Consolidated Edison, Inc. ED reported fourth-quarter 2024 adjusted earnings of 98 cents per share, which beat the Zacks Consensus Estimate of 97 cents per share by 1%. However, the bottom line declined 2% from $1 per share recorded in the prior-year quarter.

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The company posted GAAP earnings of 90 cents per share compared with 97 cents per share in the fourth quarter of 2023.

The year-over-year deterioration can be attributed to higher operating expenses and interest expenses incurred in the fourth quarter of 2024 compared to the prior-year quarter’s comparable level.

For 2024, the company generated adjusted earnings of $5.40 per share compared with $5.07 in 2023.

ED’s Total Revenues
 

In the reported quarter, Consolidated Edison's total operating revenues of $3.67 billion surpassed the Zacks Consensus Estimate of $3.58 billion by 2.6%. The top line also increased 6.5% from $3.44 billion reported in the year-ago quarter. The upside was driven by higher gas, steam and electric revenues.

Electric revenues totaled $2.72 billion, which increased 7.6% from the year-ago quarter’s figure of $2.53 billion.

Gas revenues totaled $795 million, which increased 3% from the year-ago quarter’s figure of $772 million.

Steam revenues totaled $155 million, which increased 7.6% from the year-ago quarter’s figure of $144 million. Non-utility revenues were nil compared with $1 million in the year-earlier quarter.

For 2024, the company reported total revenues of $15.26 billion, up from $14.66 billion recorded in 2023.

ED’s Operating Statistics
 

Total operating expenses in the fourth quarter increased 6.7% year over year to $3.19 billion.

Purchase power costs rose 14.4%. Other operations and maintenance expenses decreased 2%. Meanwhile, depreciation and amortization expenses jumped 5.7%. Taxes, other than income taxes, went up 9.3% year over year. Fuel expenses decreased 2.4% year over year, and the cost of gas purchased for resale went up 4.8%.

The company’s fourth-quarter operating income went up 5.8% year over year to $477 million.

ED’s Financials
 

Cash and temporary cash investments as of Dec. 31, 2024 were $1.32 billion compared with $1.19 billion as of Dec. 31, 2023.

The company’s long-term debt was $24.65 billion as of Dec. 31, 2024 compared with the $21.93 billion long-term debt as of the 2023 end.

For 2024, cash from operating activities amounted to $3.61 billion compared with $2.16 billion generated in the prior year.

ED’s 2025 Guidance
 

Consolidated Edison initiated its 2025 guidance. It expects to generate adjusted earnings per share (EPS) in the range of $5.50-$5.70. The Zacks Consensus Estimate for 2025 earnings is pegged at $5.62 per share, which is higher than the midpoint of the company’s guided range.

The company also projects a five-year compounded annual adjusted earnings per share growth rate of 6-7%, based on its 2025 adjusted EPS guidance.

ED’s 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
 

CMS Energy Corporation CMS reported a fourth-quarter 2024 EPS of 87 cents, which beat the Zacks Consensus Estimate of 86 cents by 1.2%. However, the bottom line decreased 17.1% from $1.05 per share in the prior-year quarter.

Operating revenues totaled $1.99 billion, which lagged the Zacks Consensus Estimate of $2.14 billion by 7.1%. However, the top line increased 2% from $1.95 billion in the prior-year quarter.

WEC Energy Group WEC reported fourth-quarter 2024 earnings of $1.43 per share, which missed the Zacks Consensus Estimate of $1.44 by 0.7%. However, the bottom line increased 30% from the year-ago quarter’s $1.10.

Operating revenues of $2.28 billion missed the Zacks Consensus Estimate of $2.6 billion by around 12.1%. The top line increased 2.7% from $2.22 billion recorded in the year-ago quarter.

Xcel Energy Inc. XEL reported fourth-quarter 2024 operating earnings of 81 cents per share, which lagged the Zacks Consensus Estimate of 87 cents by 6.9%. The bottom line also decreased 2.4% from the year-ago quarter’s figure of 83 cents.

Revenues of $3.12 billion missed the Zacks Consensus Estimate of $3.72 billion by 16.1%. The figure also declined 9.3% from the year-ago quarter’s $3.44 billion.

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