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.
Consolidated Edison Inc Price, Consensus and EPS Surprise
Consolidated Edison Inc price-consensus-eps-surprise-chart | Consolidated Edison Inc Quote
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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This article originally published on Zacks Investment Research (zacks.com).
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
