Yahoo Finance Consolidated Edison (ED) Q4 Earnings Beat, Revenues Up Y/Y
Consolidated Edison, Inc. ED reported fourth-quarter 2022 adjusted earnings of 81 cents per share, which beat the Zacks Consensus Estimate of 78 cents by 3.9%. However, the bottom line declined 19% from $1.00 in the prior-year quarter.
Barring one-time adjustments, the company posted GAAP earnings of 53 cents per share compared with 63 cents in the fourth quarter of 2021.
For the full-year 2022, ED reported adjusted earnings of $4.57 per share compared with $4.39 in the previous year’s quarter. Earnings beat the Zacks Consensus Estimate of $4.54 by 0.7%.
Total Revenues
In the reported quarter, the company’s total revenues of $4,031 million surpassed the Zacks Consensus Estimate of $3,518 million by 14.6%. The top line also improved 18% from $3,415 million in the year-ago quarter. The upside was attributable to higher electric, gas, and steam as well as non-utility revenues.
For the full-year 2022, total revenues came in at $15.67 billion. Total revenues increased 14.6% year over year and surpassed the Zacks Consensus Estimate of $15.16 billion by 3.4%.
Electric revenues totaled $2,528 million in the fourth quarter, up 9.6% from the prior-year quarter. Gas revenues were up 22.2% to $892 million.
Steam revenues were up 7.2% to $149 million. Also, non-utility revenues, which amounted to $462 million, went up by a whopping 92.5% from 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 fourth quarter escalated 28.1% year over year to $3,481 million.
Fuel expenses increased 60.3% year over year, while the cost of gas purchased for resale increased a huge 79.5%. Depreciation and amortization expenses decreased 11.1%, and taxes, other than income taxes, increased 7.1% year over year. Other operations and maintenance expenses rose 38.1%, while purchase power costs increased 62.7%.
The company’s fourth-quarter operating income decreased 21.1% year over year to $550 million.
Financials
Cash and temporary cash investments as of Dec 31, 2022 were $1,282 million compared with $992 million as of Dec 31, 2021.
Long-term debt was $20,147 million as of Dec 31, 2022 compared with $22,604 million at the 2021-end.
In 2022, cash from operating activities amounted to $3,935 million compared with the $2,733 million generated in the year-ago period.
2023 Guidance
Consolidated Edison initiated its 2023 guidance. It expects earnings per share (EPS) in the range of $4.75-$4.95. The Zacks Consensus Estimate for full-year earnings is pegged at $4.85 per share, which lies in line with 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
Hawaiian Electric Industries, Inc. HE reported an EPS of 52 cents in the fourth quarter of 2022. The bottom line improved 4% from 50 cents in the prior-year quarter.
Hawaiian Electric’s total revenues of $1,019.1 million in the fourth quarter improved 32.3% from the prior-year quarter’s $770.3 million. The rise in revenues can be attributed to increased contributions from the Electric Utility, Bank and other segments.
Duke Energy Corporation DUK reported fourth-quarter 2022 adjusted earnings of $1.11 per share, which surpassed the Zacks Consensus Estimate of $1.06 by 4.7%. The bottom line also improved 26.1% year over year.
Total operating revenues came in at $7,351 million, which improved 20.2% from $6,117 million in the year-ago period. The reported top line also surpassed the Zacks Consensus Estimate of $6,608 million by 11.2%.
CMS Energy Corporation CMS reported a fourth-quarter 2022 adjusted EPS of 60 cents from continuing operations, which came in line with the Zacks Consensus Estimate. The reported figure improved 27.7% on a year-over-year basis.
For the quarter under review, CMS Energy’s operating revenues were $2,278 million, which exceeded the Zacks Consensus Estimate of $2,185.3 million by 4.2%. The top line improved 12.1% on a year-over-year basis.
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