Yahoo Finance Consolidated Edison (ED) Q3 Earnings Lag Estimates, Fall Y/Y
Consolidated Edison Inc. ED 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 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 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 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 >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Consolidated Edison Inc (ED) : Free Stock Analysis Report
Xcel Energy Inc. (XEL) : Free Stock Analysis Report
NextEra Energy, Inc. (NEE) : Free Stock Analysis Report
Hawaiian Electric Industries, Inc. (HE) : Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
