Consolidated Edison Inc. ( ED Quick Quote 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.
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.
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.
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.
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.
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.
Consolidated Edison carries a Zacks Rank #4 (Sell).
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