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Consolidated Edison's (ED) Q2 Earnings Beat, Revenues Up Y/Y

Zacks Equity Research
·4-min read

Consolidated Edison, Inc. ED reported second-quarter 2022 adjusted earnings of 64 cents per share, which beat the Zacks Consensus Estimate of 58 cents by 10.3%. The bottom line improved 20.8% from 53 cents in the prior-year quarter.

Barring one-time adjustments, the company posted GAAP earnings of 72 cents per share compared with 48 cents in the second quarter of 2021.

Total Revenues

In the reported quarter, the company’s total revenues of $3,415 million surpassed the Zacks Consensus Estimate of $3,157 million by 8.2%. The top line also improved 14.9% from $2,971 million in the year-ago quarter. The upside was primarily attributable to higher electric, gas and steam revenues.

Consolidated Edison Inc Price, Consensus and EPS Surprise

Consolidated Edison Inc Price, Consensus and EPS Surprise
Consolidated Edison Inc Price, Consensus and EPS Surprise

Consolidated Edison Inc price-consensus-eps-surprise-chart | Consolidated Edison Inc Quote

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Electric revenues totaled $2,416 million in the second quarter, up 14.2% from the prior-year quarter. Gas revenues were up 31.2% to $643 million.

Steam revenues were up 13.5% to $84 million. However, non-utility revenues amounted to $272 million, declining 6.8% from the year-earlier quarter.

Operating Statistics

Total operating expenses in the second quarter escalated 18.6% year over year to $3,028 million.

Fuel expenses increased 79.3% year over year, while gas purchased for resale hiked a huge 415%. Depreciation and amortization and taxes, other than income taxes, increased 7.4% and 6.8% year over year, respectively. Other operations and maintenance expenses rose 9.6%, while purchase power costs increased 36.7%.

The company’s second-quarter operating income declined 7.4% year over year to $387 million.

Financials

Cash and temporary cash investments as of Jun 30, 2022 were $1,127 million compared with $992 million as of Dec 31, 2021.

Long-term debt was $22,361 million as of Jun 30, 2022 compared with $22,604 million at 2021-end.

During the first half of 2022, cash from operating activities amounted to $1,957 million compared with $1,393 million generated in the year-ago period.

2022 Guidance

For 2022, the company reaffirmed its adjusted earnings per share of $4.40-$4.60. The Zacks Consensus Estimate for full-year earnings is pegged at $4.49 per share, which lies just below the mid-point 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.

Other Utility Releases

NextEra Energy, Inc. NEE reported second-quarter 2022 adjusted earnings of 81 cents per share, which beat the Zacks Consensus Estimate of 75 cents by 8%. The bottom line was also up 14.1% from the prior-year quarter.

For the second quarter, NextEra’s operating revenues were $5,183 million, which lagged the Zacks Consensus Estimate of $5,681 million by 8.8%. However, NEE’s top line improved 31.9% year over year.

American Electric Power Company, Inc. AEP reported second-quarter 2022 operating EPS of $1.20, which beat the Zacks Consensus Estimate of $1.18 by 1.7%. The bottom line also improved 1.7% from $1.18 per share in the year-ago quarter.

American Electric’s second-quarter revenues of $4,593.8 million beat the Zacks Consensus Estimate of $4,191.2 million by 9.6%. AEP expects 2022 operating earnings in the range of $4.87-$5.07 per share.

CMS Energy Corporation CMS reported second-quarter 2022 adjusted EPS of 53 cents, which beat the Zacks Consensus Estimate of 44 cents by 20.5%. However, the reported figure declined 3.6% on a year-over-year basis.

CMS Energy had cash and cash equivalents of $77 million as of Jun 30, 2022, down from $452 million at the end of 2021. CMS expects 2022 adjusted earnings in the range of $2.85-$2.89 per share.


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