Consolidated Edison (ED) Q2 Earnings Miss, Revenues Up Y/Y
Consolidated Edison Inc. ED reported second-quarter 2019 adjusted earnings of 58 cents per share, which missed the Zacks Consensus Estimate of 60 cents by 3.3%.
Barring one-time adjustments, the company posted GAAP earnings of 46 cents per share, reflecting a 23.3% year-over-year decline. This downside was primarily on account of higher operating expenses.
In the reported quarter, the company’s total revenues of $2,744 million outshined the Zacks Consensus Estimate of $2,670 million by 2.8%. Moreover, the top line increased 1.8% from $2,696 million in the year-ago quarter.
Electric revenues totaled $1,971 million in the second quarter, up 1% from the prior-year quarter’s $1,951 million. Gas revenues declined 8.2% to $449 million. Also, steam revenues declined 6.25% to $90 million. Meanwhile, non-utility revenues amounted to $234 million, up 46.25% from $160 million in the year-earlier quarter.
Total operating expenses in the second quarter rose 1.1% year over year to $2,286 million.
Depreciation and amortization, other operations and maintenance, and taxes and other than income taxes increased 18.1%, 3.3% and 7%, respectively, from the prior-year quarter numbers. However, purchase power, fuel and gas purchased for resale declined 9.3%, 31.6% and 32.5% year over year, respectively.
Consolidated Edison Inc Price, Consensus and EPS Surprise
Cash and temporary cash investments as of Jun 30, 2019, summed $831 million compared with $895 million as of Dec 31, 2018.
Long-term debt was $17,496 million as of Jun 30, 2019, compared with $17,495 million at 2018 end.
At the end of the first half of 2019, cash from operating activities amounted to $1,538 million compared with $1,040 in the first half of 2018.
For 2019, the company reaffirmed its adjusted earnings per share guidance at $4.25-$4.45. The Zacks Consensus Estimate for full-year earnings pegged at $4.35 lies exactly at the midpoint of the company’s guided range.
Consolidated Edison currently carries a Zacks Rank #4 (Sell).
Recent Utility Releases
NextEra Energy NEE, a Zacks Rank #3 (Hold) stock, reported second-quarter 2019 adjusted earnings of $2.35 per share, beating the Zacks Consensus Estimate of $2.28 by 3.1%. Moreover, earnings were up 12.9% on a year-over-year basis. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
CMS Energy Corporation CMS, a Zacks Rank #3 stock, reported second-quarter 2019 adjusted earnings per share of 33 cents, down 32.7% year over year. The bottom line also missed the Zacks Consensus Estimate of 44 cents by 25%.
American Electric Power Co., Inc. AEP, a Zacks Rank #3 stock, reported second-quarter 2019 adjusted earnings per share of $1.00, surpassing the Zacks Consensus Estimate of 98 cents by 2%.
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