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Consolidated Edison (ED) Q3 Earnings Lag Estimates, Fall Y/Y
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Consolidated Edison Inc. (ED - Free Report) reported third-quarter 2019 adjusted earnings of $1.54 per share, which missed the Zacks Consensus Estimate of $1.59 by 3.1%. The bottom line also declined 1.9% from the year-ago quarter’s $1.57.
Barring one-time adjustments, the company posted GAAP earnings of $1.42 per share, reflecting 1.4% year-over-year improvement. This upside was driven by higher revenues and operating income.
Total Revenues
In the reported quarter, the company’s total revenues of $3,365 million missed the Zacks Consensus Estimate of $3,498 million by 3.8%. However, the top line rose 1.1% from $3,328 million in the year-ago quarter.
Electric revenues totaled $2,753 million in the third quarter, down 1.1% from the prior-year quarter’s $2,783 million. Gas revenues increased 2.7% to $306 million. Steam revenues declined 9.4% to $58 million. Meanwhile, non-utility revenues amounted to $248 million, up 35.5% from $183 million in the year-earlier quarter.
Consolidated Edison Inc Price, Consensus and EPS Surprise
Total operating expenses in the third quarter slipped 0.2% year over year to $2,498 million.
Depreciation and amortization, other operations and maintenance, and taxes and other than income taxes increased 16.9%, 6.3% and 3.5%, respectively, from the prior-year quarter numbers. However, purchase power, fuel and gas purchased for resale declined 11.4%, 20.5% and 40.2% year over year, respectively.
Financials
Cash and temporary cash investments as of Sep 30, 2019 were $78 million compared with $895 million as of Dec 31, 2018.
Long-term debt was $17,537 million as of Sep 30, 2019, compared with $17,495 million at 2018 end.
At the end of the first nine months of 2019, cash from operating activities amounted to $1,490 million compared with $1,085 in the prior-year period.
2019 Guidance
For 2019, the company narrowed its adjusted earnings per share guidance to the range of $4.25-$4.35 compared with the prior guided range of $4.25-$4.45. The Zacks Consensus Estimate for full-year earnings is pegged at $4.34, above the midpoint of the company guided range.
NextEra Energy (NEE - Free Report) reported third-quarter 2019 adjusted earnings of $2.39 per share, which beat the Zacks Consensus Estimate of $2.27 by 5.3%. Moreover, earnings were up 10.1% on a year-over-year basis.
Xcel Energy (XEL - Free Report) posted third-quarter 2019 operating earnings of $1.01 per share, which lagged the Zacks Consensus Estimate of $1.05 by 3.8%. The bottom line increased 5.2% from the year-ago quarter.
Hawaiian Electric (HE - Free Report) reported earnings per share of 58 cents in the third quarter of 2019, which came in line with the Zacks Consensus Estimate. The bottom line declined 3.3% from 60 cents in the prior-year quarter.
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Consolidated Edison (ED) Q3 Earnings Lag Estimates, Fall Y/Y
Consolidated Edison Inc. (ED - Free Report) reported third-quarter 2019 adjusted earnings of $1.54 per share, which missed the Zacks Consensus Estimate of $1.59 by 3.1%. The bottom line also declined 1.9% from the year-ago quarter’s $1.57.
Barring one-time adjustments, the company posted GAAP earnings of $1.42 per share, reflecting 1.4% year-over-year improvement. This upside was driven by higher revenues and operating income.
Total Revenues
In the reported quarter, the company’s total revenues of $3,365 million missed the Zacks Consensus Estimate of $3,498 million by 3.8%. However, the top line rose 1.1% from $3,328 million in the year-ago quarter.
Electric revenues totaled $2,753 million in the third quarter, down 1.1% from the prior-year quarter’s $2,783 million. Gas revenues increased 2.7% to $306 million. Steam revenues declined 9.4% to $58 million. Meanwhile, non-utility revenues amounted to $248 million, up 35.5% from $183 million in the year-earlier quarter.
Consolidated Edison Inc Price, Consensus and EPS Surprise
Consolidated Edison Inc price-consensus-eps-surprise-chart | Consolidated Edison Inc Quote
Operating Statistics
Total operating expenses in the third quarter slipped 0.2% year over year to $2,498 million.
Depreciation and amortization, other operations and maintenance, and taxes and other than income taxes increased 16.9%, 6.3% and 3.5%, respectively, from the prior-year quarter numbers. However, purchase power, fuel and gas purchased for resale declined 11.4%, 20.5% and 40.2% year over year, respectively.
Financials
Cash and temporary cash investments as of Sep 30, 2019 were $78 million compared with $895 million as of Dec 31, 2018.
Long-term debt was $17,537 million as of Sep 30, 2019, compared with $17,495 million at 2018 end.
At the end of the first nine months of 2019, cash from operating activities amounted to $1,490 million compared with $1,085 in the prior-year period.
2019 Guidance
For 2019, the company narrowed its adjusted earnings per share guidance to the range of $4.25-$4.35 compared with the prior guided range of $4.25-$4.45. The Zacks Consensus Estimate for full-year earnings is pegged at $4.34, above the midpoint of the company guided range.
Zacks Rank
Consolidated Edison currently 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
NextEra Energy (NEE - Free Report) reported third-quarter 2019 adjusted earnings of $2.39 per share, which beat the Zacks Consensus Estimate of $2.27 by 5.3%. Moreover, earnings were up 10.1% on a year-over-year basis.
Xcel Energy (XEL - Free Report) posted third-quarter 2019 operating earnings of $1.01 per share, which lagged the Zacks Consensus Estimate of $1.05 by 3.8%. The bottom line increased 5.2% from the year-ago quarter.
Hawaiian Electric (HE - Free Report) reported earnings per share of 58 cents in the third quarter of 2019, which came in line with the Zacks Consensus Estimate. The bottom line declined 3.3% from 60 cents in the prior-year quarter.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020.
Click here for the 6 trades >>