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Consolidated Edison (ED) Q2 Earnings Beat, Revenues Up Y/Y

Consolidated Edison Inc.ED reported second-quarter 2018 adjusted earnings of 61 cents per share, which surpassed the Zacks Consensus Estimate of 57 cents by 7%. The bottom line also improved 5.2% from 58 cents per share in the year-ago period.

Barring a one-time benefit, the company posted GAAP earnings of 60 cents per share, reflecting an annual improvement of 5.3%. The year-over-year upside was driven by higher revenues.

Total Revenues

In the reported quarter, total revenues of $2,696 million outpaced the Zacks Consensus Estimate of $2,642 million by 2%. The reported figure improved 2.4% from $2,633 million registered in the year-ago quarter.

Electric revenues totaled $1,951 million, down 0.7% from the prior-year period figure of $1,965 million. Gas revenues were up 12.4% to $489 million. Steam revenues rose 9.1% to $96 million. Non-utility revenues amounted to $160 million, up 10.3% from $145 million recorded in the year-ago quarter.

Consolidated Edison Inc Price, Consensus and EPS Surprise

Consolidated Edison Inc Price, Consensus and EPS Surprise | Consolidated Edison Inc Quote

Operating Statistics

Total operating expenses in the second quarter increased 4.6% year over year to $2,270 million.

Gas purchased for resale, other operation and maintenance, depreciation and amortization as well as taxes and other than income taxes was up 30.2%, 3.3%, 6.6%, and 5.7%, respectively, from the prior-year quarter number. However, purchase power expenses decreased 4.9% year over year, while fuel expenses remained flat at $38 million.

Financials

Cash and temporary cash investments as of Jun 30, 2018 summed $866 million compared with $797 million as of Dec 31, 2017.

Long-term debt was $15,255 million as of Jun 30, 2018 compared with $14,731 million at 2017 end.

At the end of second-quarter 2018, cash from operating activities amounted to $655 million compared with $1,234 million in the year-ago period.

Guidance

For 2018, the company continues to expect adjusted earnings per share in the $4.15-$4.35 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

Entergy Corporation ETR reported second-quarter 2018 adjusted earnings of $1.79 per share, which surpassed the Zacks Consensus Estimate of $1.26 by 42.1%.

NextEra Energy, Inc.'s NEE second-quarter 2018 adjusted earnings came in at $2.11 per share, which outpaced the Zacks Consensus Estimate of $2.07 by 1.93%. The bottom line was also up 13.4% on a year-over-year basis.

CMS Energy Corporation CMS reported second-quarter 2018 adjusted earnings of 48 cents per share.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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