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Post Earnings Coverage as Consolidated Edison's Revenue Improved; GAAP EPS Jumped 21%

Upcoming AWS Coverage on FirstEnergy Post-Earnings Results

LONDON, UK / ACCESSWIRE / May 18, 2017 / Active Wall St. announces its post-earnings coverage on Consolidated Edison, Inc. (NYSE: ED). The Company disclosed its first quarter fiscal 2017 financial results on May 04, 2017. The utility Company posted revenue and earnings results which came in ahead of the market estimates. Register with us now for your free membership at:

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One of Consolidated Edison's competitors within the Electric Utilities space, FirstEnergy Corp. (NYSE: FE), reported on April 27, 2017, its Q1 2017 earnings results. AWS will be initiating a research report on FirstEnergy in the coming days.

Today, AWS is promoting its earnings coverage on ED; touching on FE. Get our free coverage by signing up to:

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Earnings Reviewed

For the three months ended March 31, 2017, Consolidated Edison reported operating revenue of $3.23 billion, up compared to Q1 2016 revenue of $3.16 billion. The Company's revenue numbers surpassed analysts' consensus of $3.06 billion.

Consolidated Edison reported Q1 2017 net income of $388 million, or $1.27 per share, compared with $310 million, or $1.05 per share, in Q1 2016. The Company's adjusted earnings, which exclude the net mark-to-market effects of Con Edison Clean Energy Businesses, Inc.'s subsidiaries, were $386 million, or $1.27 per share, for the reported quarter compared with $348 million, or $1.18 per share, in the year ago same period. The Company's earnings numbers exceeded Wall Street's estimates of $1.19 per share.

"Safety, operational excellence and enhancing the customer experience continue to be our prime focus," said John McAvoy, Chairman and CEO of Con Edison, "We are connecting customers to renewables and energy efficiency programs that help them protect the environment and save money. As we begin our roll-out of smart meters this year, customers will have even more information to help them control their energy use. Our strategy led to a solid first quarter, with earnings in-line with our expectations."

Segment Results

For Q1 2017, Consolidated Edison's Electric revenues totaled $1.93 billion compared to revenue of $1.91 billion in Q1 2016. The Company's gas revenues surged 28% to $862 million compared to revenue of $676 million in the year ago same quarter. Consolidated Edison's Steam revenues advanced 16% to $298 million compared to revenue of $258 million in the prior year's same quarter, while the Company's non-utility revenues tumbled 57% to $134 million from $310 million in Q1 2016.

Cash Matters

As of March 31, 2017, Consolidated Edison's cash and temporary cash investments were $67 million compared with $776 million as of December 31, 2016. The Company's long-term debt was $14.83 billion at the end of Q1 2017 compared with $14.74 billion at 2016 end.

During Q1 2017, Consolidated Edison generated cash flow from operating activities of $380 million compared with $458 million in Q1 2016.

Outlook

For the full year of 2017, Consolidated Edison confirms its previous forecast of adjusted earnings to be in the range of $3.95 to $4.15 per share. Adjusted earnings per share exclude the Clean Energy Businesses' net mark-to-market effects, the amount of which will not be determinable until year-end.

Stock Performance

On Wednesday, May 17, 2017, Consolidated Edison's share price finished the trading session at $79.36, slightly up by 0.28%. A total volume of 1.75 million shares exchanged hands, which was higher than the 3 months average volume of 1.55 million shares. The stock has advanced 7.68% and 15.17% in the last three months and past six months, respectively. Furthermore, since the start of the year, shares of the Company have gained 8.71%. The stock is trading at a PE ratio of 18.29 and has a dividend yield of 3.48%.

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SOURCE: Active Wall Street