Consolidated Edison (ED) Q2 Earnings Beat, Revenues Down Y/Y
Consolidated Edison Inc. ED reported second-quarter 2020 adjusted earnings of 60 cents per share, which surpassed the Zacks Consensus Estimate of 54 cents by 11.1%. The reported figure also improved 3.4% from the prior-year quarter’s adjusted earnings of 58 cents.
Barring one-time adjustments, the company posted GAAP earnings of 57 cents per share, reflecting 23.9% year-over-year growth.
Total Revenues
In the reported quarter, the company’s total revenues of $2,719 million missed the Zacks Consensus Estimate of $2,852 million by 4.7%. Moreover, the top line declined 0.9% from $2,744 million in the year-ago quarter.
Electric revenues totaled $1,983 million in the second quarter, up 0.6% from the prior-year quarter’s $1,971 million. Gas revenues improved 0.9% to $453 million. However, steam revenues declined 6.7% to $84 million. Meanwhile, non-utility revenues amounted to $199 million, falling 15% from $234 million in the year-earlier quarter.
Operating Statistics
Total operating expenses in the second quarter declined 2% year over year to $2,240 million.
Depreciation and amortization, purchased power and taxes other than income taxes grew 13.9%, 8% and 4.5%, respectively, from the prior-year quarter’s numbers.
However, other operations and maintenance, fuel, and gas purchased for resale declined 12.9%, 11.5% and 41.2% year over year, respectively.
Financials
Cash and temporary cash investments as of Jun 30, 2020, summed $1,144 million compared with $981 million as of Dec 31, 2019.
Long-term debt was $19,149 million as of Jun 30, 2020, compared with $18,527 million at 2019-end.
At the end of the second quarter, cash from operating activities amounted to $975 million compared with $1,291 million a year ago.
Consolidated Edison Inc Price, Consensus and EPS Surprise
Consolidated Edison Inc price-consensus-eps-surprise-chart | Consolidated Edison Inc Quote
2020 Guidance
For 2020, the company reaffirmed its adjusted earnings per share guidance in the $4.15-$4.35 range.
The Zacks Consensus Estimate for full-year earnings, pegged at $4.24, lies just below the midpoint of the company’s guidance range.
Zacks Rank
Consolidated Edison carries a Zacks Rank #4 (Sell).
Recent Utility Releases
NextEra Energy NEE, a Zacks Rank #3 (Hold) company, reported second-quarter 2020 adjusted earnings of $2.61 per share, surpassing the Zacks Consensus Estimate of $2.50 by 4.4%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
FirstEnergy Corporation FE, a Zacks Rank #3 company, delivered second-quarter 2020 operating earnings of 57 cents per share, which beat the Zacks Consensus Estimate of 55 cents by 3.64%.
Pinnacle West Capital Corporation PNW, a Zacks Rank #3 company, delivered adjusted earnings per share of $1.71 in the second quarter of 2020, which beat the Zacks Consensus Estimate of $1.48 by 15.6%.
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