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Consolidated Edison (ED) Q3 Earnings Beat, Revenues Up Y/Y
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Consolidated Edison Inc. (ED - Free Report) reported third-quarter 2018 adjusted earnings of $1.56 per share, which surpassed the Zacks Consensus Estimate of $1.48 by 5.4%. The bottom line also improved 6.1% from $1.47 per share in the year-ago period.
Barring a one-time benefit, the company posted GAAP earnings of $1.40 per share, reflecting an annual decline of 5.4%. This year-over-year downside was driven by higher operating expenses.
Total Revenues
In the reported quarter, total revenues of $3,328 million outshined the Zacks Consensus Estimate of $3,172 million by 4.9%. Moreover, the top line rose 3.6% from $3,211 million in the year-ago quarter.
Electric revenues totaled $2,783 million, up 4% from the prior-year period figure of $2,675 million. Gas revenues were up 0.7% to $298 million. Steam revenues rose 3.2% to $64 million. Non-utility revenues amounted to $183 million, up 2.8% from $178 million in the year-earlier quarter.
Consolidated Edison Inc Price, Consensus and EPS Surprise
Total operating expenses in the third quarter increased 8.9% year over year to $2,502 million.
Purchase power, fuel expenses, gas purchased for resale, depreciation and amortization as well as taxes and other than income taxes were up 18.5%, 30%, 42.6%, 6.8% and 9.7%, respectively, from the prior-year quarter numbers. However, other operations and maintenance slipped 1.7% year over year.
Financials
Cash and temporary cash investments as of Sep 30, 2018 summed $199 million compared with $797 million as of Dec 31, 2017.
Long-term debt was $15,480 million as of Sep 30, 2018 compared with $14,731 million at 2017 end.
At the end of third-quarter 2018, cash from operating activities amounted to $1,600 million compared with $2,227 million in the prior-year period.
Guidance
For 2018, the company continues to expect adjusted earnings per share in the $4.25-$4.35 range.
DTE Energy Company (DTE - Free Report) reported third-quarter 2018 operating earnings per share of $2.13, which outpaced the Zacks Consensus Estimate of $1.74 by 22.4%.
NextEra Energy (NEE - Free Report) posted third-quarter 2018 adjusted earnings of $2.18 per share, beating the Zacks Consensus Estimate of $2.17 by 0.46%.
American Electric Power (AEP - Free Report) released third-quarter 2018 operating earnings per share of $1.26, surpassing the Zacks Consensus Estimate of $1.23 by 2.4%.
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Consolidated Edison (ED) Q3 Earnings Beat, Revenues Up Y/Y
Consolidated Edison Inc. (ED - Free Report) reported third-quarter 2018 adjusted earnings of $1.56 per share, which surpassed the Zacks Consensus Estimate of $1.48 by 5.4%. The bottom line also improved 6.1% from $1.47 per share in the year-ago period.
Barring a one-time benefit, the company posted GAAP earnings of $1.40 per share, reflecting an annual decline of 5.4%. This year-over-year downside was driven by higher operating expenses.
Total Revenues
In the reported quarter, total revenues of $3,328 million outshined the Zacks Consensus Estimate of $3,172 million by 4.9%. Moreover, the top line rose 3.6% from $3,211 million in the year-ago quarter.
Electric revenues totaled $2,783 million, up 4% from the prior-year period figure of $2,675 million. Gas revenues were up 0.7% to $298 million. Steam revenues rose 3.2% to $64 million. Non-utility revenues amounted to $183 million, up 2.8% from $178 million in the year-earlier quarter.
Consolidated Edison Inc Price, Consensus and EPS Surprise
Consolidated Edison Inc Price, Consensus and EPS Surprise | Consolidated Edison Inc Quote
Operating Statistics
Total operating expenses in the third quarter increased 8.9% year over year to $2,502 million.
Purchase power, fuel expenses, gas purchased for resale, depreciation and amortization as well as taxes and other than income taxes were up 18.5%, 30%, 42.6%, 6.8% and 9.7%, respectively, from the prior-year quarter numbers. However, other operations and maintenance slipped 1.7% year over year.
Financials
Cash and temporary cash investments as of Sep 30, 2018 summed $199 million compared with $797 million as of Dec 31, 2017.
Long-term debt was $15,480 million as of Sep 30, 2018 compared with $14,731 million at 2017 end.
At the end of third-quarter 2018, cash from operating activities amounted to $1,600 million compared with $2,227 million in the prior-year period.
Guidance
For 2018, the company continues to expect adjusted earnings per share in the $4.25-$4.35 range.
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 Utility Releases
DTE Energy Company (DTE - Free Report) reported third-quarter 2018 operating earnings per share of $2.13, which outpaced the Zacks Consensus Estimate of $1.74 by 22.4%.
NextEra Energy (NEE - Free Report) posted third-quarter 2018 adjusted earnings of $2.18 per share, beating the Zacks Consensus Estimate of $2.17 by 0.46%.
American Electric Power (AEP - Free Report) released third-quarter 2018 operating earnings per share of $1.26, surpassing the Zacks Consensus Estimate of $1.23 by 2.4%.
Today's Stocks from Zacks' Hottest Strategies
It's hard to believe, even for us at Zacks. But while the market gained +21.9% in 2017, our top stock-picking screens have returned +115.0%, +109.3%, +104.9%, +98.6%, and +67.1%.
And this outperformance has not just been a recent phenomenon. Over the years it has been remarkably consistent. From 2000 - 2017, the composite yearly average gain for these strategies has beaten the market more than 19X over. Maybe even more remarkable is the fact that we're willing to share their latest stocks with you without cost or obligation.
See Them Free>>