from the prior-year quarter’s numbers.
However, other operations and maintenance, fuel, and gas purchased for resale declined 13.1%, 22.6% and 43.9% year over year, respectively.
Financials
Cash and temporary cash investments as of Sep 30, 2020 totaled $153 million compared with $981 million as of Dec 31, 2019.
Long-term debt was $19,206 million as of Sep 30, 2020, compared with $18,527 million at 2019-end.
At the end of the third quarter, cash from operating activities amounted to $959 million compared with $1,490 million a year ago.
2020 Guidance
For 2020, the company narrowed down its earnings guidance. Consolidated Edison currently expects to generate adjusted earnings per share in the range of $4.15-$4.30, compared with the prior guidance range of $4.15-$4.35.
The Zacks Consensus Estimate for full-year earnings, pegged at $4.23, is in line with the midpoint of the company’s guidance.
Zacks Rank
Consolidated Edison carries a Zacks Rank #4 (Sell).
Sempra Energy’s (SRE - Free Report) third-quarter 2020 adjusted earnings per share (EPS) came in at $1.31, which missed the Zacks Consensus Estimate of $1.47 by 10.9%.
Entergy (ETR - Free Report) reported third-quarter 2020 adjusted earnings of $2.44 per share, which surpassed the Zacks Consensus Estimate of $2.42 by 0.8%.
American Electric Power (AEP - Free Report) reported third-quarter 2020 adjusted earnings per share of $1.47, which beat the Zacks Consensus Estimate of $1.46 by 0.7%.
5 Stocks Set to Double
Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
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Consolidated Edison (ED) Q3 Earnings Miss, Revenues Down Y/Y
Consolidated Edison Inc. (ED - Free Report) reported third-quarter 2020 adjusted earnings of $1.48 per share, which missed the Zacks Consensus Estimate of $1.51 by 2%. The reported figure also deteriorated 3.9% from the prior-year quarter’s adjusted earnings of $1.54.
Barring one-time adjustments, the company posted GAAP earnings of $1.47 per share, reflecting.5% year-over-year growth.
Total Revenues
In the reported quarter, the company’s total revenues of $3,333 million missed the Zacks Consensus Estimate of $3,389 million by 1.7%. Moreover, the top line slipped 1% from $3,365 million in the year-ago quarter.
Consolidated Edison Inc Price, Consensus and EPS Surprise
Consolidated Edison Inc price-consensus-eps-surprise-chart | Consolidated Edison Inc Quote
Electric revenues totaled $2,770 million in the third quarter, down 0.7% from the prior-year quarter’s $2,753 million. Gas revenues declined 5.6% to $289 million.
Moreover, steam revenues declined 12.1% to $51 million. Meanwhile, non-utility revenues amounted to $223 million, falling 10.1% from $248 million in the year-earlier quarter.
Operating Statistics
Total operating expenses in the third quarter dropped 1% year over year to $2,473 million.
Depreciation and amortization, purchased power and taxes other than income taxes grew 14.5%, 4.1% and 8.9%, respectively, from the prior-year quarter’s numbers.
However, other operations and maintenance, fuel, and gas purchased for resale declined 13.1%, 22.6% and 43.9% year over year, respectively.
Financials
Cash and temporary cash investments as of Sep 30, 2020 totaled $153 million compared with $981 million as of Dec 31, 2019.
Long-term debt was $19,206 million as of Sep 30, 2020, compared with $18,527 million at 2019-end.
At the end of the third quarter, cash from operating activities amounted to $959 million compared with $1,490 million a year ago.
2020 Guidance
For 2020, the company narrowed down its earnings guidance. Consolidated Edison currently expects to generate adjusted earnings per share in the range of $4.15-$4.30, compared with the prior guidance range of $4.15-$4.35.
The Zacks Consensus Estimate for full-year earnings, pegged at $4.23, is in line with the midpoint of the company’s guidance.
Zacks Rank
Consolidated Edison carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Utility Releases
Sempra Energy’s (SRE - Free Report) third-quarter 2020 adjusted earnings per share (EPS) came in at $1.31, which missed the Zacks Consensus Estimate of $1.47 by 10.9%.
Entergy (ETR - Free Report) reported third-quarter 2020 adjusted earnings of $2.44 per share, which surpassed the Zacks Consensus Estimate of $2.42 by 0.8%.
American Electric Power (AEP - Free Report) reported third-quarter 2020 adjusted earnings per share of $1.47, which beat the Zacks Consensus Estimate of $1.46 by 0.7%.
5 Stocks Set to Double
Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
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