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Consolidated Edison Inc. (ED - Free Report) reported fourth-quarter 2017 adjusted earnings of 80 cents per share that surpassed the Zacks Consensus Estimate of 78 cents by 2.6%. Reported earnings also improved 16% from the year-ago figure of 69 cents per share.
Excluding one-time adjustments, the company reported earnings of $1.63 per share, up from 68 cents in fourth-quarter 2016.
For 2017, Consolidated Edison reported adjusted earnings of $4.12 per share, compared with earnings of $3.99 in the prior year. Full-year earnings surpassed the Zacks Consensus Estimate of $4.09 by 0.7%.
Total Revenues
Consolidated Edison reported total revenues of $2,961 million in the fourth quarter, which surpassed the Zacks Consensus Estimate of $2,649 million by 11.8%. However, the top line improved 9.4% from the year-ago level of $2,707 million.
For 2017, the company generated revenues worth $12,033 million, which topped the Zacks Consensus Estimate of $11,750 million. Moreover, on a year-over-year basis, revenues dipped 0.3% from $12,075 million in the prior year.
Electric revenues came in at $2,039 million in the quarter, up 0.7% from the prior-year figure of $2,024 million. Gas revenues improved 21.1% to $540 million. Steam revenues rose 1.4% to $147 million. Non- utility revenues amounted to $235 million, up 155.4% from $92 million a year ago.
Operating Statistics
Total operating expenses in the quarter increased 8.4% to $2,417 million.
Gas purchased for resale, other operation and maintenance, depreciation and amortization, fuel and taxes, and other than income taxes was up 41.8%, 9.4%, 9.9%, 20.5% and 9.8%, respectively. Meanwhile, purchase power expenses decreased 11.2%.
Consolidated Edison Inc Price, Consensus and EPS Surprise
Exelon Corp (EXC - Free Report) reported fourth-quarter 2017 operating earnings of 55 cents per share, which lagged the Zacks Consensus Estimate of 62 cents by 11.3%. However, quarterly earnings were 25% higher than the year-ago figure of 44 cents.
Dominion Energy (D - Free Report) reported fourth-quarter 2017 operating earnings of 91 cents per share, beating the Zacks Consensus Estimate of 88 cents by 3.4%. However, operating earnings decreased 8.1% from 99 cents reported a year ago.
American Electric Power (AEP - Free Report) reported fourth-quarter 2017 operating earnings per share of 85 cents, exceeding the Zacks Consensus Estimate of 81 cents by 4.9%. The bottom line also improved 4.9% from 67 cents per share reported a year ago.
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Consolidated Edison (ED) Tops Q4 Earnings & Sales Estimates
Consolidated Edison Inc. (ED - Free Report) reported fourth-quarter 2017 adjusted earnings of 80 cents per share that surpassed the Zacks Consensus Estimate of 78 cents by 2.6%. Reported earnings also improved 16% from the year-ago figure of 69 cents per share.
Excluding one-time adjustments, the company reported earnings of $1.63 per share, up from 68 cents in fourth-quarter 2016.
For 2017, Consolidated Edison reported adjusted earnings of $4.12 per share, compared with earnings of $3.99 in the prior year. Full-year earnings surpassed the Zacks Consensus Estimate of $4.09 by 0.7%.
Total Revenues
Consolidated Edison reported total revenues of $2,961 million in the fourth quarter, which surpassed the Zacks Consensus Estimate of $2,649 million by 11.8%. However, the top line improved 9.4% from the year-ago level of $2,707 million.
For 2017, the company generated revenues worth $12,033 million, which topped the Zacks Consensus Estimate of $11,750 million. Moreover, on a year-over-year basis, revenues dipped 0.3% from $12,075 million in the prior year.
Electric revenues came in at $2,039 million in the quarter, up 0.7% from the prior-year figure of $2,024 million. Gas revenues improved 21.1% to $540 million. Steam revenues rose 1.4% to $147 million. Non- utility revenues amounted to $235 million, up 155.4% from $92 million a year ago.
Operating Statistics
Total operating expenses in the quarter increased 8.4% to $2,417 million.
Gas purchased for resale, other operation and maintenance, depreciation and amortization, fuel and taxes, and other than income taxes was up 41.8%, 9.4%, 9.9%, 20.5% and 9.8%, respectively. Meanwhile, purchase power expenses decreased 11.2%.
Consolidated Edison Inc Price, Consensus and EPS Surprise
Consolidated Edison Inc Price, Consensus and EPS Surprise | Consolidated Edison Inc Quote
Financials
Cash and temporary cash investments as of Dec 31, 2017 was $797 million compared with $776 million as of Dec 31, 2016.
Long-term debt was $14,731 million as of Dec 31, 2017 compared with $14,735 million at 2016 end.
At the end of 2017, cash from operating activities was $3,367 million compared with $3,459 million in the year-ago period.
Guidance
For 2018, the company expects earnings per share in the range of $4.15-$4.35.
Zacks Rank
Consolidated Edison carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Peer Releases
Exelon Corp (EXC - Free Report) reported fourth-quarter 2017 operating earnings of 55 cents per share, which lagged the Zacks Consensus Estimate of 62 cents by 11.3%. However, quarterly earnings were 25% higher than the year-ago figure of 44 cents.
Dominion Energy (D - Free Report) reported fourth-quarter 2017 operating earnings of 91 cents per share, beating the Zacks Consensus Estimate of 88 cents by 3.4%. However, operating earnings decreased 8.1% from 99 cents reported a year ago.
American Electric Power (AEP - Free Report) reported fourth-quarter 2017 operating earnings per share of 85 cents, exceeding the Zacks Consensus Estimate of 81 cents by 4.9%. The bottom line also improved 4.9% from 67 cents per share reported a year ago.
Wall Street’s Next Amazon
Zacks EVP Kevin Matras believes this familiar stock has only just begun its climb to become one of the greatest investments of all time. It’s a once-in-a-generation opportunity to invest in pure genius.
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