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Consolidated Edison, Inc. (ED - Free Report) reported fourth-quarter 2021 adjusted earnings of $1 per share, which surpassed the Zacks Consensus Estimate of 85 cents by 17.6%. The bottom line also improved 33% from 75 cents in the prior-year quarter.
Barring one-time adjustments, the company posted GAAP earnings of 63 cents per share compared with 13 cents in the fourth quarter of 2020.
For 2021, the company posted adjusted earnings of $4.39 per share, up 5% from 2020’s tally. The full-year earnings also surpassed the Zacks Consensus Estimate of $4.24.
Consolidated Edison Inc Price, Consensus and EPS Surprise
In the reported quarter, the company’s total revenues of $3,415 million surpassed the Zacks Consensus Estimate of $2,968 million by 15.1%. The top line also improved 15.4% from $2,960 million in the year-ago quarter. The upside was primarily attributable to higher electric, gas, steam and non-utility revenues.
Electric revenues totaled $2,306 million in the fourth quarter, up 11.4% from the prior-year quarter. Gas revenues were up 22.5% to $730 million.
Non-utility revenues amounted to $240 million, climbing 40.4% from the year-earlier quarter. Steam revenues were up 13% to $139 million.
For 2021, the company generated revenues worth $13.68 billion, up 11.7% from 2020 revenues. The full-year revenues also beat the Zacks Consensus Estimate of $13.29 billion.
Operating Statistics
Total operating expenses in the fourth quarter escalated 10.8% year over year to $2,718 million.
Fuel expenses increased 97% year over year, while gas purchased for resale surged 40.5%. Depreciation and amortization as well as taxes, other than income taxes, increased 5.9% and 7.1% year over year, respectively. Operations and maintenance expenses rose 16.3%.
The company’s fourth-quarter operating income surged 37.5% year over year to $697 million.
Financials
Cash and temporary cash investments as of Dec 31, 2021 were $992 million compared with $1,272 million as of Dec 31, 2020.
Long-term debt was $22,604 million as of Dec 31, 2021, compared with $20,382 million at 2020-end.
At the end of 2021, cash from operating activities amounted to $2,733 million, compared with $2,198 million a year ago.
2022 Guidance
For 2022, the company reaffirmed its adjusted earnings per share of $4.40-$4.60. The Zacks Consensus Estimate for full-year earnings is pegged at $4.45 per share, which lies below the mid-point of the company’s guided range.
Hawaiian Electric Industries, Inc. (HE - Free Report) reported earnings per share (EPS) of 50 cents for the fourth quarter of 2021, which surpassed the Zacks Consensus Estimate of 45 cents by 11.1%. The bottom line improved 8.7% from 46 cents per share in the prior-year quarter.
Its total revenues of $770.3 million in the fourth quarter improved 18.1% from the prior-year quarter’s $652.2 million. The increase in revenues can be attributed to increased contributions from the Electric Utility and Other segments.
DTE Energy Company (DTE - Free Report) reported fourth-quarter 2021 operating EPS of $1.05, which surpassed the Zacks Consensus Estimate of 94 cents by 11.7%. The bottom line also increased 1.9% from the year-ago quarter’s $1.03 per share.
The Zacks Consensus Estimate for DTE’s 2022 earnings is pegged at $5.93 per share, which implies a year-over-year decline of 1%. DTE Energy boasts a long-term growth rate of 6%.
CMS Energy Corporation (CMS - Free Report) reported fourth-quarter 2021 adjusted EPS of 47 cents from continuing operations, which met the Zacks Consensus Estimate. The reported figure declined 2.1% on a year-over-year basis.
CMS Energy’s operating revenues were $2,033 million, which exceeded the Zacks Consensus Estimate of $1,754 million by 15.9%. CMS’ top line also improved 17.7% on a year-over-year basis.
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Consolidated Edison (ED) Q4 Earnings Beat, Revenues Rise Y/Y
Consolidated Edison, Inc. (ED - Free Report) reported fourth-quarter 2021 adjusted earnings of $1 per share, which surpassed the Zacks Consensus Estimate of 85 cents by 17.6%. The bottom line also improved 33% from 75 cents in the prior-year quarter.
Barring one-time adjustments, the company posted GAAP earnings of 63 cents per share compared with 13 cents in the fourth quarter of 2020.
For 2021, the company posted adjusted earnings of $4.39 per share, up 5% from 2020’s tally. The full-year earnings also surpassed the Zacks Consensus Estimate of $4.24.
Consolidated Edison Inc Price, Consensus and EPS Surprise
Consolidated Edison Inc price-consensus-eps-surprise-chart | Consolidated Edison Inc Quote
Total Revenues
In the reported quarter, the company’s total revenues of $3,415 million surpassed the Zacks Consensus Estimate of $2,968 million by 15.1%. The top line also improved 15.4% from $2,960 million in the year-ago quarter. The upside was primarily attributable to higher electric, gas, steam and non-utility revenues.
Electric revenues totaled $2,306 million in the fourth quarter, up 11.4% from the prior-year quarter. Gas revenues were up 22.5% to $730 million.
Non-utility revenues amounted to $240 million, climbing 40.4% from the year-earlier quarter. Steam revenues were up 13% to $139 million.
For 2021, the company generated revenues worth $13.68 billion, up 11.7% from 2020 revenues. The full-year revenues also beat the Zacks Consensus Estimate of $13.29 billion.
Operating Statistics
Total operating expenses in the fourth quarter escalated 10.8% year over year to $2,718 million.
Fuel expenses increased 97% year over year, while gas purchased for resale surged 40.5%. Depreciation and amortization as well as taxes, other than income taxes, increased 5.9% and 7.1% year over year, respectively. Operations and maintenance expenses rose 16.3%.
The company’s fourth-quarter operating income surged 37.5% year over year to $697 million.
Financials
Cash and temporary cash investments as of Dec 31, 2021 were $992 million compared with $1,272 million as of Dec 31, 2020.
Long-term debt was $22,604 million as of Dec 31, 2021, compared with $20,382 million at 2020-end.
At the end of 2021, cash from operating activities amounted to $2,733 million, compared with $2,198 million a year ago.
2022 Guidance
For 2022, the company reaffirmed its adjusted earnings per share of $4.40-$4.60. The Zacks Consensus Estimate for full-year earnings is pegged at $4.45 per share, which lies 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
Hawaiian Electric Industries, Inc. (HE - Free Report) reported earnings per share (EPS) of 50 cents for the fourth quarter of 2021, which surpassed the Zacks Consensus Estimate of 45 cents by 11.1%. The bottom line improved 8.7% from 46 cents per share in the prior-year quarter.
Its total revenues of $770.3 million in the fourth quarter improved 18.1% from the prior-year quarter’s $652.2 million. The increase in revenues can be attributed to increased contributions from the Electric Utility and Other segments.
DTE Energy Company (DTE - Free Report) reported fourth-quarter 2021 operating EPS of $1.05, which surpassed the Zacks Consensus Estimate of 94 cents by 11.7%. The bottom line also increased 1.9% from the year-ago quarter’s $1.03 per share.
The Zacks Consensus Estimate for DTE’s 2022 earnings is pegged at $5.93 per share, which implies a year-over-year decline of 1%. DTE Energy boasts a long-term growth rate of 6%.
CMS Energy Corporation (CMS - Free Report) reported fourth-quarter 2021 adjusted EPS of 47 cents from continuing operations, which met the Zacks Consensus Estimate. The reported figure declined 2.1% on a year-over-year basis.
CMS Energy’s operating revenues were $2,033 million, which exceeded the Zacks Consensus Estimate of $1,754 million by 15.9%. CMS’ top line also improved 17.7% on a year-over-year basis.