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

Consolidated Edison, Inc. ED reported first-quarter 2025 earnings of $2.25 per share, which missed the Zacks Consensus Estimate of $2.30 by 2.2%. However, the bottom line improved 8.2% from $2.08 recorded in the prior-year quarter. (See the Zacks Earnings Calendar to stay ahead of market-making news.)

The year-over-year increase can be attributed to higher revenue growth and operating income generated in the first quarter of 2025 compared to the prior-year quarter’s comparable level.

ED’s Total Revenues

In the reported quarter, Consolidated Edison's total operating revenues of $4.80 billion surpassed the Zacks Consensus Estimate of $4.40 billion by 9%. The top line also increased 12.1% from $4.28 billion reported in the year-ago quarter. The upside was driven by higher gas, steam and electric revenues.

Electric revenues totaled $2.90 billion, which increased 10.1% from the year-ago quarter’s figure of $2.64 billion.

Gas revenues totaled $1.54 billion, which increased 13.8% from the year-ago quarter’s figure of $1.36 billion.

Steam revenues totaled $354 million, which increased 23.3% from the year-ago quarter’s figure of $287 million. Non-utility revenues were nil compared with $1 million generated in the year-earlier quarter.

ED’s Operating Statistics

Total operating expenses in the first quarter increased 13.4% year over year to $3.67 billion.

Purchase power costs rose 11.1%. Other operations and maintenance expenses increased 7.2%. Meanwhile, depreciation and amortization expenses jumped 4.6%. Taxes, other than income taxes, went up 17.2% year over year. Fuel expenses increased 44.3% year over year, and the cost of gas purchased for resale rose 35.6%.

The company’s first-quarter operating income went up 11.3% year over year to $1.13 billion.

ED’s Financials

Cash and temporary cash investments as of March 31, 2025 were $0.36 billion compared with $1.32 billion as of Dec. 31, 2024.

The company’s long-term debt was $24.65 billion as of March 31, 2025, which came in line with the long-term debt as of the 2024 end.

As of March 31, 2025, cash from operating activities amounted to $837 million compared with $573 million in the prior year.

ED’s 2025 Guidance

Consolidated Edison reaffirmed its 2025 guidance. It still expects to generate adjusted earnings per share (EPS) in the range of $5.50-$5.70. The Zacks Consensus Estimate for 2025 earnings is pegged at $5.62 per share, which is higher than the midpoint of the company’s 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 first-quarter 2025 adjusted earnings of $1.37 per share, which surpassed the Zacks Consensus Estimate of $1.21 by 13.2%. The bottom line also increased 21.2% from $1.13 in the year-ago quarter.

Edison International's first-quarter operating revenues totaled $3.81 billion, which missed the Zacks Consensus Estimate of $4.14 billion by 7.8%. The top line also decreased 6.5% from the year-ago quarter’s figure of $4.08 billion.

PG&E Corporation PCG reported first-quarter 2025 adjusted EPS of 33 cents, which lagged the Zacks Consensus Estimate of 35 cents by 5.7%. The bottom line also declined 10.8% from the year-ago quarter’s reported figure of 37 cents.

PCG reported first-quarter total revenues of $5.98 billion, up 2.1% from $5.86 billion registered in the year-ago period. However, the top line missed the Zacks Consensus Estimate of $6.11 billion by 2.1%.

NextEra Energy, Inc. NEE reported first-quarter 2025 adjusted earnings of 99 cents per share, which beat the Zacks Consensus Estimate of 97 cents by 2.1%. The bottom line was also up nearly 8.8% year over year.

In the first quarter, NextEra Energy’s operating revenues were $6.24 billion, which lagged the Zacks Consensus Estimate of $7.34 billion by 14.9%. However, the top line improved 9% year over year.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research