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Consolidated Edison (ED) Tops Q4 Earnings, Gives 2017 View

Consolidated Edison Inc.ED posted fourth-quarter 2016 adjusted earnings of 69 cents per share that beat the Zacks Consensus Estimate of 67 cents by 3%. Reported earnings were also up 13.1% from the year-ago figure of 61 cents.

Full-year earnings came in at $3.99 per share, beating the Zacks Consensus Estimate of $3.96 by 0.8%. However, 2016 earnings were lower than the year-ago adjusted number of $4.08 by 2.2%.

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Total Revenue

Consolidated Edison reported total revenue of $2,707 million in the fourth quarter, which fell short of the Zacks Consensus Estimate of $3,163 million by 14.4%. Revenues were, however, same as the year-ago level.

Electric revenues came in at $2,024 million in the reported quarter, up 6.8% from the prior-year figure of $1,895 million. Gas revenues increased 7.2% to $446 million. Steam revenues improved 45% to $145 million, while non-utility revenues amounted to $92 million, down 68.9% from $296 million a year ago.

Full-year revenues came in at $12.07 billion, lagging the Zacks Consensus Estimate of $12.21 billion by 1.1%. Reported revenues also fell 3.8% from the year-ago figure of $12.55 billion.

Operating Statistics

Total operating expenses in the quarter decreased 3.4% to $2,229 million due to lower purchase power and other operations and maintenance expenses.

While as purchased for resale, depreciation and amortization, fuel and taxes other than income taxes increased a respective 100%, 7.2%, 21.9% and 6.3%, purchase power and other operations and maintenance expenses decreased 31.2% and 4.4%, respectively.

Consolidated Edison Inc Price, Consensus and EPS Surprise

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

Financials

Cash and cash equivalents as of Dec 31, 2016 were $776 million compared with $944 million as of Dec 31, 2015.

Long-term debt was $14,735 million as of Dec 31, 2016 as against $12,006 million at 2015 end.

In 2016, cash from operating activities was $3,459 million compared with $3,277 million in the year-ago period.

Guidance

For 2017, the company expects its earnings per share in the range of $3.95 to $4.15.

Peer Releases

American Electric Power Co., Inc. AEP reported fourth-quarter 2016 operating earnings of 67 cents per share, which beat the Zacks Consensus Estimate of 55 cents by 21.8%. The company has a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here .

NextEra Energy, Inc. NEE reported fourth-quarter 2016 adjusted earnings of $1.21 per share, which missed the Zacks Consensus Estimate of $1.29 by 6.2%. Reported earnings were, however, up 3.4% year over year. The company carries a Zacks Rank #2 (Buy).

WEC Energy Group WEC reported fourth-quarter 2016 adjusted earnings of 61 cents per share, a penny lower than both the Zacks Consensus Estimate and the year-ago figure of 62 cents. The company carries a Zacks Rank #3.

Zacks Rank

Consolidated Edison currently has a Zacks Rank #4 (Sell).

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American Electric Power Company, Inc. (AEP): Free Stock Analysis Report

WEC Energy Group, Inc. (WEC): Free Stock Analysis Report

NextEra Energy, Inc. (NEE): Free Stock Analysis Report

Consolidated Edison Inc (ED): Free Stock Analysis Report

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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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