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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

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 reported first-quarter 2021 adjusted earnings of 67 cents per share, which beat the Zacks Consensus Estimate of 60 cents by 11.7%.

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