Consolidated Edison Earnings: Booking a Profit Again

S&P 500 (NYSE:SPY) component Consolidated Edison Inc. (NYSE:ED) reported its results for the first quarter. Consolidated Edison provides electric, gas, and steam utility services to customers through its subsidiaries.

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Consolidated Edison Earnings Cheat Sheet for the First Quarter

Results: Net income for Consolidated Edison Inc. fell to $277 million (95 cents per share) vs. $317 million ($1.07 per share) a year earlier. This is a decline of 12.6% from the year-earlier quarter.

Actual vs. Wall St. Expectations: Consolidated Edison Inc. fell short of the mean analyst estimate of $1.04 per share.

Quoting Management: “First quarter results were in line with expectations,” said Con Edison’s Chairman, President and Chief Executive Officer Kevin Burke. “Our field operations benefited from a milder than normal winter, while providing the reliability our customers expect and deserve. We have continued to promote energy efficiency programs and oil-to-gas conversions, both of which will serve to save customers money while improving the area’s air quality and environment.”

Key Stats:

The company fell short of estimates last quarter after beating the mark the quarter before with net income of 74 cents versus a mean estimate of net income of 71 cents per share.

Looking Forward: Over the past sixty days, the outlook for the company’s performance next quarter has become increasingly unfavorable. The average estimate for the second quarter is 56 cents per share, a drop from 57 cents. For the fiscal year, the average estimate has moved up from $3.74 a share to $3.75 over the last ninety days.

(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)

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