Post Earnings Coverage as Consolidated Edison Earnings Improve 4.2%

Upcoming AWS Coverage on Pinnacle West Capital Post-Earnings Results

LONDON, UK / ACCESSWIRE / November 14, 2016 / Active Wall St. announces its post-earnings coverage on Consolidated Edison, Inc. (NYSE: ED). The company reported its financial results for the third quarter fiscal 2016 on November 03rd, 2016. One of United States’ largest investor-owned energy-delivery companies’ bottom-line beat market expectations; however revenue numbers declined on a Y-o-Y basis and also came in below the analyst estimates. Register with us now for your free membership at: http://www.activewallst.com/register/.

One of Consolidated Edison’s competitors within the Electric Utilities space, Pinnacle West Capital Corp. (NYSE: PNW), reported third quarter earnings on November 03, 2016. AWS will be initiating a research report on Pinnacle West Capital in the coming days.

Today, AWS is promoting its earnings coverage on ED; touching on PNW. Get our free coverage by signing up to:

http://www.activewallst.com/registration-3/?symbol=ED

http://www.activewallst.com/registration-3/?symbol=PNW

Earnings Reviewed

For the period ended on September 30th, 2016, Consolidated Edison reported net income of $497 million, or $1.63 a share, compared to net income of $428 million, or $1.46 a share, in Q3 2015. Adjusted earnings, which exclude the effects of a gain on the sale of the competitive energy businesses’ (CEBs) retail electric supply business, a gain related to a solar electric production investment, the impairment of assets held for sale in 2015 and the net mark-to-market effects of the CEBs, were $460 million, or $1.51 a share, in 2016 compared to $424 million, or $1.45 per share, in Q3 2015. The results topped Wall Street’s earnings expectations of $1.49 per share.

The company’s total revenue for Q3 2016 came in at $3.42 billion, marginally down by 0/8% from Q3 2015. The results also fell short of analysts’ forecasts of $3.57 billion.

Segment Results

During Q3 2016, Consolidated Edison Electric segment reported revenues of $2.80 billion; slightly higher from the comparable year ago number of $2.76 billion. Revenue from the company’s Gas segment edged higher by 0.8% on a y-o-y basis to $235 million. Consolidated Edison Steam’s revenues improved 8.6% to $63 million, while non-utility revenues declined 9.3% to $350 million from the prior year’s $386 million.

Financials

As of September 30th, 2016, Consolidated Edison had cash and cash equivalents worth $150 million compared with cash and cash equivalents of $944 million on December 31, 2015. The company’s net cash flow from operating activity in the first nine months of 2016 was $2.34 billion compared to $2.20 billion in the year ago period. Consolidated Edison had long-term debt worth $13.75 billion as of September 30, 2016, which was above the $12.01 billion reported in December 31, 2015.

In a separate press release on October 20th, 2016, Consolidated Edison declared a quarterly dividend of $0.67 per share on its common stock, payable December 15, 2016, to stockholders of record as of November 16, 2016.

Outlook

For FY16, Consolidated Edison is expecting adjusted earnings per share to be in the range of $3.90 per share to $4.00 per share. The company’s previous forecast was in the range of $3.85 per share to $4.05 per share.

Stock Performance

Consolidated Edison’s stock is trading slightly down by 0.28%, closing last Friday’s session at $70.49 on volume of 2.09 million shares. The company’s shares gained 12.67% since the beginning of the year. Additionally, the stock has advanced 17.01% in the last twelve months. The company’s shares are trading at a PE ratio of 18.19 and have a dividend yield of 3.80%.

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