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Consolidated Edison (ED) Q1 Earnings Beat, Revenues Up Y/Y
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Consolidated Edison Inc. (ED - Free Report) reported first-quarter 2021 adjusted earnings of $1.43 per share, which exceeded the Zacks Consensus Estimate of $1.36 by 5.2%. The bottom-line figure, moreover, improved 2.9% from $1.39 reported in the prior-year quarter.
Barring one-time adjustments, the company posted GAAP earnings of $1.23 per share compared with GAAP earnings of $1.13 in the first quarter of 2020.
Total Revenues
In the reported quarter, the company’s total revenues of $3,677 million surpassed the Zacks Consensus Estimate of $3,510 million by 4.8%. Moreover, the top line increased 13.7% from $3,234 million in the year-ago quarter. The upside in revenues was primarily attributable to higher electric, gas, steam and non-utility revenues.
Electric revenues totaled $2,113 million in the first quarter, up 10.9% from the prior-year quarter’s $1,906 million. Gas revenues were up 15.6% to $1,076 million.
Further, steam revenues were up 5.6% to $264 million. Meanwhile, non-utility revenues amounted to $224 million, soaring 52.4% from $147 million registered in the year-earlier quarter.
Operating Statistics
Total operating expenses in the first quarter escalated 16.1% year over year to $2,817 million.
Purchase power expenses and fuel increased 41.9% and 19.2% year over year, respectively, whereas gas purchased for resale increased 27.6%. Moreover, depreciation and amortization and taxes, other than income taxes, increased 5.7% and 10.3% year over year, respectively.
Consolidated Edison Inc Price, Consensus and EPS Surprise
Cash and temporary cash investments as of Mar 31, 2021, summed $76 million compared with $1,272 million as of Dec 31, 2020.
Long-term debt was $20,614 million as of Mar 31, 2021, compared with $20,382 million at 2020-end.
At the end of the first quarter, cash from operating activities amounted to $220 million compared with $340 million a year ago.
2021 Guidance
For 2021, the company reaffirmed its adjusted earnings per share of $4.15-$4.35. The Zacks Consensus Estimate for full-year earnings is pegged at $4.21 per share, below the midpoint of the company’s guided range.
DTE Energy Company (DTE - Free Report) reported first-quarter 2021 operating earnings per share (EPS) of $2.44, which surpassed the Zacks Consensus Estimate of $2.16 by 13%.
American Electric Power Co., Inc. (AEP - Free Report) reported first-quarter 2021 adjusted earnings per share of $1.15, which missed the Zacks Consensus Estimate of $1.23 by 6.5%.
NextEra Energy, Inc. (NEE - Free Report) reported first-quarter 2021 adjusted earnings of 67 cents per share, which beat the Zacks Consensus Estimate of 60 cents by 11.7%.
+1,500% Growth: One of 2021’s Most Exciting Investment Opportunities
In addition to the stocks you read about above, would you like to see Zacks’ top picks to capitalize on the Internet of Things (IoT)? It is one of the fastest-growing technologies in history, with an estimated 77 billion devices to be connected by 2025. That works out to 127 new devices per second.
Zacks has released a special report to help you capitalize on the Internet of Things’s exponential growth. It reveals 4 under-the-radar stocks that could be some of the most profitable holdings in your portfolio in 2021 and beyond.
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Consolidated Edison (ED) Q1 Earnings Beat, Revenues Up Y/Y
Consolidated Edison Inc. (ED - Free Report) reported first-quarter 2021 adjusted earnings of $1.43 per share, which exceeded the Zacks Consensus Estimate of $1.36 by 5.2%. The bottom-line figure, moreover, improved 2.9% from $1.39 reported in the prior-year quarter.
Barring one-time adjustments, the company posted GAAP earnings of $1.23 per share compared with GAAP earnings of $1.13 in the first quarter of 2020.
Total Revenues
In the reported quarter, the company’s total revenues of $3,677 million surpassed the Zacks Consensus Estimate of $3,510 million by 4.8%. Moreover, the top line increased 13.7% from $3,234 million in the year-ago quarter. The upside in revenues was primarily attributable to higher electric, gas, steam and non-utility revenues.
Electric revenues totaled $2,113 million in the first quarter, up 10.9% from the prior-year quarter’s $1,906 million. Gas revenues were up 15.6% to $1,076 million.
Further, steam revenues were up 5.6% to $264 million. Meanwhile, non-utility revenues amounted to $224 million, soaring 52.4% from $147 million registered in the year-earlier quarter.
Operating Statistics
Total operating expenses in the first quarter escalated 16.1% year over year to $2,817 million.
Purchase power expenses and fuel increased 41.9% and 19.2% year over year, respectively, whereas gas purchased for resale increased 27.6%. Moreover, depreciation and amortization and taxes, other than income taxes, increased 5.7% and 10.3% year over year, respectively.
Consolidated Edison Inc Price, Consensus and EPS Surprise
Consolidated Edison Inc price-consensus-eps-surprise-chart | Consolidated Edison Inc Quote
Financials
Cash and temporary cash investments as of Mar 31, 2021, summed $76 million compared with $1,272 million as of Dec 31, 2020.
Long-term debt was $20,614 million as of Mar 31, 2021, compared with $20,382 million at 2020-end.
At the end of the first quarter, cash from operating activities amounted to $220 million compared with $340 million a year ago.
2021 Guidance
For 2021, the company reaffirmed its adjusted earnings per share of $4.15-$4.35. The Zacks Consensus Estimate for full-year earnings is pegged at $4.21 per share, below the midpoint of the company’s guided range.
Zacks Rank
Consolidated Edison currently 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
DTE Energy Company (DTE - Free Report) reported first-quarter 2021 operating earnings per share (EPS) of $2.44, which surpassed the Zacks Consensus Estimate of $2.16 by 13%.
American Electric Power Co., Inc. (AEP - Free Report) reported first-quarter 2021 adjusted earnings per share of $1.15, which missed the Zacks Consensus Estimate of $1.23 by 6.5%.
NextEra Energy, Inc. (NEE - Free Report) reported first-quarter 2021 adjusted earnings of 67 cents per share, which beat the Zacks Consensus Estimate of 60 cents by 11.7%.
+1,500% Growth: One of 2021’s Most Exciting Investment Opportunities
In addition to the stocks you read about above, would you like to see Zacks’ top picks to capitalize on the Internet of Things (IoT)? It is one of the fastest-growing technologies in history, with an estimated 77 billion devices to be connected by 2025. That works out to 127 new devices per second.
Zacks has released a special report to help you capitalize on the Internet of Things’s exponential growth. It reveals 4 under-the-radar stocks that could be some of the most profitable holdings in your portfolio in 2021 and beyond.
Click here to download this report FREE >>