Con Edison(US:ED) ZACKSยท2024-08-02 14:26Core Viewpoint - Consolidated Edison, Inc. reported second-quarter 2024 adjusted earnings of 59 cents per share, exceeding the Zacks Consensus Estimate of 55 cents by 7.3%, but down 3.3% from 61 cents in the prior-year quarter [1][2] Revenue Performance - Total operating revenues for the quarter were $3.22 billion, surpassing the Zacks Consensus Estimate of $3.08 billion by 4.5% and increasing 9.4% from $2.94 billion in the year-ago quarter, driven by higher gas, steam, and electric revenues [3] - Electric revenues reached $2.55 billion, up 10.7% from $2.30 billion in the prior-year quarter, while gas revenues increased by 1.9% to $582 million [3] - Steam revenues rose significantly by 27.5% to $88 million, and non-utility revenues were nil compared to $1 million in the year-earlier quarter [4] Operating Expenses - Total operating expenses increased by 8.5% year over year to $2.90 billion, with purchase power costs rising by 12.3% and other operations and maintenance expenses increasing by 13.9% [5] - Depreciation and amortization expenses grew by 3.2%, while taxes other than income taxes increased by 9.2% year over year [5] - Fuel expenses decreased by 16.7% year over year, and the cost of gas purchased for resale fell by 31.3% [5] Operating Income - The company's operating income for the second quarter increased by 12.7% year over year to $320 million [6] Financial Position - As of June 30, 2024, cash and temporary cash investments were $1.50 billion, up from $1.19 billion as of December 31, 2023 [7] - Long-term debt increased to $23.31 billion from $21.93 billion at the end of 2023 [7] - Cash from operating activities amounted to $1.91 billion compared to $1.16 billion generated in the prior year [7] Guidance - Consolidated Edison reaffirmed its 2024 guidance, expecting adjusted earnings per share in the range of $5.20-$5.40, with the Zacks Consensus Estimate for 2024 earnings at $5.31 per share, just above the midpoint of the company's guided range [8]