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Consolidated Edison's (ED) Q1 Earnings Miss, Revenues Beat

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Consolidated Edison, Inc. (ED - Free Report) reported first-quarter 2022 adjusted earnings of $1.47 per share, which missed the Zacks Consensus Estimate of $1.51 by 2.6%. The bottom line, however, improved 2.1% from $1.44 in the prior-year quarter.

Barring one-time adjustments, the company posted GAAP earnings of $1.70 per share compared with $1.23 in the first quarter of 2021.

Total Revenues

In the reported quarter, the company’s total revenues of $4,060 million surpassed the Zacks Consensus Estimate of $3,758 million by 8%. The top line also improved 10.4% from $3,677 million in the year-ago quarter. The upside was primarily attributable to higher electric, gas, steam and non-utility revenues.

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

Electric revenues totaled $2,250 million in the first quarter, up 6.5% from the prior-year quarter. Gas revenues were up 16.2% to $1,250 million.

Non-utility revenues amounted to $258 million, climbing 15.2% from the year-earlier quarter. Steam revenues were up 14.4% to $302 million.

Operating Statistics

Total operating expenses in the first quarter escalated 15.8% year over year to $3,261 million.

Fuel expenses increased 54.8% year over year, while gas purchased for resale surged 49.7%. Depreciation and amortization and taxes, other than income taxes, increased 6.4% and 7% year over year, respectively. Other operations and maintenance expenses rose 14.6%, while purchase power costs increased 11.4%.

The company’s first-quarter operating income declined 7.1% year over year to $799 million.

Financials

Cash and temporary cash investments as of Mar 31, 2022, were $108 million compared with $992 million as of Dec 31, 2021.

Long-term debt was $22,583 million as of Mar 31, 2022, compared with $22,604 million at 2021-end.

During the first quarter of 2022, cash from operating activities amounted to $477 million compared with $220 million generated in the first quarter of 2021.

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 $4.49 per share, which lies just below the mid-point of the company’s guided range.

Zacks Rank

Consolidated Edison currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Utility Releases

CenterPoint Energy (CNP - Free Report) reported first-quarter 2022 adjusted earnings of 47 cents per share, which came in line with the Zacks Consensus Estimate. The bottom line declined 20.3% from the year-ago quarter’s figure.

In the first quarter of 2022, CenterPoint Energy generated revenues of $2,763 million, up 8.5% from the year-ago figure. CNP’s revenues beat the Zacks Consensus Estimate of $2.559.4 million by 8%.

NextEra Energy (NEE - Free Report) reported first-quarter 2022 adjusted earnings of 74 cents per share, which beat the Zacks Consensus Estimate of 69 cents by 7.3%. The bottom line was also up 10.5% from the prior-year quarter.

NextEra Energy’s operating revenues were $2,890 million, which lagged the Zacks Consensus Estimate of $5,178 million by 44.2%. NEE’s top line also decreased by 22.4% year over year.

Entergy Corporation (ETR - Free Report) reported first-quarter 2022 adjusted earnings of $1.32 per share, which missed the Zacks Consensus Estimate of $1.38 by 4.3%. The reported figure also declined 10.2% from $1.47 per share in the year-ago quarter.

Entergy’s first-quarter revenues of $2.88 billion exceeded the Zacks Consensus Estimate of $2.75 billion by 4.8%. As of Mar 31, 2022, ETR had cash and cash equivalents of $701.6 million compared with $442.6 million as of Dec 31, 2021.

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