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Consolidated Edison (ED) Q4 Earnings Tops Estimates, Revenues Miss
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Consolidated Edison Inc. (ED - Free Report) reported fourth-quarter 2020 adjusted earnings of 75 cents per share, which surpassed the Zacks Consensus Estimate of 72 cents by 4.2%. However, the bottom-line figure declined 12.8% from 86 cents in the prior-year quarter.
Including one-time adjustments, the company posted GAAP earnings of 79 cents per share, reflecting a 10.2% year-over-year decline. This downside can be attributed to lower operating income recorded in the reported quarter.
For 2020, the company recorded earnings of $4.18 per share, which surpassed the Zacks Consensus Estimate of $4.15. The full-year bottom line, however, declined 4.6% year over year.
Total Revenues
In the reported quarter, the company’s total revenues of $2,960 million missed the Zacks Consensus Estimate of $3,057 million by 3.2%. The top line, however, improved by a slight 0.3% when compared with $2,951 million in the year-ago quarter.
For 2020, the company’s total revenues of $12.25 billion missed the Zacks Consensus Estimate of $12.31 billion by 0.5%. The full-year top line declined 2.6% from $12.57 billion in the prior year.
Electric revenues totaled $2,070 million in the fourth quarter, up 2% from the prior-year quarter’s $2,029 million. Gas revenues declined 0.7% year over year to $596 million. Steam revenues dropped 22.2% to $123 million.
Meanwhile, non-utility revenues amounted to $171 million, up 4.3% from $164 million in the year-earlier quarter.
Operating Statistics
Total operating expenses in the fourth quarter increased 2.8% year over year to $2,453 million.
Depreciation and amortization, purchased power, and taxes other than income taxes grew 13.9%, 19% and 8.9%, respectively, from the prior-year quarter’s numbers.
However, other operations and maintenance, fuel, and gas purchased for resale declined 7.3%, 25.6% and 22% year over year, respectively.
Total operating income in the fourth quarter dropped 10.3% year over year to $507 million.
Consolidated Edison Inc Price, Consensus and EPS Surprise
Cash and temporary cash investments as of Dec 31, 2020, were $1,272 million compared with $981 million as of Dec 31, 2019.
Long-term debt was $20,382 million as of Dec 31, 2020, compared with $18,527 million at 2019-end.
At the end of 2020, cash from operating activities amounted to $2,198 million compared with $3,134 million in the prior year.
2021 Guidance
For 2021, the company expects to generate adjusted earnings per share of $4.15-$4.35. The Zacks Consensus Estimate for full-year earnings is pegged at $4.40 per share, higher than the company’s guided range.
In 2021, Consolidated Edison expects to make capital investments of $4,018 million.
Xcel Energy Inc. (XEL - Free Report) posted fourth-quarter 2020 operating earnings of 54 cents per share, in line with the Zacks Consensus Estimate.
NextEra Energy, Inc. (NEE - Free Report) reported fourth-quarter 2020 adjusted earnings of 40 cents per share, which beat the Zacks Consensus Estimate of 39 cents by 2.6%.
CMS Energy Corp. (CMS - Free Report) reported fourth-quarter 2020 adjusted earnings per share of 56 cents, which surpassed the Zacks Consensus Estimate of 55 cents by 1.8%.
These Stocks Are Poised to Soar Past the Pandemic
The COVID-19 outbreak has shifted consumer behavior dramatically, and a handful of high-tech companies have stepped up to keep America running. Right now, investors in these companies have a shot at serious profits. For example, Zoom jumped 108.5% in less than 4 months while most other stocks were sinking.
Our research shows that 5 cutting-edge stocks could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of this decade, especially for those who get in early.
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Consolidated Edison (ED) Q4 Earnings Tops Estimates, Revenues Miss
Consolidated Edison Inc. (ED - Free Report) reported fourth-quarter 2020 adjusted earnings of 75 cents per share, which surpassed the Zacks Consensus Estimate of 72 cents by 4.2%. However, the bottom-line figure declined 12.8% from 86 cents in the prior-year quarter.
Including one-time adjustments, the company posted GAAP earnings of 79 cents per share, reflecting a 10.2% year-over-year decline. This downside can be attributed to lower operating income recorded in the reported quarter.
For 2020, the company recorded earnings of $4.18 per share, which surpassed the Zacks Consensus Estimate of $4.15. The full-year bottom line, however, declined 4.6% year over year.
Total Revenues
In the reported quarter, the company’s total revenues of $2,960 million missed the Zacks Consensus Estimate of $3,057 million by 3.2%. The top line, however, improved by a slight 0.3% when compared with $2,951 million in the year-ago quarter.
For 2020, the company’s total revenues of $12.25 billion missed the Zacks Consensus Estimate of $12.31 billion by 0.5%. The full-year top line declined 2.6% from $12.57 billion in the prior year.
Electric revenues totaled $2,070 million in the fourth quarter, up 2% from the prior-year quarter’s $2,029 million. Gas revenues declined 0.7% year over year to $596 million. Steam revenues dropped 22.2% to $123 million.
Meanwhile, non-utility revenues amounted to $171 million, up 4.3% from $164 million in the year-earlier quarter.
Operating Statistics
Total operating expenses in the fourth quarter increased 2.8% year over year to $2,453 million.
Depreciation and amortization, purchased power, and taxes other than income taxes grew 13.9%, 19% and 8.9%, respectively, from the prior-year quarter’s numbers.
However, other operations and maintenance, fuel, and gas purchased for resale declined 7.3%, 25.6% and 22% year over year, respectively.
Total operating income in the fourth quarter dropped 10.3% year over year to $507 million.
Consolidated Edison Inc Price, Consensus and EPS Surprise
Consolidated Edison Inc price-consensus-eps-surprise-chart | Consolidated Edison Inc Quote
Financials
Cash and temporary cash investments as of Dec 31, 2020, were $1,272 million compared with $981 million as of Dec 31, 2019.
Long-term debt was $20,382 million as of Dec 31, 2020, compared with $18,527 million at 2019-end.
At the end of 2020, cash from operating activities amounted to $2,198 million compared with $3,134 million in the prior year.
2021 Guidance
For 2021, the company expects to generate adjusted earnings per share of $4.15-$4.35. The Zacks Consensus Estimate for full-year earnings is pegged at $4.40 per share, higher than the company’s guided range.
In 2021, Consolidated Edison expects to make capital investments of $4,018 million.
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
Xcel Energy Inc. (XEL - Free Report) posted fourth-quarter 2020 operating earnings of 54 cents per share, in line with the Zacks Consensus Estimate.
NextEra Energy, Inc. (NEE - Free Report) reported fourth-quarter 2020 adjusted earnings of 40 cents per share, which beat the Zacks Consensus Estimate of 39 cents by 2.6%.
CMS Energy Corp. (CMS - Free Report) reported fourth-quarter 2020 adjusted earnings per share of 56 cents, which surpassed the Zacks Consensus Estimate of 55 cents by 1.8%.
These Stocks Are Poised to Soar Past the Pandemic
The COVID-19 outbreak has shifted consumer behavior dramatically, and a handful of high-tech companies have stepped up to keep America running. Right now, investors in these companies have a shot at serious profits. For example, Zoom jumped 108.5% in less than 4 months while most other stocks were sinking.
Our research shows that 5 cutting-edge stocks could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of this decade, especially for those who get in early.
See the 5 high-tech stocks now>>