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Consolidated Edison (ED) Q1 Earnings Miss, Revenues Down Y/Y

Consolidated Edison Inc. ED reported first-quarter 2020 adjusted earnings of $1.35 per share, which missed the Zacks Consensus Estimate of $1.43 by 5.6%. The bottom-line figure, moreover, declined 2.9% from $1.39 reported in the prior-year quarter.

Barring one-time adjustments, the company posted GAAP earnings of $1.13 per share, compared with GAAP earnings of $1.31 in the first quarter of 2019.

Total Revenues

In the reported quarter, the company’s total revenues of $3,234 million missed the Zacks Consensus Estimate of $3,603 million by 10.2%. Moreover, the top line declined 8% from $3,514 million in the year-ago quarter.

Electric revenues totaled $1,906 million in the first quarter, down 1.8% from the prior-year quarter’s $1,941 million. Gas revenues declined 10% to $931 million.

Further, steam revenues fell 22.1% to $250 million. Meanwhile, non-utility revenues amounted to $147 million, slumping 32.6% from $218 million registered in the year-earlier quarter.

Operating Statistics

Total operating expenses in the first quarter declined 11% year over year to $2,426 million.

Purchase power; gas purchased for resale; fuel, taxes and other operations; and maintenance expenses declined 16.3%, 47.5%, 26.4% and 11.8%, respectively, from the prior-year quarter’s numbers. However, depreciation and amortization and taxes, other than income taxes, increased 13.8% and 5.5% year over year, respectively.

Consolidated Edison Inc Price, Consensus and EPS Surprise

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

Consolidated Edison Inc price-consensus-eps-surprise-chart | Consolidated Edison Inc Quote

Financials

Cash and temporary cash investments, as of Mar 31, 2020, summed $1,395 million compared with $981 million as of Dec 31, 2019.

Long-term debt was $19.423 million as of Mar 31, 2020, compared with $18,527 million at 2019-end.

At the end of the first quarter, cash from operating activities amounted to $412 million compared with $464 million a year ago.

2020 Guidance

For 2020, the company continues to expect adjusted earnings per share in the $4.15-$4.35 range. The Zacks Consensus Estimate for full-year earnings, pegged at $4.37, lies just above the company’s guided 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

FirstEnergy Corporation FE delivered first-quarter 2020 operating earnings of 66 cents per share, which beat the Zacks Consensus Estimate of 64 cents by 3.13%.

NextEra Energy NEE reported first-quarter 2020 adjusted earnings of $2.38 per share, which surpassed the Zacks Consensus Estimate of $2.21 by 7.7%.

CMS Energy Corporation CMS reported first-quarter 2020 adjusted EPS of 86 cents, which surpassed the Zacks Consensus Estimate of 77 cents by 11.7%.

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