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Consolidated Edison (ED) Q2 Earnings Beat, Revenues Fall Y/Y
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Consolidated Edison, Inc. (ED - Free Report) reported second-quarter 2023 adjusted earnings of 61 cents per share, which beat the Zacks Consensus Estimate of 58 cents per share by 5.2%. However, the bottom line decreased 4.7% from 64 cents in the prior-year quarter.
Barring one-time adjustments, the company posted GAAP earnings of 65 cents per share compared with 72 cents in the second quarter of 2022.
Total Revenues
In the reported quarter, Consolidated Edison's total revenues of $2,944 million missed the Zacks Consensus Estimate of $3,286 million by 10.4.%. The top line also declined 13.8% from $3,415 million in the year-ago quarter. The downside was due to lower electric, gas steam and utility revenues.
Electric revenues totaled $2,303 million in the second quarter, down 4.7% from the prior-year quarter. Gas revenues were down 11.2% to $571 million.
Steam revenues were down 17.9% to $69 million. Non-utility revenues amounted to $1 million compared with $272 million in the year-earlier quarter.
Consolidated Edison Inc Price, Consensus and EPS Surprise
Total operating expenses in the second quarter declined by 11.7% year over year to $2,673 million.
Fuel expenses decreased 65.4% year over year, and the cost of gas purchased for resale came down by 51.7%. Depreciation and amortization expenses decreased 7.9%, and taxes, other than income taxes, decreased 0.3% year over year. Other operations and maintenance expenses went down by 3.6%, while purchase power costs decreased 21.8%.
The company’s second-quarter operating income declined 26.6% year over year to $284 million.
Financials
Cash and temporary cash investments as of Jun 30, 2023 were $1,955 million compared with $1,282 million as of Dec 31, 2022.
The long-term debt was $20,648 million as of Jun 30, 2023 compared with $20,147 million at the 2022-end.
For the six months ended Jun 30, 2023, cash from operating activities amounted to $1,140 million compared with the $1,727 million generated in the year-ago period.
2023 Guidance
Consolidated Edison updated its 2023 guidance. It now expects earnings per share (EPS) in the range of $4.85-$5.00, up from the previous guidance range of $4.75-$4.95. The Zacks Consensus Estimate for full-year earnings is pegged at $4.86 per share, toward the low end of the company’s guided range.
Public Service Enterprise Group Incorporated (PEG - Free Report) , or PSEG, reported second-quarter 2023 adjusted operating earnings of 70 cents per share, which beat the Zacks Consensus Estimate of 61 cents by 14.8%. Earnings also increased 9.4% from the prior-year reported figure.
Operating revenues came in at $2,421 million in the second quarter, which beat the Zacks Consensus Estimate of $2,025.6 million by 19.5%. The top line also increased by 16.6% from the year-ago quarter’s $2,076 million.
PG&E Corporation’s (PCG - Free Report) adjusted EPS of 23 cents in the second quarter of 2023 lagged the Zacks Consensus Estimate of 27 cents by 14.8%. The bottom line decreased 8% from the year-ago quarter’s reported figure.
In the second quarter, PCG reported total revenues of $5,290 million compared with $5,118 million in the year-ago period. Operating revenues missed the Zacks Consensus Estimate of $5,608.6 million by 5.7%.
CenterPoint Energy, Inc. (CNP - Free Report) reported second-quarter 2023 adjusted earnings of 28 cents per share, which lagged the Zacks Consensus Estimate of 29 cents by 3.4%. The bottom line also declined 10.7% from the year-ago quarter’s figure of 31 cents.
CNP generated revenues of $1,875 million, down 3.5% from the year-ago figure. The top line missed the Zacks Consensus Estimate of $1,922.8 million by 2.5%.
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Consolidated Edison (ED) Q2 Earnings Beat, Revenues Fall Y/Y
Consolidated Edison, Inc. (ED - Free Report) reported second-quarter 2023 adjusted earnings of 61 cents per share, which beat the Zacks Consensus Estimate of 58 cents per share by 5.2%. However, the bottom line decreased 4.7% from 64 cents in the prior-year quarter.
Barring one-time adjustments, the company posted GAAP earnings of 65 cents per share compared with 72 cents in the second quarter of 2022.
Total Revenues
In the reported quarter, Consolidated Edison's total revenues of $2,944 million missed the Zacks Consensus Estimate of $3,286 million by 10.4.%. The top line also declined 13.8% from $3,415 million in the year-ago quarter. The downside was due to lower electric, gas steam and utility revenues.
Electric revenues totaled $2,303 million in the second quarter, down 4.7% from the prior-year quarter. Gas revenues were down 11.2% to $571 million.
Steam revenues were down 17.9% to $69 million. Non-utility revenues amounted to $1 million compared with $272 million in the year-earlier quarter.
Consolidated Edison Inc Price, Consensus and EPS Surprise
Consolidated Edison Inc price-consensus-eps-surprise-chart | Consolidated Edison Inc Quote
Operating Statistics
Total operating expenses in the second quarter declined by 11.7% year over year to $2,673 million.
Fuel expenses decreased 65.4% year over year, and the cost of gas purchased for resale came down by 51.7%. Depreciation and amortization expenses decreased 7.9%, and taxes, other than income taxes, decreased 0.3% year over year. Other operations and maintenance expenses went down by 3.6%, while purchase power costs decreased 21.8%.
The company’s second-quarter operating income declined 26.6% year over year to $284 million.
Financials
Cash and temporary cash investments as of Jun 30, 2023 were $1,955 million compared with $1,282 million as of Dec 31, 2022.
The long-term debt was $20,648 million as of Jun 30, 2023 compared with $20,147 million at the 2022-end.
For the six months ended Jun 30, 2023, cash from operating activities amounted to $1,140 million compared with the $1,727 million generated in the year-ago period.
2023 Guidance
Consolidated Edison updated its 2023 guidance. It now expects earnings per share (EPS) in the range of $4.85-$5.00, up from the previous guidance range of $4.75-$4.95. The Zacks Consensus Estimate for full-year earnings is pegged at $4.86 per share, toward the low end of the company’s guided range.
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
Public Service Enterprise Group Incorporated (PEG - Free Report) , or PSEG, reported second-quarter 2023 adjusted operating earnings of 70 cents per share, which beat the Zacks Consensus Estimate of 61 cents by 14.8%. Earnings also increased 9.4% from the prior-year reported figure.
Operating revenues came in at $2,421 million in the second quarter, which beat the Zacks Consensus Estimate of $2,025.6 million by 19.5%. The top line also increased by 16.6% from the year-ago quarter’s $2,076 million.
PG&E Corporation’s (PCG - Free Report) adjusted EPS of 23 cents in the second quarter of 2023 lagged the Zacks Consensus Estimate of 27 cents by 14.8%. The bottom line decreased 8% from the year-ago quarter’s reported figure.
In the second quarter, PCG reported total revenues of $5,290 million compared with $5,118 million in the year-ago period. Operating revenues missed the Zacks Consensus Estimate of $5,608.6 million by 5.7%.
CenterPoint Energy, Inc. (CNP - Free Report) reported second-quarter 2023 adjusted earnings of 28 cents per share, which lagged the Zacks Consensus Estimate of 29 cents by 3.4%. The bottom line also declined 10.7% from the year-ago quarter’s figure of 31 cents.
CNP generated revenues of $1,875 million, down 3.5% from the year-ago figure. The top line missed the Zacks Consensus Estimate of $1,922.8 million by 2.5%.