Consolidated Edison Inc.
) posted first quarter 2014 earnings from ongoing operations of
$1.17 per share, beating the Zacks Consensus Estimate of $1.06 by
10.4%. The earnings beat came on the back of changes in the rate
plans of Con Edison's utility subsidiaries and a much
colder-than-normal winter. The quarterly result also increased 8.3%
from the year-ago figure of $1.08 per share.
Including the effects of its lease in/lease out transactions and
the net mark-to-market effects of the competitive energy businesses
(CEBs), the company registered earnings of $1.23 per share compared
with 66 cents in the year-ago quarter.
Quarterly Operational Results
Consolidated Edison reported revenues of $3,789.0 million, up 19.0%
year over year. The top line also surpassed the Zacks Consensus
Estimate of $3,519.0 million by 7.7%. The results reflect higher
electric, steam, gas as well as non-utility sales.
The company's largest top-line generator, Electric revenues were up
14.2% year over year. Gas revenues, Non-utility and steam revenues
also increased 18.9%, 116.4% and 2.7%, respectively.
Total operating expenses were up 16.8% year over year to $3,104.0
million. Purchased power expenses increased 36.2%, fuel cost was up
6.1% and gas purchased for resale cost increased 60.0%.
Depreciation and amortization expenses increased 4.0% year over
For this year, ConEd's earnings from ongoing operations are
expected between $3.65 and $3.85 per share. The company expects to
spend around $2,608 million for the year, the majority of which
will be spent at its regulated utilities.
Cash at the end of Mar 31, 2014 was $102 million versus $674
million at the end of Dec 31, 2013. Long-term debt was $11.3
billion as of Mar 31, 2014 versus $10.5 billion at 2013 end.
American Electric Power Company Inc.
) reported first quarter 2014 operating earnings of $1.15 per
share, beating the Zacks Consensus Estimate of 91 cents by 26.4%.
The quarterly figure also improved a whopping 43.8% from the
year-ago adjusted profit of 80 cents per share. The upbeat
performance was supported by favorable weather and high power
CMS Energy Corp.
) posted first-quarter 2014 earnings per share of 75 cents,
surpassing the Zacks Consensus Estimate of 64 cents by 17.2%.
) reported first-quarter 2014 earnings of $2.29 per share, beating
the Zacks Consensus Estimate by 8.5%.
Consolidated Edison succeeded in beating the Zacks Consensus
Estimate on both the top and bottom line. The company is focused on
energy efficiency initiatives while its aggressive oil-to-gas
conversion program will lower costs and improve air quality. Also,
the company continues to invest heavily in infrastructure
Consolidated Edison currently has a Zacks Rank #3 (Hold).
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