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Consolidated Edison (ED) Q4 Earnings Beat, Revenues Rise Y/Y

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·4 min read
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Consolidated Edison, Inc. ED reported fourth-quarter 2021 adjusted earnings of $1 per share, which surpassed the Zacks Consensus Estimate of 85 cents by 17.6%. The bottom line also improved 33% from 75 cents in the prior-year quarter.

Barring one-time adjustments, the company posted GAAP earnings of 63 cents per share compared with 13 cents in the fourth quarter of 2020.

For 2021, the company posted adjusted earnings of $4.39 per share, up 5% from 2020’s tally. The full-year earnings also surpassed the Zacks Consensus Estimate of $4.24.

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

Total Revenues

In the reported quarter, the company’s total revenues of $3,415 million surpassed the Zacks Consensus Estimate of $2,968 million by 15.1%. The top line also improved 15.4% from $2,960 million in the year-ago quarter. The upside was primarily attributable to higher electric, gas, steam and non-utility revenues.

Electric revenues totaled $2,306 million in the fourth quarter, up 11.4% from the prior-year quarter. Gas revenues were up 22.5% to $730 million.

Non-utility revenues amounted to $240 million, climbing 40.4% from the year-earlier quarter. Steam revenues were up 13% to $139 million.

For 2021, the company generated revenues worth $13.68 billion, up 11.7% from 2020 revenues. The full-year revenues also beat the Zacks Consensus Estimate of $13.29 billion.

Operating Statistics

Total operating expenses in the fourth quarter escalated 10.8% year over year to $2,718 million.

Fuel expenses increased 97% year over year, while gas purchased for resale surged 40.5%. Depreciation and amortization as well as taxes, other than income taxes, increased 5.9% and 7.1% year over year, respectively. Operations and maintenance expenses rose 16.3%.

The company’s fourth-quarter operating income surged 37.5% year over year to $697 million.

Financials

Cash and temporary cash investments as of Dec 31, 2021 were $992 million compared with $1,272 million as of Dec 31, 2020.

Long-term debt was $22,604 million as of Dec 31, 2021, compared with $20,382 million at 2020-end.

At the end of 2021, cash from operating activities amounted to $2,733 million, compared with $2,198 million a year ago.

2022 Guidance

For 2022, the company reaffirmed its adjusted earnings per share of $4.40-$4.60. The Zacks Consensus Estimate for full-year earnings is pegged at $4.45 per share, which lies below the mid-point of the company’s guided range.

Zacks Rank

Consolidated Edison currently 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

Hawaiian Electric Industries, Inc. HE reported earnings per share (EPS) of 50 cents for the fourth quarter of 2021, which surpassed the Zacks Consensus Estimate of 45 cents by 11.1%. The bottom line improved 8.7% from 46 cents per share in the prior-year quarter.

Its total revenues of $770.3 million in the fourth quarter improved 18.1% from the prior-year quarter’s $652.2 million. The increase in revenues can be attributed to increased contributions from the Electric Utility and Other segments.

DTE Energy Company DTE reported fourth-quarter 2021 operating EPS of $1.05, which surpassed the Zacks Consensus Estimate of 94 cents by 11.7%. The bottom line also increased 1.9% from the year-ago quarter’s $1.03 per share.

The Zacks Consensus Estimate for DTE’s 2022 earnings is pegged at $5.93 per share, which implies a year-over-year decline of 1%. DTE Energy boasts a long-term growth rate of 6%.

CMS Energy Corporation CMS reported fourth-quarter 2021 adjusted EPS of 47 cents from continuing operations, which met the Zacks Consensus Estimate. The reported figure declined 2.1% on a year-over-year basis.

CMS Energy’s operating revenues were $2,033 million, which exceeded the Zacks Consensus Estimate of $1,754 million by 15.9%. CMS’ top line also improved 17.7% on a year-over-year basis.


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