Consolidated Edison Inc.
) posted first quarter 2013 earnings from ongoing operations of
$1.08 per share, missing the Zacks Consensus Estimate by a penny.
However, the quarterly result surged 6.9% from the year-ago
profit of $1.01.
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The year-over-year improvement largely reflects changes in the
rate plans of the company's utility subsidiaries. Again, the
effects of normal winter weather as against the milder winter in
the year-earlier quarter also contributed to earnings growth.
On a reported basis, the company registered earnings of 66 cents
per share compared with 95 cents in the year-ago quarter.
Consolidated Edison reported quarterly operating revenue of
$3,184.0 million, an increase of 3.4% from the year-ago quarter.
However, the top line failed to match our expectation of $3,197.0
million by 0.4%.
Of the total quarterly revenue, Electric revenues rose 5.2% to
$1,958.0 million, Gas revenues climbed 15.0% to $742.0 million
and Steam revenues jumped 26.2% to $332.0 million, while
Non-utility revenues nosedived almost 51% to $152.0 million
during the reported quarter.
Con Edison's utility subsidiaries, Consolidated Edison Company of
New York, Inc. (CECONY) and Orange and Rockland Utilities, Inc.
(O&R), in the first quarter of 2013, incurred response and
restoration costs for Superstorm Sandy of $431.0 million and
$90.0 million, respectively (including capital expenditures of
$113.0 million and $15.0 million, respectively).
Consolidated Edison reaffirmed its earnings from ongoing
operations for 2013 in the range of $3.65 to $3.85 per share.
At the Peers
Utilities have in general performed well in the first quarter.
Public Service Enterprise Group Inc
) first quarter 2013 earnings came above the Zacks Consensus
Estimate by 14.9%. This was mainly attributable to increased
investment at PSE&G and solid performance from PSEG Power
Xcel Energy Inc.
) recorded operating earnings in the first quarter 2013 of 52
cents per share, up 26.8% from the year-ago quarter. Earnings
also beat the Zacks Consensus Estimate by 20.9%. Earnings
outperformed on the back of higher electric and gas margins owing
to a severe winter, lower interest expense and constructive rate
cases in Colorado, South Dakota and Wisconsin.
Again, Mich. based
CMS Energy Corporation
) posted first-quarter 2013 earnings per share of 53 cents on
both adjusted and GAAP basis, beating the Zacks Consensus
Estimate of 46 cents. Earnings were 43.2% higher than 37 cents
earned in the year-ago quarter. A colder-than-normal weather
spiked natural gas deliveries, driving better-than-expected
results in the reported quarter.
Consolidated Edison currently retains a Zacks Rank #3 (Hold).
Public Service, Xcel Energy and CMS Energy carry a Zacks Rank #2
(Buy) and are worth buying now.