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Consolidated Edison, Inc. (ED - Free Report) reported first-quarter 2023 adjusted earnings of $1.83 per share, which beat the Zacks Consensus Estimate of $1.62 per share by 12.9%. The bottom line increased 24.5% from $1.47 in the prior-year quarter.
Barring one-time adjustments, the company posted GAAP earnings of $4.06 per share compared with $1.70 in the first quarter of 2022.
Total Revenues
In the reported quarter, Consolidated Edison's total revenues of $4,403 million surpassed the Zacks Consensus Estimate of $4,073 million by 8.%. The top line also improved 8.4% from $4,060 million in the year-ago quarter. The upside was due to higher electric, gas and steam revenues.
Electric revenues totaled $2,528 million in the first quarter, up 12.8% from the prior-year quarter. Gas revenues were up 14.4% to $1,430 million.
Steam revenues were up 1.3% to $306 million. However, non-utility revenues, which amounted to $129 million, went down by 50% from the year-earlier quarter.
Consolidated Edison Inc Price, Consensus and EPS Surprise
Total operating expenses in the first quarter escalated by 7.9% year over year to $3,519 million.
Fuel expenses increased 31.3% year over year, and the cost of gas purchased for resale advanced 7.6%. Depreciation and amortization expenses decreased 5.7%, and taxes, other than income taxes, increased 7.1% year over year. Other operations and maintenance expenses rose 1.6%, while purchase power costs increased 44.1%.
The company’s first-quarter operating income rose 117.7% year over year to $1,739 million.
Financials
Cash and temporary cash investments as of Mar 31, 2023 were $771 million compared with $1,282 million as of Dec 31, 2022.
The long-term debt was $20,645 million as of Mar 31, 2023 compared with $20,147 million at the 2022-end.
For the three months ended Mar 31, 2023, cash from operating activities amounted to $92 million compared with the $473 million generated in the year-ago period.
2023 Guidance
Consolidated Edison reaffirmed its 2023 guidance. It expects earnings per share (EPS) in the range of $4.75-$4.95. The Zacks Consensus Estimate for full-year earnings is pegged at $4.85 per share, in line with the midpoint of the company’s guided range.
PG&E Corporation’s (PCG - Free Report) adjusted EPS of 29 cents in the first quarter of 2023 came in line with the Zacks Consensus Estimate. However, the bottom line decreased 3.3% from the year-ago quarter’s reported figure.
In the first quarter, PG&E reported total revenues of $6,209 million compared with $5,798 million in the year-ago period. Operating revenues came almost in line with the Zacks Consensus Estimate of $6,210.3 million.
Public Service Enterprise Group Incorporated (PEG - Free Report) , or PSEG, reported first-quarter 2023 adjusted operating earnings of $1.39 per share, which beat the Zacks Consensus Estimate of $1.21 by 14.9%. Earnings also increased 4.5% from the prior-year reported figure.
Operating revenues came in at $3,755 million in the first quarter, which beat the Zacks Consensus Estimate of $2,557.7 million by 46.8%. The top line also increased by 62.3% from the year-ago quarter’s $2,313 million.
Entergy Corporation (ETR - Free Report) reported first-quarter 2023 earnings of $1.14 per share, which missed the Zacks Consensus Estimate of $1.34 by 14.9%. The reported figure also declined 13.6% from $1.32 per share in the year-ago quarter.
Entergy’s reported revenues of $2,981.1 million beat the Zacks Consensus Estimate of $2,804.2 million by 6.4%. The figure also improved 3.6% from $2,877.9 million in the year-ago quarter due to higher Electric revenues.
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Consolidated Edison (ED) Q1 Earnings Beat, Revenues Rise Y/Y
Consolidated Edison, Inc. (ED - Free Report) reported first-quarter 2023 adjusted earnings of $1.83 per share, which beat the Zacks Consensus Estimate of $1.62 per share by 12.9%. The bottom line increased 24.5% from $1.47 in the prior-year quarter.
Barring one-time adjustments, the company posted GAAP earnings of $4.06 per share compared with $1.70 in the first quarter of 2022.
Total Revenues
In the reported quarter, Consolidated Edison's total revenues of $4,403 million surpassed the Zacks Consensus Estimate of $4,073 million by 8.%. The top line also improved 8.4% from $4,060 million in the year-ago quarter. The upside was due to higher electric, gas and steam revenues.
Electric revenues totaled $2,528 million in the first quarter, up 12.8% from the prior-year quarter. Gas revenues were up 14.4% to $1,430 million.
Steam revenues were up 1.3% to $306 million. However, non-utility revenues, which amounted to $129 million, went down by 50% from the year-earlier quarter.
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 first quarter escalated by 7.9% year over year to $3,519 million.
Fuel expenses increased 31.3% year over year, and the cost of gas purchased for resale advanced 7.6%. Depreciation and amortization expenses decreased 5.7%, and taxes, other than income taxes, increased 7.1% year over year. Other operations and maintenance expenses rose 1.6%, while purchase power costs increased 44.1%.
The company’s first-quarter operating income rose 117.7% year over year to $1,739 million.
Financials
Cash and temporary cash investments as of Mar 31, 2023 were $771 million compared with $1,282 million as of Dec 31, 2022.
The long-term debt was $20,645 million as of Mar 31, 2023 compared with $20,147 million at the 2022-end.
For the three months ended Mar 31, 2023, cash from operating activities amounted to $92 million compared with the $473 million generated in the year-ago period.
2023 Guidance
Consolidated Edison reaffirmed its 2023 guidance. It expects earnings per share (EPS) in the range of $4.75-$4.95. The Zacks Consensus Estimate for full-year earnings is pegged at $4.85 per share, in line with 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
PG&E Corporation’s (PCG - Free Report) adjusted EPS of 29 cents in the first quarter of 2023 came in line with the Zacks Consensus Estimate. However, the bottom line decreased 3.3% from the year-ago quarter’s reported figure.
In the first quarter, PG&E reported total revenues of $6,209 million compared with $5,798 million in the year-ago period. Operating revenues came almost in line with the Zacks Consensus Estimate of $6,210.3 million.
Public Service Enterprise Group Incorporated (PEG - Free Report) , or PSEG, reported first-quarter 2023 adjusted operating earnings of $1.39 per share, which beat the Zacks Consensus Estimate of $1.21 by 14.9%. Earnings also increased 4.5% from the prior-year reported figure.
Operating revenues came in at $3,755 million in the first quarter, which beat the Zacks Consensus Estimate of $2,557.7 million by 46.8%. The top line also increased by 62.3% from the year-ago quarter’s $2,313 million.
Entergy Corporation (ETR - Free Report) reported first-quarter 2023 earnings of $1.14 per share, which missed the Zacks Consensus Estimate of $1.34 by 14.9%. The reported figure also declined 13.6% from $1.32 per share in the year-ago quarter.
Entergy’s reported revenues of $2,981.1 million beat the Zacks Consensus Estimate of $2,804.2 million by 6.4%. The figure also improved 3.6% from $2,877.9 million in the year-ago quarter due to higher Electric revenues.