Consolidated Edison (ED) Q3 Earnings Lag Estimates, Fall Y/Y
Zacks Investment Research | Nov 04, 2019 10:55PM ET
Consolidated Edison Inc. (NYSE:ED) reported third-quarter 2019 adjusted earnings of $1.54 per share, which missed the Zacks Consensus Estimate of $1.59 by 3.1%. The bottom line also declined 1.9% from the year-ago quarter’s $1.57.
Barring one-time adjustments, the company posted GAAP earnings of $1.42 per share, reflecting 1.4% year-over-year improvement. This upside was driven by higher revenues and operating income.
Total Revenues
In the reported quarter, the company’s total revenues of $3,365 million missed the Zacks Consensus Estimate of $3,498 million by 3.8%. However, the top line rose 1.1% from $3,328 million in the year-ago quarter.
Electric revenues totaled $2,753 million in the third quarter, down 1.1% from the prior-year quarter’s $2,783 million. Gas revenues increased 2.7% to $306 million. Steam revenues declined 9.4% to $58 million. Meanwhile, non-utility revenues amounted to $248 million, up 35.5% from $183 million in the year-earlier quarter.
Consolidated Edison Inc Price, Consensus and EPS Surprise
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