LONDON, March 19, 2015 /PRNewswire/ --
Editor Note: For more information about this release, please scroll to bottom.
Investor-Edge.com has issued free post-earnings report on Consolidated Edison Inc. (NYSE: ED). On February 19, 2015, the company reported its financial results for Q4 FY14 and full year FY14 (period ended December 31, 2014). Click on http://get.Investor-Edge.com/pdf/?c=Consolidated%20Edison&d=19-Mar-2015&s=ED to read our free earnings review on Consolidated Edison Inc. (Con Edison). The company's total operating revenues stood at $2.83 billion for Q4 FY14 and $12.92 billion for FY14.
Earnings Overview
During Q4 FY14, Con Edison's total operating revenues declined by $39 million from $2.87 billion in Q4 FY13. The company's Q4 FY14 total operating revenues outperformed Bloomberg analysts' forecast of $2.52 billion. Con Edison's Electric segment reported operating revenues of $1.96 billion in Q4 FY14, almost flat as compared to Q4 FY13. Gas segment's operating revenues were $420 million in Q4 FY14 compared to $488 million in Q4 FY13. Further, Con Edison's Steam segment's operating revenues decreased to $143 million in Q4 FY14 from $161 million in Q4 FY13. However, the company's Non-utility segment saw improvement in Q4 FY14 operating revenues to $310 million from $262 million in Q4 FY13. Our free coverage report can be accessed at:
http://get.Investor-Edge.com/pdf/?c=Consolidated%20Edison&d=19-Mar-2015&s=ED
In Q4 FY14, Con Edison's GAAP net income for common stock was $81 million, or $0.28 per diluted share, compared to $234 million, or $0.79 per diluted share, in Q4 FY13. Bloomberg analysts had expected net income for common stock of $162.67 million, or $0.55 per diluted share, in Q4 FY14. The company's Q4 FY14 earnings from ongoing operation, which excluded effects of the lease in/lease out (LILO) transactions and the net mark-to-market effects of the competitive energy businesses (CEBs), were $171 million, or $0.58 per share, compared with $202 million, or $0.69 per share, in Q4 FY13.
For FY14, Con Edison's total operating revenues increased by $565 million from $12.35 billion in FY13. The company's FY14 total operating revenues outperformed Bloomberg analysts' forecast of $12.63 billion. In FY14, Con Edison's Electric segment's operating revenues increased to $9.11 billion from 8.76 billion in FY 2013. Operating revenues of Gas segment also rose to $1.93 billion from $1.82 billion in FY13. Further, the company's Non-utility segment's operating revenues grew to $1.24 billion in FY14 from $1.09 billion in FY13. However, the company's Steam segment's operating revenues declined to $628 million in FY14 from $683 million in FY13.
During FY14, Con Edison's GAAP net income for common stock stood at $1.09 billion, or $3.71 per diluted share, compared to $1.06 billion, or $3.61 per diluted share, in FY13. Bloomberg analysts had expected GAAP net income for common stock of $1.16 billion, or $3.90 per diluted share, in FY14. Moreover, the company's earnings from ongoing operation, which excluded the effects of the gain on sale of solar electric production projects, the LILO transactions and the net mark-to-market effects of the CEBs, stood at $1.14 billion, or $3.89 per share, in FY14 compared to $1.11 billion, or $3.80 per share, in FY13. Free research on ED can be downloaded in PDF format at:
http://get.Investor-Edge.com/pdf/?c=Consolidated%20Edison&d=19-Mar-2015&s=ED
Chairman and CEO of Con Edison, John McAvoy, stated that the company is preparing its energy grid to adopt many new technologies and new ways of delivering power, including more customer-sited generation resources.
In its FY15 outlook, the company expects earnings from ongoing operations to be in the range of $3.80 to $4.00 per share, which exclude the net mark-to-market effects of the CEBs. Sign up and read the free analyst's notes on ED at:
http://get.Investor-Edge.com/pdf/?c=Consolidated%20Edison&d=19-Mar-2015&s=ED
Stock Performance
On the day following the earnings release, February 20, 2015, Con Edison's stock fell by 1.62% to end the session at $63.75. Since then, the stock has moved both ways. On the last close, Wednesday, March 18, 2015, the company's shares finished 1.50% higher at $62.09, after vacillating between $60.65 and $62.67. A total of 4.26 million shares were traded which was above their three months average volume of 2.39 million shares. Over the last one month and over the previous three months, the company's shares have lost 5.08% and 5.29%, respectively. However, the stock has gained 14.12% in past one year. Shares in Con Edison are trading above their 200-day moving average of $60.88. Visit Investor-Edge and access the latest research on ED at:
http://get.Investor-Edge.com/pdf/?c=Consolidated%20Edison&d=19-Mar-2015&s=ED
Sneak Peek to Corporate Insider Trading
In the last one month, there were 22 corporate insider transactions done by 12 individuals. Between February 18, 2015 and March 16, 2015, a total of 275 shares were purchased at an average price of $66.07 per share and for a total value of $18,170. During the same period, a total of 105,730 shares, worth $6.75 million, were sold at an average price of $63.82 per share. The following are a few of the abovementioned transactions: Kevin Burke, Director at Con Edison, and Craig S. Ivey, President at Con Edison, disposed 37,040 and 18,858 shares, respectively, at an average price of $63.82 per share. Robert N. Hoglund, Senior Vice President and Chief Financial Officer at Con Edison, bought 35 shares at an average price of $66.42 per share and sold 15,221 shares at an average price of $63.82 per share. Complimentary in-depth research on ED is available at:
http://get.Investor-Edge.com/pdf/?c=Consolidated%20Edison&d=19-Mar-2015&s=ED
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