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Consolidated Edison (ED) Q3 Earnings Miss, Revenues Up Y/Y

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Consolidated Edison, Inc. (ED - Free Report) reported third-quarter 2021 adjusted earnings of $1.41 per share, which missed the Zacks Consensus Estimate of $1.45 by 2.8%. The bottom line declined 4.7% from $1.48 in the prior-year quarter.

Barring one-time adjustments, the company posted GAAP earnings of $1.52 per share compared with GAAP earnings of $1.47 in the third quarter of 2020.

Total Revenues

In the reported quarter, the company’s total revenues of $3,613 million surpassed the Zacks Consensus Estimate of $3,471 million by 4.1%. The top line improved 8.4% from $3,333 million in the year-ago quarter. The upside was primarily attributable to higher electric, gas, steam and non-utility revenues.

Electric revenues totaled $2,952 million in the third quarter, up 6.6% from the prior-year quarter. Gas revenues were up 18% to $341 million.

Meanwhile, non-utility revenues amounted to $265 million, climbing 18.8% from the year-earlier quarter. Steam revenues were up 7.8% to $55 million.

Consolidated Edison Inc Price, Consensus and EPS Surprise

Consolidated Edison Inc Price, Consensus and EPS Surprise

Consolidated Edison Inc price-consensus-eps-surprise-chart | Consolidated Edison Inc Quote

Operating Statistics

Total operating expenses in the third quarter escalated 11.7% year over year to $2,763 million.

Purchase power expenses and fuel increased 8.9% and 26.1% year over year, respectively, while gas purchased for resale surged 83.3%. Depreciation and amortization and taxes, other than income taxes, increased 6.2% and 16.7% year over year, respectively. Operations and maintenance expenses rose 15.4%.

Meanwhile, the company’s third-quarter operating income declined 1.2% year over year to $850 million.

Financials

Cash and temporary cash investments as of Sep 30, 2021, were $66 million compared with $1,272 million as of Dec 31, 2020.

Long-term debt was $21,841 million as of Sep 30, 2021, compared with $20,382 million at 2020-end.

At the end of the third quarter, cash from operating activities amounted to $1,712 million compared with $1,368 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 $4.22 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

American Electric Power (AEP - Free Report) reported third-quarter 2021 adjusted earnings per share of $1.43, which missed the Zacks Consensus Estimate of $1.44 by 0.7%.

NextEra Energy (NEE - Free Report) reported third-quarter 2021 adjusted earnings of 75 cents per share, which exceeded the Zacks Consensus Estimate of 72 cents by 4.2%.

DTE Energy Company (DTE - Free Report) reported third-quarter 2021 adjusted earnings of $1.72 per share, which lagged the Zacks Consensus Estimate of $1.83 by 6%.

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