The 10-second takeaway
For the quarter ended March 31 (Q1), Consolidated Edison missed estimates on revenues and missed estimates on earnings per share.
Compared to the prior-year quarter, revenue expanded. Non-GAAP earnings per share grew slightly. GAAP earnings per share contracted significantly.
Margins contracted across the board.
Consolidated Edison reported revenue of $3.18 billion. The four analysts polled by S&P Capital IQ expected a top line of $3.28 billion on the same basis. GAAP reported sales were the same as the prior-year quarter's.
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 $1.02. The 14 earnings estimates compiled by S&P Capital IQ forecast $1.04 per share. Non-GAAP EPS of $1.02 for Q1 were 2.0% higher than the prior-year quarter's $1.00 per share. GAAP EPS of $0.65 for Q1 were 31% lower than the prior-year quarter's $0.94 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 39.3%, 110 basis points worse than the prior-year quarter. Operating margin was 16.5%, 170 basis points worse than the prior-year quarter. Net margin was 6.0%, 300 basis points worse than the prior-year quarter. (Margins calculated in GAAP terms.)
Next quarter's average estimate for revenue is $2.93 billion. On the bottom line, the average EPS estimate is $0.58.
Next year's average estimate for revenue is $12.94 billion. The average EPS estimate is $3.79.
The stock has a four-star rating (out of five) at Motley Fool CAPS, with 639 members out of 672 rating the stock outperform, and 33 members rating it underperform. Among 202 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 194 give Consolidated Edison a green thumbs-up, and eight 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 $57.21.
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Seth Jayson had no position in any company mentioned here at the time of publication. You can view his stock holdings here. He is co-advisor of Motley Fool Hidden Gems, which provides new small-cap ideas every month, backed by a real-money portfolio. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.