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LONDON, UK / ACCESSWIRE / June 6, 2018 / If you want access to our free earnings report on Consolidated Edison, Inc. (NYSE: ED) ("Con Edison"), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=ED. On May 03, 2018, Con Edison reported financial results for the first quarter ended March 31, 2017. The Company surpassed analyst estimates for both revenues and earnings in Q1 FY18. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Earnings Highlights and Summary
Con Edison's total operating revenues reached $3.36 billion for Q1 FY18, reflecting an increase of 4.21% from $3.23 billion. In the quarter under review, electric segment's revenue declined 2.95% to $1.88 billion on a y-o-y basis, while gas segment's revenue increased 8.93% on a y-o-y basis to $939 million. Besides, the steam segment's revenue increased 5.37% to $314 million on a y-o-y basis and non-utility segment's revenue surged 74.63% to $234 million on a y-o-y basis in the reported quarter. Total revenue number was higher than the analysts' consensus estimates of $3.21 billion.
During Q1 FY18, Con Edison's operating expenses were $2.61 billion, 7.99% higher than $2.42 billion in Q1 FY17. The Company reported an operating income of $755 million in the quarter under review, down 7.02% from $812 million in the previous year comparable quarter.
Con Edison reported a net income of $428 million in Q1 FY18, 10.31% higher than $388 million in Q1 FY17. The Company's basic earnings per share (EPS) for the quarter under review were $1.38, an increase of 8.66% from $1.27 in the year ago same quarter. The Company's adjusted earnings, which excluded the net mark-to-market effects of Con Edison's Clean Energy Businesses, were $428 million, or $1.38 per share, in FY18 compared to $386 million or $1.27 per share in FY17. This was higher than analysts' consensus estimates of $1.33 per share.
Con Edison had a comprehensive income of $432 million in Q1 FY18, 11.63% higher than the $387 million reported in Q1 FY17.
Con Edison's Segment Details
In Q1 FY18, the Cecony segment's operating revenues were $2.88 billion, up 0.98% on a y-o-y basis. The segment had an operating income of $705 million in the reported quarter, 4.86% lower than $741 million in the previous year's same quarter. The segment had an EPS of $1.26 in Q1 FY18.
For Q1 FY18, the Orange and Rockland (O&R) Utilities segment's operating revenues were $246 million, 3.36% higher than Q1 FY17. This segment's operating income declined 24.14% to $44 million in the quarter under review from $58 million in the year ago corresponding quarter. The segment had an EPS of $0.07 in Q1 FY18.
The Clean energy businesses segment's operating revenues were $233 million for Q1 FY18 compared to $136 million in Q1 FY17, reflecting an increase of 71.32%. However, this segment's operating income fell 40% to $9 million in the reported quarter from $15 million in the previous year's same quarter. The segment had an EPS of $0.02 in Q1 FY18.
For Q1 FY18, the Transmission segment had operating revenues of $1 million. This segment had an operating loss of $1 million in Q1 FY18 compared to an operating loss of $3 million in Q1 FY17. The segment had an EPS of $0.03 in Q1 FY18.
Con Edison had cash and temporary cash investments of $651 million as on March 31, 2018, 18.32% lower than $797 million as on December 31, 2017. The Company had a long-term debt of $14.73 billion at the end of Q1 FY18, almost same as Q4 FY17.
Con Edison's net cash flow from operating activities was $143 million for the three months ending March 31, 2018, compared to $448 million for the same period last year. The Company paid dividends of $209 million in Q1 FY18, up 5.03% from $199 million in Q1 FY17.
For full year 2018, Con Edison confirmed its previous forecast of adjusted earnings to be in the range of $4.15 to $4.35 per share. It must be noted that this adjusted earnings per share forecast excludes the Clean Energy Businesses' net mark-to-market effects.
Stock Performance Snapshot
June 05, 2018 - At Tuesday's closing bell, Consolidated Edison's stock fell 1.25%, ending the trading session at $74.01.
Volume traded for the day: 1.77 million shares.
After yesterday's close, Consolidated Edison's market cap was at $23.36 billion.
Price to Earnings (P/E) ratio was at 3.35.
The stock has a dividend yield of 3.86%.
The stock is part of the Utilities sector, categorized under the Electric Utilities industry.
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