Consolidated Edison Inc.ED posted first-quarter 2015 adjusted earnings of $1.25 per share, above both the Zacks Consensus Estimate as well as the year-ago earnings of $1.17 per share by 6.8%.
Quarterly earnings improved primarily attributable to the changes in rate plans of Con Edison's utility subsidiaries, along with growth in its gas delivery service related to oil-to-gas conversions, as well as lower operations and maintenance expenses.
Consolidated Edison reported total revenues of $3,616 million, short of the Zacks Consensus Estimate of $3,838 million by 5.8%. Revenues were down 4.6% year over year. The decline, resulting primarily from lower electric as well as gas revenues, was partially offset by higher steam and non-utility revenues.
Electric revenues were $2,135 million in the reported quarter, down from the prior-year figure of $2,237 million. Gas revenues plunged 17% to $732 million. Steam revenues increased 10%, while non-utility revenues escalated 13.7% to $374 million from $329 million a year ago.
Total operating expenses in the quarter declined 6.9% year over year to $2,890 million. Operating expenses went down due to lower purchased power, lower gas purchased for resale, and operations and maintenance (O&M) but partially offset by higher depreciation and amortization.
While purchased power, gas purchased for resale and O&M, and depreciation and amortization expenses dropped 8.2%, 34.5% and 1.3% respectively, depreciation and amortization expenses increased 6.9%.
Cash and cash equivalents at the end of Mar 31, 2015, were $117 million compared with $699 million at the end of Dec 31, 2014. Net cash flow from operating activity in the quarter was $480 million compared with $11 million a year ago.
Long-term debt was $11,694 million as of Mar 31, 2015, up from $11,631 million at 2014 end.
For 2015, the company increased its earnings expectation to the range of $3.90 to $4.05 a share from the prior view of $3.80 to $4.00. This mainly reflects the cold weather in the first quarter that led to higher steam-delivery revenues.
CMS Energy Corporation CMS reported first-quarter 2015 adjusted earnings per share of 73 cents, outpacing the Zacks Consensus Estimate of 66 cents by 10.6%. Quarterly earnings however declined 2.7% from the year-ago figure.
PG&E Corporation's PCG adjusted operating earnings per share of 87 cents in the first quarter of 2015 outpaced the Zacks Consensus Estimate of 68 cents by 27.9%. The reported figure surged 61.1% from the year-ago earnings. The upside was driven by the impact of expense recovery authorized in the utility's 2014 General Rate Case.
American Electric Power Company Inc. AEP reported first-quarter 2015 operating earnings of $1.28 per share, beating the Zacks Consensus Estimate of $1.11 by 15.3%.
Consolidated Edison currently has a Zacks Rank #3 (Hold).
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