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Consolidated Edison (ED) Q1 Earnings Top, Revenues Down Y/Y
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Consolidated Edison, Inc. (ED - Free Report) reported first-quarter 2024 adjusted earnings of $2.15 per share, which beat the Zacks Consensus Estimate of $1.89 per share by 13.8%. The bottom line also increased a solid 17.5% from $1.83 recorded in the prior-year quarter.
The company posted GAAP earnings of $2.08 per share compared with $4.05 per share in the first quarter of 2023.
Consolidated Edison Inc Price, Consensus and EPS Surprise
In the reported quarter, Consolidated Edison's total operating revenues of $4.28 billion missed the Zacks Consensus Estimate of $4.41 billion by 2.9%. The top line also declined 2.8% from $4.40 billion reported in the year-ago quarter. The downside was due to lower gas, steam and non-utility revenues.
Electric revenues totaled $2.64 billion in the first quarter, which increased by 3.9% from the year-ago quarter’s figure of $2.54 billion. Gas revenues were down 5.2% to $1.36 billion.
Steam revenues were down 6.2% to $287 million. Non-utility revenues amounted to $1 million compared with $129 million in the year-earlier quarter.
Operating Statistics
Total operating expenses in the first quarter declined 8% year over year to $3.24 billion.
Fuel expenses decreased 53.4% year over year, and the cost of gas purchased for resale came down 42.9%. Purchase power costs decreased 7.5%. Other operations and maintenance expenses went down 0.9%. Meanwhile, depreciation and amortization expenses increased 8%. Taxes, other than income taxes, went up 5.6% year over year.
The company’s first-quarter operating income declined 41.9% year over year to $1.01 billion.
Financials
Cash and temporary cash investments as of Mar 31, 2024 were $0.17 billion compared with $1.19 billion as of Dec 31, 2023.
The company’s long-term debt was $21.93 billion as of Mar 31, 2024, which remains almost flat compared with the long-term debt as of the 2023 end.
As of Mar 31, 2024, cash from operating activities amounted to $573 million compared with $92 million generated in the prior year.
Guidance
Consolidated Edison reiterated its 2024 guidance. It still expects to generate adjusted earnings per share (EPS) in the range of $5.20-$5.40. The Zacks Consensus Estimate for 2024 earnings is pegged at $5.31 per share, just above the midpoint of the company’s guided range.
The company also projects a five-year compounded annual adjusted EPS growth rate of 6.4% through 2028.
American Electric Power Company, Inc. (AEP - Free Report) reported a first-quarter 2024 adjusted EPS of $1.27, which missed the Zacks Consensus Estimate of $1.30 by 2.3%. However, the bottom line improved 14.4% from $1.11 recorded in the year-ago quarter.
AEP’s first-quarter operating revenues of $5.03 billion lagged the Zacks Consensus Estimate of $5.29 billion by 5.4%. However, the reported figure rose 7.1% from the year-ago quarter’s level of $4.69 billion.
CenterPoint Energy, Inc. (CNP - Free Report) reported first-quarter 2024 adjusted earnings of 55 cents per share, which surpassed the Zacks Consensus Estimate of 51 cents by 7.8%. The bottom line improved 10% from the year-ago quarter’s figure of 50 cents per share.
CNP generated revenues of $2.62 billion, which missed the Zacks Consensus Estimate of $2.82 billion by 7%. The top line also came in 5.7% lower than the year-ago quarter’s reported figure of $2.78 billion.
Edison International (EIX - Free Report) reported first-quarter 2024 adjusted earnings of $1.13 per share, which surpassed the Zacks Consensus Estimate of $1.12 by 0.9%. The bottom line also increased 3.7% from $1.09 in the year-ago quarter.
EIX’s first-quarter operating revenues totaled $4.08 billion, which missed the Zacks Consensus Estimate of $4.14 billion by 1.6%. However, the top line increased 2.8% from the year-ago quarter’s figure of $3.97 billion.
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Consolidated Edison (ED) Q1 Earnings Top, Revenues Down Y/Y
Consolidated Edison, Inc. (ED - Free Report) reported first-quarter 2024 adjusted earnings of $2.15 per share, which beat the Zacks Consensus Estimate of $1.89 per share by 13.8%. The bottom line also increased a solid 17.5% from $1.83 recorded in the prior-year quarter.
The company posted GAAP earnings of $2.08 per share compared with $4.05 per share in the first quarter of 2023.
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, Consolidated Edison's total operating revenues of $4.28 billion missed the Zacks Consensus Estimate of $4.41 billion by 2.9%. The top line also declined 2.8% from $4.40 billion reported in the year-ago quarter. The downside was due to lower gas, steam and non-utility revenues.
Electric revenues totaled $2.64 billion in the first quarter, which increased by 3.9% from the year-ago quarter’s figure of $2.54 billion. Gas revenues were down 5.2% to $1.36 billion.
Steam revenues were down 6.2% to $287 million. Non-utility revenues amounted to $1 million compared with $129 million in the year-earlier quarter.
Operating Statistics
Total operating expenses in the first quarter declined 8% year over year to $3.24 billion.
Fuel expenses decreased 53.4% year over year, and the cost of gas purchased for resale came down 42.9%. Purchase power costs decreased 7.5%. Other operations and maintenance expenses went down 0.9%. Meanwhile, depreciation and amortization expenses increased 8%. Taxes, other than income taxes, went up 5.6% year over year.
The company’s first-quarter operating income declined 41.9% year over year to $1.01 billion.
Financials
Cash and temporary cash investments as of Mar 31, 2024 were $0.17 billion compared with $1.19 billion as of Dec 31, 2023.
The company’s long-term debt was $21.93 billion as of Mar 31, 2024, which remains almost flat compared with the long-term debt as of the 2023 end.
As of Mar 31, 2024, cash from operating activities amounted to $573 million compared with $92 million generated in the prior year.
Guidance
Consolidated Edison reiterated its 2024 guidance. It still expects to generate adjusted earnings per share (EPS) in the range of $5.20-$5.40. The Zacks Consensus Estimate for 2024 earnings is pegged at $5.31 per share, just above the midpoint of the company’s guided range.
The company also projects a five-year compounded annual adjusted EPS growth rate of 6.4% through 2028.
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 Company, Inc. (AEP - Free Report) reported a first-quarter 2024 adjusted EPS of $1.27, which missed the Zacks Consensus Estimate of $1.30 by 2.3%. However, the bottom line improved 14.4% from $1.11 recorded in the year-ago quarter.
AEP’s first-quarter operating revenues of $5.03 billion lagged the Zacks Consensus Estimate of $5.29 billion by 5.4%. However, the reported figure rose 7.1% from the year-ago quarter’s level of $4.69 billion.
CenterPoint Energy, Inc. (CNP - Free Report) reported first-quarter 2024 adjusted earnings of 55 cents per share, which surpassed the Zacks Consensus Estimate of 51 cents by 7.8%. The bottom line improved 10% from the year-ago quarter’s figure of 50 cents per share.
CNP generated revenues of $2.62 billion, which missed the Zacks Consensus Estimate of $2.82 billion by 7%. The top line also came in 5.7% lower than the year-ago quarter’s reported figure of $2.78 billion.
Edison International (EIX - Free Report) reported first-quarter 2024 adjusted earnings of $1.13 per share, which surpassed the Zacks Consensus Estimate of $1.12 by 0.9%. The bottom line also increased 3.7% from $1.09 in the year-ago quarter.
EIX’s first-quarter operating revenues totaled $4.08 billion, which missed the Zacks Consensus Estimate of $4.14 billion by 1.6%. However, the top line increased 2.8% from the year-ago quarter’s figure of $3.97 billion.