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.
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.
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.
For 2018, the company continues to expect adjusted earnings per share in the $4.25-$4.35 range.
Consolidated Edison carries 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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