| Edison International (EIX) Tops Q1 Earnings, Lags Revenues - Analyst Blog | |
| | |
|
Edison International EIX reported solid first-quarter 2015 results wherein its adjusted earnings of 89 cents per share came in ahead of the Zacks Consensus Estimate of 78 cents by 14.1%. The quarterly number was a penny lower than the year-ago figure. Edison International - Earnings Surprise | FindTheCompany Taking into account an income of 2 cents per share related to losses allocated to tax equity investors under the hypothetical liquidation at book value accounting method, GAAP earnings in the quarter were 91 cents per share compared with 54 cents per share in the year-ago quarter.
Total Revenues
Edison International's first-quarter revenues were $2,512 million, lagging the Zacks Consensus Estimate of $2,957 million by 15.1%. Quarterly revenues were also lower than the year-ago figure of $2,926 million by 14.2%.
Operational Highlights
In the reported quarter, total operating expenses decreased 23.9% to $1,974 million on account of lower purchased power and fuel expenses and operations and maintenance expenses, partially offset by higher depreciation and amortization expenses.
Total input cost including fuel and power purchase was $786 million in the first quarter, down 31.2% from $1,143 million in the year-ago period. Total operations and maintenance expenses decreased 12.4 % year over year to $636 million.
Operating income was up 62.5% year over year to $538 million in the reported quarter.
Interest expenses stood at $143 million compared with $141 million in the first quarter of 2014.
Segment Results
Southern California Edison’s first-quarter adjusted earnings were 93 cents, in line with the year-ago earnings. Earnings in the reported quarter were impacted by the delay in the California Public Utilities Commission (CPUC) 2015 General Rate Case (GRC) decision and lower income tax benefits, offset by higher FERC-related revenue from rate base growth and higher earnings on funds used during construction.
Edison International Parent and Other’s first-quarter 2015 core losses were comparable with the core losses incurred in the year-ago quarter.
Financial Update
As of Mar 31, 2015, cash and cash equivalents were $115 million, down from $132 million as of Dec 31, 2014. Long-term debt was $11,133 million, higher than the 2014-end level of $10,234 million.
Net cash from operating activities during first-quarter 2015 was $964 million compared with $565 million in first-quarter 2014. Total capital expenditure amounted to $1,268 million, up 34.9% from $940 million in the year-ago period.
Guidance
The company has not provided any guidance for 2015 and is awaiting a decision on the SCE 2015 GRC from the CPUC.
Nevertheless, management stated that it expects rate base growth of 7% to 9% over the 2015 to 2017 time frame. The company projects capital expenditure in the range of $11.5 billion to $13.1 billion between 2015 and 2017.
The company lowered its 2016 -2017 capital forecast by $325 million from the prior forecast primarily due to the Coolwater-Lugo project suspension and other FERC project adjustments.
Other Utility Releases
American Electric Power Co., Inc.’s AEP earnings per share of $1.28 in the first quarter 2015 beat the Zacks Consensus Estimate of $1.11 by 15.3%.
CMS Energy Corp. CMS reported first-quarter earnings of 73 cents per share, outpacing the Zacks Consensus Estimate of 66 cents by 10.6%
Entergy Corporation ETR reported first-quarter 2015 operational earnings of $1.68 per share, beating the Zacks Consensus Estimate of $1.30 by 29.2%.
Our Take
Edison International delivered strong first-quarter results. It is focused on its transmission and distribution infrastructural development programs. The company is going to invest in excess of $11 billion over the 2015 -2017 period to strengthen its operations.
The improvement in its infrastructure will allow Edison International to serve a wider customer base. The company has increased its customer base annually in each of the last five years, which was also accompanied by a rise in total kilowatt hour sales over the said period barring 2013.
Edison International presently carries a Zacks Rank #3 (Hold). Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report AMER ELEC PWR (AEP): Free Stock Analysis Report CMS ENERGY (CMS): Free Stock Analysis Report ENTERGY CORP (ETR): Free Stock Analysis Report EDISON INTL (EIX): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research
|
|
|
CMS Energy Corporation
|
|
|
CODE : CMS |
ISIN : US1258961002 |
|
| |
ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
CMS Energy is a producing company based in United states of america. CMS Energy is listed in Germany and in United States of America. Its market capitalisation is US$ 17.0 billions as of today (€ 15.9 billions). Its stock quote reached its lowest recent point on April 18, 2014 at US$ 0.12, and its highest recent level on April 24, 2024 at US$ 60.28. CMS Energy has 282 420 406 shares outstanding. |