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.”
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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