Dj Edison International Stock Underperforms Wednesday When Compared To Competitors

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.

Consolidated Edison Inc Price, Consensus and EPS Surprise

Consolidated Edison Inc price-consensus-eps-surprise-chart | Consolidated Edison Inc Quote

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.

Zacks Investment Research

Duke Energy Corporation's DUK third-quarter 2024 adjusted earnings of $1.62 per share missed the Zacks Consensus Estimate of $1.73 by 6.4%. Moreover, the bottom line declined 16.5% from $1.94 per share reported in the year-ago quarter.

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The year-over-year decline in adjusted earnings was due to a higher effective tax rate, storm costs, increasing interest expense and higher depreciation on a growing asset base.

The company generated GAAP earnings of $1.60 per share compared with $1.59 in the third quarter of 2023.

DUK’s Total Revenues

Total operating revenues were $8.15 billion, which rose 2% from $7.99 billion in the year-ago period. The top line also surpassed the Zacks Consensus Estimate of $8 billion by 1.9%.

The Regulated electric unit’s operating revenues were $7.78 billion, up 1.8% year over year. The unit contributed 95.4% to the quarter’s total revenues.

Revenues from the Regulated natural gas business totaled $298 million, up 4.9% year over year.

The Non-regulated Electric and Other segment generated revenues of $81 million, which increased 15.7% year over year.

Duke Energy Corporation Price, Consensus and EPS Surprise

Duke Energy Corporation price-consensus-eps-surprise-chart | Duke Energy Corporation Quote

Highlights of DUK’s Release

Duke Energy’s total operating expenses amounted to $6.02 billion, up 2.1% year over year. The increase was primarily due to higher expenses for fuel used in electric generation and purchased power, depreciation and amortization expenses as well as higher cost of natural gas.

The operating income increased 1.5% to $2.14 billion from $2.11 billion recorded in the year-ago quarter.

Interest expenses rose to $872 million from $774 million recorded in the third quarter of 2023.

In the quarter, the average number of customers in the Electric Utilities unit increased 2% year over year. Total electric sales volumes declined 0.5% year over year to 72,732 gigawatt-hours.

DUK’s Segmental Highlights

Electric Utilities & Infrastructure: This segment’s adjusted earnings totaled $1,464 million, down from $1,531 million in the third quarter of 2023.

Gas Utilities & Infrastructure: Loss generated from this segment totaled $22 million against earnings of $15 million in the year-ago period.

Other: The segment includes corporate interest expenses not allocated to other business units, which result from Duke Energy’s captive insurance company and other investments. This segment incurred a loss of $206 million compared with a loss of $59 million in the third quarter of 2023.

Financial Condition of DUK

As of Sept. 30, 2024, Duke Energy had cash & cash equivalents of $376 million, up from $253 million on Dec. 31, 2023.

As of the same date, long-term debt was $76.52 billion compared with $72.45 billion on Dec. 31, 2023.

During the first nine months of 2024, the company generated net cash from operating activities of $8.95 billion compared with $7.31 billion in the same period last year.

2024 Guidance for DUK

Duke Energy reaffirmed its 2024 adjusted earnings per share (EPS) guidance. The company still expects to generate adjusted EPS in the range of $5.85-$6.10. The Zacks Consensus Estimate for earnings is pegged at $5.98 per share, which is almost in line with the midpoint of the company’s projected range.

DUK still projects long-term EPS growth to be in the band of 5-7% through 2028.

DUK’s Zacks Rank

Duke Energy currently carries a Zacks Rank #2 (Buy). 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.

Zacks Investment Research

Ameren Corporation AEE reported third-quarter 2024 adjusted earnings of $1.87 per share, which missed the Zacks Consensus Estimate of $1.91 by 2.1%.

The company posted GAAP earnings of $1.70 per share compared with $1.87 per share in the third quarter of 2023.

Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.

AEE’s Total Revenues

Total revenues came in at $2.17 billion in the reported quarter, up 5.5% year over year. However, revenues missed the Zacks Consensus Estimate of $2.21 billion by 1.6%.

Ameren Corporation Price, Consensus and EPS Surprise

Ameren Corporation price-consensus-eps-surprise-chart | Ameren Corporation Quote

Highlights of the Release

Ameren’s total electricity sales volumes decreased 2.8% to 18,565 million kilowatt-hours (kWh) compared with 19,098 million kWh in the year-ago period. Gas volumes rose 7.4% to 29 million dekatherms from the prior-year period’s level.

Total operating expenses were $1.59 billion, up 9.8% year over year.

The company’s interest expenses in the third quarter totaled $173 million compared with the prior-year quarter’s $152 million.

AEE’s Segmental Results

The Ameren Missouri segment reported adjusted earnings of $415 million. This unit reported GAAP earnings of $381 million.

The Ameren Illinois Electric Distribution segment reported earnings of $56 million in the third quarter compared with $66 million a year ago. The decline was due to a lower allowed return on equity for 2024 under the new multi-year rate plan.

The Ameren Illinois Natural Gas segment reported a loss of $10 million in the third quarter compared with a loss of $5 million a year ago. The year-over-year decline can be attributed to the adverse impacts of rate design from new delivery service rates effective Nov. 28, 2023.

The Ameren Transmission segment reported adjusted earnings of $90 million. It reported GAAP earnings of $100 million compared with $86 million in the prior-year period. The improvement was driven by increased earnings from infrastructure investments.

AEE’s Financial Condition

Ameren reported cash and cash equivalents of $17 million as of Sept. 30, 2024 compared with $25 million at the end of 2023.

As of Sept. 30, 2024, the long-term debt totaled $16.42 billion compared with $15.12 billion as of Dec. 31, 2023.

As of Sept. 30, 2024, the cash flow from operating activities amounted to $1.95 billion compared with $2.03 billion a year ago.

AEE’s Guidance

Ameren lowered its 2024 GAAP earnings guidance. It now expects to generate GAAP earnings per share (EPS) in the range of $4.34-$4.48 compared with the previous range of $4.52-$4.72.

The company expects its 2024 adjusted earnings in the range of $4.55-$4.69. The Zacks Consensus Estimate for 2024 earnings is pegged at $4.61 per share, which lies just below the midpoint of the company’s guided range.

AEE’s Zacks Rank

Ameren currently carries a Zacks Rank #2 (Buy). 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 increased 9.4% from $1.38 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 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%. However, the top line 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.

Zacks Investment Research