Consolidated Edison Reports Higher Profit, Revenue

Dow Jones08-07

Consolidated Edison reported higher profit in its second quarter, as revenue rose, helped by electric sales.

The New York-based utility company posted a profit of $308 million, or 83 cents a share, compared with $246 million, or 68 cents a share, a year earlier.

On an adjusted basis earnings were 83 cents a share. Analysts polled by FactSet expected 76 cents a share.

Second-quarter operating revenue rose to $4.07 billion from $3.6 billion a year earlier. Analysts polled by FactSet expected $3.60 billion.

Chief Executive Tim Cawley said the company is investing in strengthening reliability and system reliance by preparing its network for extreme heat and redoubling efforts to keep services affordable.

Gas revenue rose to $811 million from $711 million. Electric revenue was $3.14 billion, up from $2.78 billion a year earlier. Steam revenue rose to $118 million from $106 million.

The company reaffirmed its full-year guidance of adjusted earnings between $6.00 and $6.20 a share. Analysts polled by FactSet are expecting $6.10.

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