Consolidated Edison Inc.
) posted second quarter 2014 earnings from ongoing operations of 65
cents per share, beating the Zacks Consensus Estimate of 54 cents
by 20.4%. The earnings beat came on the back of higher sales and
operating efficiencies. Earnings also increased 18.2% from the
year-ago figure of 55 cents per share.
Including the gain on sale of solar energy projects, the company
registered earnings of 73 cents per share compared with 59 cents in
the year-ago quarter.
Quarterly Operational Results
Consolidated Edison reported revenues of $2,911 million, up 3.3%
year over year. The top line also surpassed the Zacks Consensus
Estimate of $2,641 million by 10.2%. The results reflect higher
electric and gas sales.
The company's largest top-line generator, Electric revenues were up
5.7% year over year while Gas revenues rose 7.9%. However,
non-utility and steam revenues decreased 10.1% and 16.9%,
Total operating expenses were up 2.8% year over year to $2,501
million. Purchased power expenses increased almost 2%, fuel cost
was down 41.4% and gas purchased for resale cost increased nearly
28%. Depreciation and amortization expenses increased 3.9% year
For 2014, Consolidated Edison increased its earnings from ongoing
operations guidance to the range of $3.70 to $3.85 per share from
its previous forecast of $3.65 to $3.85 per share. The company
expects capital expenditure of around $2,608 million for the year,
the majority of which will be spent at its regulated utilities.
Cash at the end of Jun 30, 2014 was $774 million versus $674
million at the end of Dec 31, 2013. Long-term debt was $11.1
billion as of Jun 30, 2014 versus $10.5 billion at 2013 end.
Duke Energy Corp. (
) reported adjusted second quarter 2014 earnings of $1.11 per share
that came in ahead of the Zacks Consensus Estimate of $1.00 by 11%.
Quarterly earnings also increased 27.6% from the year-ago figure of
American Electric Power Company Inc. (
) reported second quarter 2014 operating earnings of 80 cents per
share, beating the Zacks Consensus Estimate of 75 cents by 6.7%.
The quarterly figure also improved 9.6% from the year-ago adjusted
profit of 73 cents per share. The upbeat performance was supported
by investments in infrastructure and transmission as well as system
Entergy Corp. (
) posted second quarter 2014 operational earnings of $1.11 per
share, higher than the year-ago number of $1.01 per share by 9.9%.
However, earnings failed to surpass the Zacks Consensus Estimate of
$1.14. Quarterly earnings increased on the back of strong
performance from its Utility and Entergy Wholesale Commodities
Consolidated Edison currently has a Zacks Rank #2 (Buy).
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