Consolidated Edison's Q3 Earnings Beat Estimates, Revenues Rise Y/Y

Core Insights - Consolidated Edison, Inc. reported third-quarter 2024 adjusted earnings of $1.68 per share, exceeding the Zacks Consensus Estimate of $1.56 by 7.7% and increasing 3.7% from $1.62 per share in the prior-year quarter [1][2] - The company's total operating revenues reached $4.09 billion, surpassing the Zacks Consensus Estimate of $4.02 billion by 1.9% and reflecting a 5.7% increase from $3.87 billion in the year-ago quarter, driven by higher gas and electric revenues [3][4] - Operating income for the third quarter rose 19.4% year over year to $862 million [6] Revenue Breakdown - Electric revenues totaled $3.67 billion, marking a 5.8% increase from $3.47 billion in the year-ago quarter [3] - Gas revenues amounted to $373 million, up 5.7% from $353 million in the prior-year quarter [4] - Steam revenues remained stable at $49 million, while non-utility revenues were consistent at $1 million [4] Operating Expenses - Total operating expenses increased 2.6% year over year to $3.23 billion, with other operations and maintenance expenses rising 5.7% [5] - Depreciation and amortization expenses increased by 7.4%, while taxes other than income taxes rose by 7% [5] - Purchase power costs decreased by 6.7%, fuel expenses dropped by 20.6%, and the cost of gas purchased for resale fell by 8.2% [5] Financial Position - As of September 30, 2024, cash and temporary cash investments were $0.09 billion, down from $1.19 billion at the end of 2023 [7] - Long-term debt increased to $23.44 billion from $21.93 billion at the end of 2023 [7] - Cash from operating activities amounted to $2.30 billion, compared to $1.18 billion in the prior year [7] Guidance - Consolidated Edison updated its 2024 guidance, now expecting adjusted earnings per share in the range of $5.30-$5.40, which is narrower than the previous guidance of $5.20-$5.40 [8] - The Zacks Consensus Estimate for earnings is set at $5.31 per share, slightly above the lower end of the new guided range [8] Market Position - Consolidated Edison currently holds a Zacks Rank 3 (Hold) [9]