Consolidated Edison Inc. (ED - Free Report) posted third-quarter 2016 adjusted earnings of $1.50 per share, beating the Zacks Consensus Estimate of $1.49 cents by 0.7%. Reported earnings were also up 4.2% from the year-ago figure of $1.44.
Consolidated Edison reported total revenue of $3,417 million in the third quarter, which fell short of the Zacks Consensus Estimate of $3,565 million by 4.2%. Revenues were also down 0.8% year over year.
Electric revenues came in at $2,769 million in the reported quarter, slightly up from the prior-year figure of $2,762 million. Gas revenues inched up 0.8% to $235 million. Steam revenues improved 8.6% to $63 million, while non-utility revenues amounted to $350 million, down 9.3% from $386 million a year ago.
Total operating expenses in the quarter decreased 1.2% to $2,581 million due to lower purchase power, fuel and other operations and maintenance expenses.
While gas purchased for resale, depreciation and amortization, and taxes other than income taxes increased a respective 26.6%, 7%, and 4.8%, purchase power, fuel and other operations and maintenance expenses decreased 7.2%, 6.5% and 3.3%.
Cash and cash equivalents as of Sep 30, 2016 were $150 million, compared with $944 million as of Dec 31, 2015. Net cash flow from operating activity in the first nine months of 2016 was $2,336 million, compared with $2,199 million a year ago.
Long-term debt was $13,747 million as of Sep 30, 2016, up from $12,006 million at 2015 end.
For 2016, the company revised its earnings guidance to the range of $3.90 to $4.00 from the prior guidance of $3.85–$4.05.
DTE Energy Company (DTE - Free Report) reported third-quarter 2016 operating earnings per share of $1.96, beating the Zacks Consensus Estimate of $1.54 by 27.3%. Reported earnings were also up 40% from the year-ago tally of $1.40.
Entergy Corporation (ETR - Free Report) reported third-quarter 2016 operating earnings of $2.31 per share, beating the Zacks Consensus Estimate of $1.95 by 18.5%. The reported number also improved 21.6% from $1.90 earned a year ago.
CMS Energy Corporation (CMS - Free Report) reported third-quarter 2016 adjusted earnings per share of 70 cents, beating the Zacks Consensus Estimate of 60 cents by 16.7%. Quarterly earnings also surged 32.1% from the year-ago figure of 53 cents.
Consolidated Edison currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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