Consolidated Edison Inc. ED posted third-quarter 2015 adjusted earnings of $1.44 per share, lagging both the Zacks Consensus Estimate and the year-ago figure of $1.48 by 2.7%.
Quarterly earnings declined primarily due to decrease in revenues and operating income.
Consolidated Edison Inc. (ED) - Earnings Surprise | FindTheCompany
Quarterly Results
Consolidated Edison reported total revenue of $3,443 million, short of the Zacks Consensus Estimate of $3,733 million by 7.8%. Revenues were however up 1.6% year over year. The increase resulted primarily from higher non-utility revenues and steam revenues.
Electric revenues were $2,762 million in the reported quarter, down from the prior-year figure of $2,786 million. Gas revenues were flat year over year. Steam revenues increased 26.1%, while non-utility revenues escalated 20.2% to $386 million from $321 million a year ago.
Total operating expenses in the quarter increased 1.6% year over year to $2,613 million. Operating expenses went up due to higher depreciation and amortization, operations and maintenance, and taxes, other than income taxes.
While purchased power, gas purchased for resale and fuel expenses declined a respective 1.7%, 15.8% and 24.4%, depreciation and amortization expenses, other operation and maintenance expenses and taxes, other than income taxes increased 5.6%, 1.4% and 11.5%, respectively.
Financials
Cash and cash equivalents, as of Sep 30, 2015, were $91 million compared with $699 million as of Dec 31, 2014. Net cash flow from operating activity in the first nine months of 2015 was $2,199 million compared with $1,751 million a year ago.
Long-term debt was $11,521 million as of Sep 30, 2015, almost on par with $11,631 million at 2014-end.
Guidance
For 2015, the company has maintained its earnings guidance in the range of $3.90 to $4.05 a share.
Peer Releases
Entergy Corporation ETR reported third-quarter 2015 operational earnings of $1.90 per share, missing the Zacks Consensus Estimate of $1.93 by nearly 1.6%. Quarterly earnings, however, increased 13.1% from $1.68 per share in the year-ago period.
Public Service Enterprise Group Inc. PEG reported third-quarter adjusted operating earnings per share of 80 cents, beating the Zacks Consensus Estimate of 79 cents by 1.3%.
Sempra Energy SRE reported third-quarter 2015 results, wherein adjusted earnings of $1.00 per share came in ahead of the Zacks Consensus Estimate of 83 cents by 20.5%. The quarterly number declined 28.6% from $1.39 earned a year ago.
Zacks Rank
Consolidated Edison currently has a Zacks Rank #3 (Hold).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days.
Click to get this free report SEMPRA ENERGY (SRE): Free Stock Analysis Report ENTERGY CORP (ETR): Free Stock Analysis Report CONSOL EDISON (ED): Free Stock Analysis Report PUBLIC SV ENTRP (PEG): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research