Consolidated Edison Inc. Earnings Cheat Sheet: Profit Falls, Snapping Streak of Rising Profits

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

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Consolidated Edison Earnings Cheat Sheet for the Second Quarter

Results: Net income for the diversified utilities company fell to $165 million (57 cents per share) vs. $183 million (65 cents per share) a year earlier. This is a decline of 11% from the year earlier quarter.

Actual vs. Wall St. Expectations: ED beat the mean analyst estimate of 53 cents per share.

Quoting Management: “We continued to meet financial expectations in the second quarter, while our 14,000 employees worked hard to prepare our delivery systems for the summer. Their preparation and dedication responding to scattered outages during record-breaking heat in July kept the power flowing reliably to most of our 3.2 million customers,” said Kevin Burke, the company’s Chairman, President and Chief Executive Officer. “Con Edison’s energy efficiency programs continue to help customers lower their bills, reduce peak demand, defer additional capital investments and improve the environment. Cost management strategies also are working to keep our operations efficient and our company strong and sustainable.”

Key Stats:

Last quarter’s profit decrease breaks a streak of four consecutive quarters of year-over-year profit increases. In the first quarter, net income rose 37.1% from the year earlier, while the figure increased 15.2% in the fourth quarter of the last fiscal year, 4.1% in the third quarter of the last fiscal year and 21.6% in the second quarter of the last fiscal year.

The company beat estimates last quarter after falling short in the previous two quarters. In the first quarter, it missed the mark by 3 cents, and in the fourth quarter of the last fiscal year, it fell short by 2 cents.

Competitors to Watch: CH Energy Group, Inc. (NYSE:CHG), Unitil Corporation (NYSE:UTL), FirstEnergy Corp. (NYSE:FE), NiSource Inc. (NYSE:NI), CMS Energy Corporation (NYSE:CMS), Wisconsin Energy Corp. (NYSE:WEC), PG&E Corporation (NYSE:PCG), Avista Corporation (NYSE:AVA), NorthWestern Corporation (NYSE:NWE), and SCANA Corporation (NYSE:SCG).

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(Source: Xignite Financials)