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Consolidated Edison, Inc. (ED - Free Report) reported second-quarter 2024 adjusted earnings of 59 cents per share, which beat the Zacks Consensus Estimate of 55 cents per share by 7.3%. However, the bottom line declined 3.3% from 61 cents recorded in the prior-year quarter.
The company posted GAAP earnings of 58 cents per share compared with 65 cents per share in the second quarter of 2023.
The year-over-year deterioration can be attributed to higher operating expenses and interest expenses compared to the prior-year quarter’s comparable level.
Total Revenues
In the reported quarter, Consolidated Edison's total operating revenues of $3.22 billion surpassed the Zacks Consensus Estimate of $3.08 billion by 4.5%. The top line also increased 9.4% from $2.94 billion reported in the year-ago quarter. The upside was driven by higher gas, steam and electric revenues.
Consolidated Edison Inc Price, Consensus and EPS Surprise
Electric revenues totaled $2.55 billion in the second quarter, which increased by 10.7% from the year-ago quarter’s figure of $2.30 billion. Gas revenues were up 1.9% to $582 million.
Steam revenues were up 27.5% to $88 million. Non-utility revenues were nil compared with $1 million in the year-earlier quarter.
Operating Statistics
Total operating expenses in the second quarter increased 8.5% year over year to $2.90 billion.
Purchase power costs rose 12.3%. Other operations and maintenance expenses increased 13.9%. Meanwhile, depreciation and amortization expenses jumped 3.2%. Taxes, other than income taxes, went up 9.2% year over year. Fuel expenses decreased 16.7% year over year, and the cost of gas purchased for resale came down 31.3%.
The company’s second-quarter operating income went up 12.7% year over year to $320 million.
Financials
Cash and temporary cash investments as of Jun 30, 2024 were $1.50 billion compared with $1.19 billion as of Dec 31, 2023.
The company’s long-term debt was $23.31 billion as of Jun 30, 2024 compared with the $21.93 billion long-term debt as of the 2023 end.
As of Jun 30, 2024, cash from operating activities amounted to $1.91 billion compared with $1.16 billion generated in the prior year.
Guidance
Consolidated Edison reaffirmed its 2024 guidance. It still expects to generate adjusted earnings per share (EPS) in the range of $5.20-$5.40. The Zacks Consensus Estimate for 2024 earnings is pegged at $5.31 per share, just above the midpoint of the company’s guided range.
Public Service Enterprise Group Incorporated (PEG - Free Report) , or PSEG, reported second-quarter 2024 adjusted earnings of 63 cents per share, which missed the Zacks Consensus Estimate of 64 cents by 1.6%. Earnings also declined 10% from the prior-year quarter’s reported figure.
Operating revenues in the second quarter totaled $2.42 billion, which beat the Zacks Consensus Estimate of $2.4 billion by 18.7%. The top line also increased 0.1% from the year-ago quarter’s figure.
Edison International (EIX - Free Report) reported second-quarter 2024 adjusted earnings of $1.23 per share, which increased 21.8% from $1.01 in the year-ago quarter. The Zacks Consensus Estimate was pegged at $1.05.
Edison International's second-quarter operating revenues totaled $4.34 billion, which beat the Zacks Consensus Estimate of $4.03 billion by 7.5%. The top line also increased 9.4% from the year-ago quarter’s figure of $3.96 billion.
PG&E Corporation (PCG - Free Report) reported a second-quarter 2024 adjusted EPS of 31 cents, which surpassed the Zacks Consensus Estimate of 30 cents by 3.3%. The bottom line also improved 34.8% from the year-ago quarter’s reported figure.
PCG reported second-quarter total revenues of $5.99 billion, up 13.2% from $5.29 billion registered in the year-ago period. Operating revenues also surpassed the Zacks Consensus Estimate of $5.83 billion by 2.7%.
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Consolidated Edison (ED) Q2 Earnings Top, Revenues Rise Y/Y
Consolidated Edison, Inc. (ED - Free Report) reported second-quarter 2024 adjusted earnings of 59 cents per share, which beat the Zacks Consensus Estimate of 55 cents per share by 7.3%. However, the bottom line declined 3.3% from 61 cents recorded in the prior-year quarter.
The company posted GAAP earnings of 58 cents per share compared with 65 cents per share in the second quarter of 2023.
The year-over-year deterioration can be attributed to higher operating expenses and interest expenses compared to the prior-year quarter’s comparable level.
Total Revenues
In the reported quarter, Consolidated Edison's total operating revenues of $3.22 billion surpassed the Zacks Consensus Estimate of $3.08 billion by 4.5%. The top line also increased 9.4% from $2.94 billion reported in the year-ago quarter. The upside was driven by higher gas, steam and electric revenues.
Consolidated Edison Inc Price, Consensus and EPS Surprise
Consolidated Edison Inc price-consensus-eps-surprise-chart | Consolidated Edison Inc Quote
Electric revenues totaled $2.55 billion in the second quarter, which increased by 10.7% from the year-ago quarter’s figure of $2.30 billion. Gas revenues were up 1.9% to $582 million.
Steam revenues were up 27.5% to $88 million. Non-utility revenues were nil compared with $1 million in the year-earlier quarter.
Operating Statistics
Total operating expenses in the second quarter increased 8.5% year over year to $2.90 billion.
Purchase power costs rose 12.3%. Other operations and maintenance expenses increased 13.9%. Meanwhile, depreciation and amortization expenses jumped 3.2%. Taxes, other than income taxes, went up 9.2% year over year. Fuel expenses decreased 16.7% year over year, and the cost of gas purchased for resale came down 31.3%.
The company’s second-quarter operating income went up 12.7% year over year to $320 million.
Financials
Cash and temporary cash investments as of Jun 30, 2024 were $1.50 billion compared with $1.19 billion as of Dec 31, 2023.
The company’s long-term debt was $23.31 billion as of Jun 30, 2024 compared with the $21.93 billion long-term debt as of the 2023 end.
As of Jun 30, 2024, cash from operating activities amounted to $1.91 billion compared with $1.16 billion generated in the prior year.
Guidance
Consolidated Edison reaffirmed its 2024 guidance. It still expects to generate adjusted earnings per share (EPS) in the range of $5.20-$5.40. The Zacks Consensus Estimate for 2024 earnings is pegged at $5.31 per share, just above the midpoint 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 2024 adjusted earnings of 63 cents per share, which missed the Zacks Consensus Estimate of 64 cents by 1.6%. Earnings also declined 10% from the prior-year quarter’s reported figure.
Operating revenues in the second quarter totaled $2.42 billion, which beat the Zacks Consensus Estimate of $2.4 billion by 18.7%. The top line also increased 0.1% from the year-ago quarter’s figure.
Edison International (EIX - Free Report) reported second-quarter 2024 adjusted earnings of $1.23 per share, which increased 21.8% from $1.01 in the year-ago quarter. The Zacks Consensus Estimate was pegged at $1.05.
Edison International's second-quarter operating revenues totaled $4.34 billion, which beat the Zacks Consensus Estimate of $4.03 billion by 7.5%. The top line also increased 9.4% from the year-ago quarter’s figure of $3.96 billion.
PG&E Corporation (PCG - Free Report) reported a second-quarter 2024 adjusted EPS of 31 cents, which surpassed the Zacks Consensus Estimate of 30 cents by 3.3%. The bottom line also improved 34.8% from the year-ago quarter’s reported figure.
PCG reported second-quarter total revenues of $5.99 billion, up 13.2% from $5.29 billion registered in the year-ago period. Operating revenues also surpassed the Zacks Consensus Estimate of $5.83 billion by 2.7%.