Consolidated Edison Inc. ED reported fourth-quarter 2019 adjusted earnings of 86 cents per share, which surpassed the Zacks Consensus Estimate of 79 cents by 8.9%.
Including one-time adjustments, the company posted GAAP earnings of 88 cents per share, reflecting 16.2% year-over-year decline. This downside can be attributed to lower operating income recorded in the reported quarter.
For 2019, the company recorded earnings of $4.38 per share, which surpassed the Zacks Consensus Estimate of $4.31. The full-year top line rose 1.2% year over year.
In the reported quarter, the company’s total revenues of $2,951 million missed the Zacks Consensus Estimate of $3,033 million by 2.7%. The top line was almost flat when compared with $2,949 million in the year-ago quarter.
For 2019, the company’s total revenues of $12.57 billion missed the Zacks Consensus Estimate of $12.64 billion by 0.6%. The full year top line rose 1.9% when compared to $12.34 billion in the prior year.
Electric revenues totaled $2,029 million in the fourth quarter, up 1.4% from the prior-year quarter’s $2,001 million. Gas revenues remained flat year over year at $601 million. Steam revenues inched up 0.6% to $158 million.
Meanwhile, non-utility revenues amounted to $164 million, down 13.7% from $190 million in the year-earlier quarter.
Total operating expenses in the fourth quarter declined 1.5% year over year to $2,386 million.
Purchase power, fuel, gas purchased for resale along with other operations and maintenance expenses decreased 3.9%, 30.6%, 31.7 and 1.2%, respectively, from the prior-year quarter numbers. However, depreciation and amortization expenses as well as tax, other than income taxes, increased 14.6% and 8.4% year over year, respectively.
Cash and temporary cash investments as of Dec 31, 2019 were $981 million compared with $895 million as of Dec 31, 2018.
Long-term debt was $18,527 million as of Dec 31, 2019, compared with $17,495 million at 2018 end.
At the end of 2019, cash from operating activities amounted to $3,134 million compared with $2,695 in the prior year.
For 2020, the company expects to generate adjusted earnings per share in the range of $4.30-$4.50. The Zacks Consensus Estimate for full-year earnings is pegged at $4.49, closer to the upper end of the company guided range.
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.
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