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Consolidated Edison (ED) Q1 Earnings Miss, Revenues Down Y/Y

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Consolidated Edison Inc. (ED - Free Report) reported first-quarter 2020 adjusted earnings of $1.35 per share, which missed the Zacks Consensus Estimate of $1.43 by 5.6%. The bottom-line figure, moreover, declined 2.9% from $1.39 reported in the prior-year quarter.

Barring one-time adjustments, the company posted GAAP earnings of $1.13 per share, compared with GAAP earnings of $1.31 in the first quarter of 2019.

Total Revenues

In the reported quarter, the company’s total revenues of $3,234 million missed the Zacks Consensus Estimate of $3,603 million by 10.2%. Moreover, the top line declined 8% from $3,514 million in the year-ago quarter.

Electric revenues totaled $1,906 million in the first quarter, down 1.8% from the prior-year quarter’s $1,941 million. Gas revenues declined 10% to $931 million.

Further, steam revenues fell 22.1% to $250 million. Meanwhile, non-utility revenues amounted to $147 million, slumping 32.6% from $218 million registered in the year-earlier quarter.

Operating Statistics

Total operating expenses in the first quarter declined 11% year over year to $2,426 million.

Purchase power; gas purchased for resale; fuel, taxes and other operations; and maintenance expenses declined 16.3%, 47.5%, 26.4% and 11.8%, respectively, from the prior-year quarter’s numbers. However, depreciation and amortization and taxes, other than income taxes, increased 13.8% and 5.5% year over year, respectively.

Consolidated Edison Inc Price, Consensus and EPS Surprise


Cash and temporary cash investments, as of Mar 31, 2020, summed $1,395 million compared with $981 million as of Dec 31, 2019.

Long-term debt was $19.423 million as of Mar 31, 2020, compared with $18,527 million at 2019-end.

At the end of the first quarter, cash from operating activities amounted to $412 million compared with $464 million a year ago.

2020 Guidance

For 2020, the company continues to expect adjusted earnings per share in the $4.15-$4.35 range. The Zacks Consensus Estimate for full-year earnings, pegged at $4.37, lies just above the company’s guided range.

Zacks Rank

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 Corporation (FE - Free Report) delivered first-quarter 2020 operating earnings of 66 cents per share, which beat the Zacks Consensus Estimate of 64 cents by 3.13%.

NextEra Energy (NEE - Free Report) reported first-quarter 2020 adjusted earnings of $2.38 per share, which surpassed the Zacks Consensus Estimate of $2.21 by 7.7%.

CMS Energy Corporation (CMS - Free Report) reported first-quarter 2020 adjusted EPS of 86 cents, which surpassed the Zacks Consensus Estimate of 77 cents by 11.7%.

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