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Consolidated Edison (ED) Q2 Earnings Miss, Revenues Up Y/Y
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Consolidated Edison Inc. (ED - Free Report) reported second-quarter 2019 adjusted earnings of 58 cents per share, which missed the Zacks Consensus Estimate of 60 cents by 3.3%.
Barring one-time adjustments, the company posted GAAP earnings of 46 cents per share, reflecting a 23.3% year-over-year decline. This downside was primarily on account of higher operating expenses.
Total Revenues
In the reported quarter, the company’s total revenues of $2,744 million outshined the Zacks Consensus Estimate of $2,670 million by 2.8%. Moreover, the top line increased 1.8% from $2,696 million in the year-ago quarter.
Electric revenues totaled $1,971 million in the second quarter, up 1% from the prior-year quarter’s $1,951 million. Gas revenues declined 8.2% to $449 million. Also, steam revenues declined 6.25% to $90 million. Meanwhile, non-utility revenues amounted to $234 million, up 46.25% from $160 million in the year-earlier quarter.
Operating Statistics
Total operating expenses in the second quarter rose 1.1% year over year to $2,286 million.
Depreciation and amortization, other operations and maintenance, and taxes and other than income taxes increased 18.1%, 3.3% and 7%, respectively, from the prior-year quarter numbers. However, purchase power, fuel and gas purchased for resale declined 9.3%, 31.6% and 32.5% year over year, respectively.
Consolidated Edison Inc Price, Consensus and EPS Surprise
Cash and temporary cash investments as of Jun 30, 2019, summed $831 million compared with $895 million as of Dec 31, 2018.
Long-term debt was $17,496 million as of Jun 30, 2019, compared with $17,495 million at 2018 end.
At the end of the first half of 2019, cash from operating activities amounted to $1,538 million compared with $1,040 in the first half of 2018.
2019 Guidance
For 2019, the company reaffirmed its adjusted earnings per share guidance at $4.25-$4.45. The Zacks Consensus Estimate for full-year earnings pegged at $4.35 lies exactly at the midpoint of the company’s guided range.
Zacks Rank
Consolidated Edison currently carries a Zacks Rank #4 (Sell).
Recent Utility Releases
NextEra Energy (NEE - Free Report) , a Zacks Rank #3 (Hold) stock, reported second-quarter 2019 adjusted earnings of $2.35 per share, beating the Zacks Consensus Estimate of $2.28 by 3.1%. Moreover, earnings were up 12.9% on a year-over-year basis. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
CMS Energy Corporation (CMS - Free Report) , a Zacks Rank #3 stock, reported second-quarter 2019 adjusted earnings per share of 33 cents, down 32.7% year over year. The bottom line also missed the Zacks Consensus Estimate of 44 cents by 25%.
American Electric Power Co., Inc. (AEP - Free Report) , a Zacks Rank #3 stock, reported second-quarter 2019 adjusted earnings per share of $1.00, surpassing the Zacks Consensus Estimate of 98 cents by 2%.
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Consolidated Edison (ED) Q2 Earnings Miss, Revenues Up Y/Y
Consolidated Edison Inc. (ED - Free Report) reported second-quarter 2019 adjusted earnings of 58 cents per share, which missed the Zacks Consensus Estimate of 60 cents by 3.3%.
Barring one-time adjustments, the company posted GAAP earnings of 46 cents per share, reflecting a 23.3% year-over-year decline. This downside was primarily on account of higher operating expenses.
Total Revenues
In the reported quarter, the company’s total revenues of $2,744 million outshined the Zacks Consensus Estimate of $2,670 million by 2.8%. Moreover, the top line increased 1.8% from $2,696 million in the year-ago quarter.
Electric revenues totaled $1,971 million in the second quarter, up 1% from the prior-year quarter’s $1,951 million. Gas revenues declined 8.2% to $449 million. Also, steam revenues declined 6.25% to $90 million. Meanwhile, non-utility revenues amounted to $234 million, up 46.25% from $160 million in the year-earlier quarter.
Operating Statistics
Total operating expenses in the second quarter rose 1.1% year over year to $2,286 million.
Depreciation and amortization, other operations and maintenance, and taxes and other than income taxes increased 18.1%, 3.3% and 7%, respectively, from the prior-year quarter numbers. However, purchase power, fuel and gas purchased for resale declined 9.3%, 31.6% and 32.5% year over year, respectively.
Consolidated Edison Inc Price, Consensus and EPS Surprise
Consolidated Edison Inc price-consensus-eps-surprise-chart | Consolidated Edison Inc Quote
Financials
Cash and temporary cash investments as of Jun 30, 2019, summed $831 million compared with $895 million as of Dec 31, 2018.
Long-term debt was $17,496 million as of Jun 30, 2019, compared with $17,495 million at 2018 end.
At the end of the first half of 2019, cash from operating activities amounted to $1,538 million compared with $1,040 in the first half of 2018.
2019 Guidance
For 2019, the company reaffirmed its adjusted earnings per share guidance at $4.25-$4.45. The Zacks Consensus Estimate for full-year earnings pegged at $4.35 lies exactly at the midpoint of the company’s guided range.
Zacks Rank
Consolidated Edison currently carries a Zacks Rank #4 (Sell).
Recent Utility Releases
NextEra Energy (NEE - Free Report) , a Zacks Rank #3 (Hold) stock, reported second-quarter 2019 adjusted earnings of $2.35 per share, beating the Zacks Consensus Estimate of $2.28 by 3.1%. Moreover, earnings were up 12.9% on a year-over-year basis. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
CMS Energy Corporation (CMS - Free Report) , a Zacks Rank #3 stock, reported second-quarter 2019 adjusted earnings per share of 33 cents, down 32.7% year over year. The bottom line also missed the Zacks Consensus Estimate of 44 cents by 25%.
American Electric Power Co., Inc. (AEP - Free Report) , a Zacks Rank #3 stock, reported second-quarter 2019 adjusted earnings per share of $1.00, surpassing the Zacks Consensus Estimate of 98 cents by 2%.
Breakout Biotech Stocks with Triple-Digit Profit Potential
The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases.
Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +98%, +119% and +164% in as little as 1 month. The stocks in this report could perform even better.
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