Yahoo Finance What's in Store for Consolidated Edison (ED) in Q1 Earnings?
Consolidated Edison Inc. ED is scheduled to release first-quarter 2023 results on May 4 after market close.
In the last reported quarter, the company delivered an earnings surprise of 3.85%. Consolidated Edison came up with a four-quarter average earnings surprise of 5.61%.
Let’s discuss the factors that are likely to get reflected in the upcoming quarterly results.
Factors to Consider
In the first quarter, ED’s service territories witnessed cooler-than-normal temperatures. This is likely to have boosted the electricity demand for heating purposes among the company’s customers. Such weather patterns are expected to have contributed to Consolidated Edison’s first-quarter revenues.
However, some parts of Consolidated Edison’s service territory witnessed snow storms, leading to disruptions in power lines. These resulted in prolonged power outages for its customers. This may have dampened the top line of the company in the soon-to-be-reported quarter.
The Zacks Consensus Estimate for first-quarter revenues is pegged at $4.09 billion. This indicates a 0.9% rise from the year-ago quarter’s reported figure.
The aforementioned snow storms in its service territories might have caused infrastructural damage, thus increasing the company’s operating expenses. This is likely to have weighed on its bottom line in the to-be-reported quarter. However, favorable revenues and rate hikes in prior quarters might have boosted Consolidated Edison’s overall earnings.
The Zacks Consensus Estimate for ED’s first-quarter earnings is pegged at $1.64 per share. This suggests an 11.6% increase from the year-ago quarter’s reported figure.
Consolidated Edison Inc Price and EPS Surprise
Consolidated Edison Inc price-eps-surprise | Consolidated Edison Inc Quote
What the Zacks Model Unveils
Our proven model predicts an earnings beat for Consolidated Edison this time. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat, which is the case here as you will see below.
Earnings ESP: The company’s Earnings ESP is +0.24%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Consolidated Edison has a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank stocks here.
Other Stocks to Consider
Here are three other utilities you may want to consider as these also have the right combination of elements to post an earnings beat this season:
PPL Corporation PPL has an Earnings ESP of +7.69% and a Zacks Rank #3. The Zacks Consensus Estimate for PPL Corporation’s first-quarter revenues is pegged at $1.86 billion, suggesting growth of 4.2% from the year-ago quarter.
The Zacks Consensus Estimate for PPL’s first-quarter earnings is pegged at 42 cents per share. This indicates growth of 2.4% from the prior-year reported figure.
Edison International EIX has an Earnings ESP of +0.24% and a Zacks Rank #3. The Zacks Consensus Estimate for its first-quarter earnings is pegged at $1.04 per share, implying a decline of 2.8% from the prior-year reported figure.
The Zacks Consensus Estimate for EIX’s first-quarter sales is pegged at $4.11 billion, suggesting a 3.6% increase from the prior-year reported figure.
Brookfield Renewable Partners BEP has an Earnings ESP of +115.39% and a Zacks Rank #3. The Zacks Consensus Estimate for its first-quarter sales, pegged at $692.7 million, implies a decline of 39% from the prior-year quarter’s tally.
BEP has a four-quarter negative earnings surprise of 271.73%, on average. The Zacks Consensus Estimate for Brookfield’s first-quarter earnings is pegged at a loss of 13 cents per share.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
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
PPL Corporation (PPL) : Free Stock Analysis Report
Edison International (EIX) : Free Stock Analysis Report
Consolidated Edison Inc (ED) : Free Stock Analysis Report
Brookfield Renewable Partners L.P. (BEP) : Free Stock Analysis Report
