The 10-second takeaway
For the quarter ended Sep. 30 (Q3), Consolidated Edison whiffed on revenues and beat expectations on earnings per share.
Compared to the prior-year quarter, revenue contracted and GAAP earnings per share grew.
Margins expanded across the board.
Consolidated Edison tallied revenue of $3.44 billion. The four analysts polled by S&P Capital IQ expected revenue of $3.88 billion on the same basis. GAAP reported sales were 5.3% lower than the prior-year quarter's $3.63 billion.
Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.
EPS came in at $1.44. The 12 earnings estimates compiled by S&P Capital IQ averaged $1.37 per share. GAAP EPS of $1.49 for Q3 were 15% higher than the prior-year quarter's $1.30 per share.
Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.
For the quarter, gross margin was 45.6%, 530 basis points better than the prior-year quarter. Operating margin was 24.8%, 400 basis points better than the prior-year quarter. Net margin was 12.8%, 220 basis points better than the prior-year quarter.
Next quarter's average estimate for revenue is $3.15 billion. On the bottom line, the average EPS estimate is $0.78.
Next year's average estimate for revenue is $13.26 billion. The average EPS estimate is $3.77.
The stock has a three-star rating (out of five) at Motley Fool CAPS, with 639 members out of 673 rating the stock outperform, and 34 members rating it underperform. Among 199 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 190 give Consolidated Edison a green thumbs-up, and nine give it a red thumbs-down.
Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Consolidated Edison is hold, with an average price target of $59.61.
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