Consolidated Edison, Inc. ED reported third-quarter 2024 adjusted earnings of $1.68 per share, which beat the Zacks Consensus Estimate of $1.56 by 7.7%. Moreover, the bottom line increased 3.7% from $1.62 per share recorded in the prior-year quarter.

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The company posted GAAP earnings of $1.70 per share compared with $1.53 in the third quarter of 2023.

The year-over-year growth can be attributed to higher operating revenues and operating income from the prior-year quarter’s level.

ED’s Total Revenues

Consolidated Edison's total operating revenues of $4.09 billion surpassed the Zacks Consensus Estimate of $4.02 billion by 1.9%. The top line also increased 5.7% from $3.87 billion reported in the year-ago quarter. The upside was driven by higher gas and electric revenues.

Electric revenues totaled $3.67 billion, which increased 5.8% from the year-ago quarter’s figure of $3.47 billion.
 
Gas revenues totaled $373 million, which increased 5.7% from the year-ago quarter’s figure of $353 million.
 
Steam revenues were in line with the year-ago quarter’s figure of $49 million.
 
Non-utility revenues were also in line with the year-ago quarter’s figure of $1 million.

ED’s Operating Statistics

Total operating expenses increased 2.6% year over year to $3.23 billion.

Other operations and maintenance expenses increased 5.7%. Meanwhile, depreciation and amortization expenses jumped 7.4%. Taxes, other than income taxes, went up 7% year over year. Purchase power costs declined 6.7% year over year. Fuel expenses decreased 20.6% year over year, while the cost of gas purchased for resale was down 8.2%.
 
The company’s third-quarter operating income went up 19.4% year over year to $862 million.

Financials

Cash and temporary cash investments as of Sept. 30, 2024 were $0.09 billion compared with $1.19 billion as of Dec. 31, 2023.

The company’s long-term debt was $23.44 billion as of the same date compared with $21.93 billion at 2023-end.

As of Sept. 30, cash from operating activities amounted to $2.30 billion compared with $1.18 billion in the prior year.

ED’s Guidance

Consolidated Edison updated its 2024 guidance. It now expects to generate adjusted earnings per share (EPS) in the range of $5.30-$5.40, which is narrower than its prior guidance of $5.20-$5.40. The Zacks Consensus Estimate for earnings is pegged at $5.31 per share, which lies just above the lower end of the company’s new guided range.

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

Edison International EIX reported third-quarter adjusted earnings of $1.51 per share, which surpassed the Zacks Consensus Estimate of $1.39 by 8.6%. The bottom line also increased 9.4% from $1.38 per share in the year-ago quarter.

EIX's operating revenues totaled $5.20 billion, which beat the consensus estimate of $4.76 billion by 9.4%. The top line also increased 10.6% from the year-ago quarter’s figure of $4.70 billion.

FirstEnergy FE reported third-quarter 2024 operating earnings of 85 cents per share, which lagged the Zacks Consensus Estimate of 95 cents by 6.6%. The bottom line decreased 3.4% from the year-ago figure of 88 cents per share.

FE’s operating revenues totaled $3.73 billion, which missed the consensus estimate of $3.98 billion by 6.4%. The top line, however, increased 6.9% from $3.48 billion reported in the year-ago quarter.

CenterPoint Energy, Inc. CNP reported third-quarter adjusted earnings of 31 cents per share, which missed the Zacks Consensus Estimate of 36 cents by 13.9%. The bottom line also deteriorated 22.5% from the year-ago figure.

CNP’s revenues totaled $1.86 billion, which missed the consensus estimate of $1.88 billion by 1.2%. The top line was also 0.2% lower than the year-ago figure.

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