Consolidated Edison (ED) Tops Q4 Earnings & Sales Estimates
Zacks Investment Research | Feb 15, 2018 10:07PM ET
Consolidated Edison Inc. (NYSE:ED) reported fourth-quarter 2017 adjusted earnings of 80 cents per share that surpassed the Zacks Consensus Estimate of 78 cents by 2.6%. Reported earnings also improved 16% from the year-ago figure of 69 cents per share.
Excluding one-time adjustments, the company reported earnings of $1.63 per share, up from 68 cents in fourth-quarter 2016.
For 2017, Consolidated Edison reported adjusted earnings of $4.12 per share, compared with earnings of $3.99 in the prior year. Full-year earnings surpassed the Zacks Consensus Estimate of $4.09 by 0.7%.
Total Revenues
Consolidated Edison reported total revenues of $2,961 million in the fourth quarter, which surpassed the Zacks Consensus Estimate of $2,649 million by 11.8%. However, the top line improved 9.4% from the year-ago level of $2,707 million.
For 2017, the company generated revenues worth $12,033 million, which topped the Zacks Consensus Estimate of $11,750 million. Moreover, on a year-over-year basis, revenues dipped 0.3% from $12,075 million in the prior year.
Electric revenues came in at $2,039 million in the quarter, up 0.7% from the prior-year figure of $2,024 million. Gas revenues improved 21.1% to $540 million. Steam revenues rose 1.4% to $147 million. Non- utility revenues amounted to $235 million, up 155.4% from $92 million a year ago.
Operating Statistics
Total operating expenses in the quarter increased 8.4% to $2,417 million.
Gas purchased for resale, other operation and maintenance, depreciation and amortization, fuel and taxes, and other than income taxes was up 41.8%, 9.4%, 9.9%, 20.5% and 9.8%, respectively. Meanwhile, purchase power expenses decreased 11.2%.
Consolidated Edison Inc Price, Consensus and EPS Surprise
Financials
Cash and temporary cash investments as of Dec 31, 2017 was $797 million compared with $776 million as of Dec 31, 2016.
Long-term debt was $14,731 million as of Dec 31, 2017 compared with $14,735 million at 2016 end.
At the end of 2017, cash from operating activities was $3,367 million compared with $3,459 million in the year-ago period.
Guidance
For 2018, the company expects earnings per share in the range of $4.15-$4.35.
Zacks Rank
Consolidated Edison carries a Zacks Rank #3 (Hold). You can see Zacks Investment Research
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