Yahoo Finance Consolidated Edison (ED) to Post Q1 Earnings: What's in Store?
Consolidated Edison ED is scheduled to release its first-quarter 2024 results on May 2 after market close. The company delivered an earnings surprise of 2.04% in the last reported quarter.
The company holds a four-quarter average earnings surprise of 5.68%. Let’s discuss the factors that are likely to be reflected in the upcoming quarterly results.
Factors at Play
The majority of Consolidated Edison’s service territories witnessed a warmer-than-normal temperature pattern during the January-March 2024 quarter. Such warmer winter months can be expected to hurt electricity demand from ED’s customers for heating purposes, thereby adversely impacting the company’s first-quarter top line.
Consolidated Edison Inc Price and EPS Surprise
Consolidated Edison Inc price-eps-surprise | Consolidated Edison Inc Quote
Adverse weather events like winter storms accompanied by heavy rain, along with high winds, might have resulted in an outage for some of Consolidated Edison’s customers during the first quarter. This might also have some negative impact on its revenues.
Nevertheless, occasional snowfall at the onset of the first quarter might have boosted electricity demand from ED’s customers. This, along with favorable rate hikes in prior quarters, can be expected to have contributed favorably to Consolidated Edison’s overall revenues in the soon-to-be-reported quarter.
The Zacks Consensus Estimate for ED’s first-quarter sales stands at $4.43 billion, which suggests an increase of 0.7% from the year-ago reported number.
The adverse weather mentioned above might have also pushed up ED’s quarterly operating expenses to restore and repair the damages. This, along with higher interest expenses, might have adversely impacted its bottom line.
Nevertheless, favorable returns from its earlier made investments, along with the positive impact of prior rate hikes, are likely to have boosted ED’s overall earnings.
The Zacks Consensus Estimate for Consolidated Edison’s first-quarter earnings is pegged at $1.89 per share, which implies an increase of 3.3% from the first-quarter 2023 reported figure.
What the Zacks Model Unveils
Our proven model does not conclusively predict an earnings beat for ED this time. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat, which is not the case here, as you will see below.
Earnings ESP: ED has an Earnings ESP of -0.53%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Currently, Consolidated Edison carries a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank stocks here.
Stocks to Consider
Below we have mentioned the following players from the same sector that have the right combination of elements to beat on earnings in the upcoming releases.
Ameren Corporation AEE is set to report first-quarter earnings on May 2 after market close. It has an Earnings ESP of +0.30% and carries a Zacks Rank of 3 at present.
The Zacks Consensus Estimate for AEE’s earnings is pegged at $1.09 per share, which calls for a 9% improvement from the first-quarter 2023 reported number. The Zacks Consensus Estimate for first-quarter sales is pegged at $2.20 billion, which indicates a 6.8% increase from that reported in the prior-year quarter.
Eversource Energy ES is slated to report its first-quarter 2024 results on May 2 before market open. It has an Earnings ESP of +2.76% and a Zacks Rank of 2 at present.
The Zacks Consensus Estimate for ES’ first-quarter earnings stands at $1.45 per share, which suggests a 2.8% improvement from the first-quarter 2023 reported figure. The Zacks Consensus Estimate for first-quarter sales is pegged at $4.14 billion, which implies a 9.1% increase from that reported in the prior-year quarter.
Clean Energy Fuels CLNE is expected to report its first-quarter 2024 results on May 9 after market close. It has an Earnings ESP of +6.25% and carries a Zacks Rank of 3 at present.
The Zacks Consensus Estimate for CLNE’s first-quarter earnings is pegged at a loss of 3 cents per share, which suggests a significant improvement from the first-quarter 2023 reported loss figure of 7 cents. The Zacks Consensus Estimate for first-quarter sales is pegged at $106.6 million.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
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Ameren Corporation (AEE) : Free Stock Analysis Report
Consolidated Edison Inc (ED) : Free Stock Analysis Report
Clean Energy Fuels Corp. (CLNE) : Free Stock Analysis Report
Eversource Energy (ES) : Free Stock Analysis Report
