Consolidated Edison Q1 Earnings Miss Estimates, Revenues Rise Y/Y

Core Insights - Consolidated Edison, Inc. reported first-quarter 2025 earnings of $2.25 per share, missing the Zacks Consensus Estimate of $2.30 by 2.2%, but showing an 8.2% increase from $2.08 in the prior-year quarter [1] Revenue Performance - Total operating revenues for the quarter were $4.80 billion, exceeding the Zacks Consensus Estimate of $4.40 billion by 9% and increasing 12.1% from $4.28 billion in the year-ago quarter, driven by higher gas, steam, and electric revenues [2] - Electric revenues reached $2.90 billion, a 10.1% increase from $2.64 billion in the prior-year quarter [2] - Gas revenues totaled $1.54 billion, up 13.8% from $1.36 billion in the year-ago quarter [3] - Steam revenues amounted to $354 million, reflecting a 23.3% increase from $287 million in the prior-year quarter [3] - Non-utility revenues were nil compared to $1 million in the year-earlier quarter [3] Operating Expenses - Total operating expenses rose 13.4% year over year to $3.67 billion, with purchase power costs increasing by 11.1% and other operations and maintenance expenses up by 7.2% [4] - Depreciation and amortization expenses increased by 4.6%, while taxes other than income taxes rose by 17.2% [4] - Fuel expenses surged by 44.3% year over year, and the cost of gas purchased for resale increased by 35.6% [4] Operating Income - The company's operating income for the first quarter increased by 11.3% year over year to $1.13 billion [5] Financial Position - As of March 31, 2025, cash and temporary cash investments were $0.36 billion, down from $1.32 billion as of December 31, 2024 [6] - Long-term debt stood at $24.65 billion, consistent with the end of 2024 [6] - Cash from operating activities amounted to $837 million, compared to $573 million in the prior year [6] 2025 Guidance - Consolidated Edison reaffirmed its 2025 guidance, expecting adjusted earnings per share in the range of $5.50-$5.70, with the Zacks Consensus Estimate at $5.62 per share, above the midpoint of the company's guidance [7] Zacks Rank - Consolidated Edison currently holds a Zacks Rank 3 (Hold) [8]