Con Ed: 3Q Earnings Snapshot
NEW YORK (AP) _ Consolidated Edison Inc. (ED) on Monday reported third-quarter profit of $473 million.
The New York-based company said it had net income of $1.42 per share. Earnings, adjusted for non-recurring costs, came to $1.54 per share.
The results missed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $1.59 per share.
The utility posted revenue of $3.37 billion in the period.
Con Ed expects full-year earnings in the range of $4.25 to $4.35 per share.
Con Ed shares have risen 17% since the beginning of the year, while the Standard & Poor’s 500 index has climbed 23%. In the final minutes of trading on Monday, shares hit $89.84, a rise of 21% in the last 12 months.