Consolidated Edison Inc. (ED - Free Report) reported first-quarter 2019 adjusted earnings of $1.38 per share, which surpassed the Zacks Consensus Estimate of $1.35 by 2.2%.
Barring one-time adjustments, the company posted GAAP earnings of $1.31 per share, reflecting a 4.4% decline year over year. This downside was primarily on account of higher operating expenses.
In the reported quarter, the company’s total revenues of $3,514 million outshined the Zacks Consensus Estimate of $3,393 million by 3.6%. Moreover, the top line increased 4.5% from $3,364 million in the year-ago quarter.
Electric revenues totaled $1,941 million in the firstquarter, up 3.4% from the prior-year figure of $1,877 million. Gas revenues rose 10.1% to $1,034 million. Also, steam revenues increased 2.2% to $321 million. Meanwhile, non-utility revenues amounted to $218 million, down 6.8% from $234 million registered in the year-earlier quarter.
Total operating expenses in the firstquarter rose 4.6% year over year to $2,728 million.
Purchase power, gas purchased for resale, depreciation, and amortization as well as taxes and other than income taxes increased 4.2%, 16.9%, 18.7% and 6.1%, respectively, from the prior-year quarter numbers. However, fuel expenses as well as other operations and maintenance declined 14.5% and 5% year over year, respectively.
Cash and temporary cash investments as of Mar 31, 2019, summed $406 million compared with $895 million as of Dec 31, 2018.
Long-term debt was $16,933 million as of Mar 31, 2019, compared with $17,495 million at 2018 end.
At the end of the first quarter, cash from operating activities amounted to $395 million compared with $56 million a year ago.
For 2019, the company continues to expect adjusted earnings per share to be in the $4.25-$4.45 range. The Zacks Consensus Estimate for full-year earnings, pegged at $4.36, lies just abovethe midpoint of the company’s guided 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.
Recent Utility Releases
FirstEnergy Corp. (FE - Free Report) delivered first-quarter 2019 operating earnings of 67 cents per share, which beat the Zacks Consensus Estimate of 66 cents by 1.52%.
NextEra Energy, Inc. (NEE - Free Report) reported first-quarter 2019 adjusted earnings of $2.20 per share, beating the Zacks Consensus Estimate of $2.01 by 9.4%.
DTE Energy Co. (DTE - Free Report) reported first-quarter 2019 operating earnings per share (EPS) of $2.05, which exceeded the Zacks Consensus Estimate of $1.95 by 5.1%.
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