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Consolidated Edison Inc. (ED - Free Report) reported second-quarter 2021 adjusted earnings of 53 cents per share, which missed the Zacks Consensus Estimate of 62 cents by 14.5%. The bottom-line figure also deteriorated 11.7% from 60 cents reported in the prior-year quarter.
Barring one-time adjustments, the company posted GAAP earnings of 48 cents per share compared with GAAP earnings of 57 cents in the second quarter of 2020.
Total Revenues
In the reported quarter, the company’s total revenues of $2,971 million surpassed the Zacks Consensus Estimate of $2,825 million by 5.2%. Moreover, the top line increased 9.3% from $2,719 million in the year-ago quarter. The upside in revenues was primarily attributable to higher electric, gas and non-utility revenues.
Consolidated Edison Inc Price, Consensus and EPS Surprise
Electric revenues totaled $2,115 million in the second quarter, up 6.7% from the prior-year quarter’s $1,983 million. Gas revenues were up 8.2% to $490 million. Meanwhile, non-utility revenues amounted to $292 million, soaring 46.7% from $199 million registered in the year-earlier quarter. However, steam revenues were down 11.9% to $84 million.
Operating Statistics
Total operating expenses in the second quarter escalated 14% year over year to $2,553million.
Purchase power expenses and fuel increased 21.8% and 26.1% year over year, respectively, whereas gas purchased for resale increased 7.8%. Moreover, depreciation and amortization and taxes, other than income taxes, increased 5.5% and 11.3% year over year, respectively. Operations and maintenance expenses rose 18.2%.
Meanwhile, the company’s second-quarter operating income declined 12.7% year over year to $418 million.
Financials
Cash and temporary cash investments as of Jun 30, 2021, summed $1,067 million compared with $1,272 million as of Dec 31, 2020.
Long-term debt was $21,666 million as of Jun 30, 2021, compared with $20,382 million at 2020-end.
At the end of the second quarter, cash from operating activities amounted to $1,393 million compared with $1,180 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 $4.23 per share, below the mid-point of the company’s guided range.
Sempra Energy’s (SRE - Free Report) second-quarter 2021 adjusted earnings per share (EPS) were $1.63, surpassing the Zacks Consensus Estimate of $1.59 by 2.5%.
American Electric Power (AEP - Free Report) reported second-quarter 2021 adjusted earnings per share of $1.18, which exceeded the Zacks Consensus Estimate of $1.14 by 3.5%.
NextEra Energy (NEE - Free Report) reported second-quarter 2021 adjusted earnings of 71 cents per share, which beat the Zacks Consensus Estimate of 67 cents by 5.6%.
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Consolidated Edison (ED) Q2 Earnings Miss, Revenues Rise Y/Y
Consolidated Edison Inc. (ED - Free Report) reported second-quarter 2021 adjusted earnings of 53 cents per share, which missed the Zacks Consensus Estimate of 62 cents by 14.5%. The bottom-line figure also deteriorated 11.7% from 60 cents reported in the prior-year quarter.
Barring one-time adjustments, the company posted GAAP earnings of 48 cents per share compared with GAAP earnings of 57 cents in the second quarter of 2020.
Total Revenues
In the reported quarter, the company’s total revenues of $2,971 million surpassed the Zacks Consensus Estimate of $2,825 million by 5.2%. Moreover, the top line increased 9.3% from $2,719 million in the year-ago quarter. The upside in revenues was primarily attributable to higher electric, gas and non-utility revenues.
Consolidated Edison Inc Price, Consensus and EPS Surprise
Consolidated Edison Inc price-consensus-eps-surprise-chart | Consolidated Edison Inc Quote
Electric revenues totaled $2,115 million in the second quarter, up 6.7% from the prior-year quarter’s $1,983 million. Gas revenues were up 8.2% to $490 million.
Meanwhile, non-utility revenues amounted to $292 million, soaring 46.7% from $199 million registered in the year-earlier quarter. However, steam revenues were down 11.9% to $84 million.
Operating Statistics
Total operating expenses in the second quarter escalated 14% year over year to $2,553million.
Purchase power expenses and fuel increased 21.8% and 26.1% year over year, respectively, whereas gas purchased for resale increased 7.8%. Moreover, depreciation and amortization and taxes, other than income taxes, increased 5.5% and 11.3% year over year, respectively. Operations and maintenance expenses rose 18.2%.
Meanwhile, the company’s second-quarter operating income declined 12.7% year over year to $418 million.
Financials
Cash and temporary cash investments as of Jun 30, 2021, summed $1,067 million compared with $1,272 million as of Dec 31, 2020.
Long-term debt was $21,666 million as of Jun 30, 2021, compared with $20,382 million at 2020-end.
At the end of the second quarter, cash from operating activities amounted to $1,393 million compared with $1,180 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 $4.23 per share, below the mid-point 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
Sempra Energy’s (SRE - Free Report) second-quarter 2021 adjusted earnings per share (EPS) were $1.63, surpassing the Zacks Consensus Estimate of $1.59 by 2.5%.
American Electric Power (AEP - Free Report) reported second-quarter 2021 adjusted earnings per share of $1.18, which exceeded the Zacks Consensus Estimate of $1.14 by 3.5%.
NextEra Energy (NEE - Free Report) reported second-quarter 2021 adjusted earnings of 71 cents per share, which beat the Zacks Consensus Estimate of 67 cents by 5.6%.