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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Consolidated Edison Inc | NYSE:ED | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 96.91 | 0 | 01:00:00 |
By Debbie Cai and Nathalie Tadena
Consolidated Edison Inc.'s (ED) fourth-quarter earnings rose 8.9% as the utility company recorded a mark-to-market gain from its competitive energy businesses and a smaller tax expense, though revenue was about flat from a year earlier.
ConEd expects earnings from ongoing operations for the year between $3.65 and $3.85 a share, mostly below the $3.83 estimate from analysts polled by Thomson Reuters.
"Our regulated utilities and competitive energy businesses continued to perform well in 2012," Chairman and Chief Executive Kevin Burke said Thursday.
New York Attorney General Eric Schneiderman in November began investigating ConEd and Long Island Power Authority over the utilities' preparedness and response to superstorm Sandy, The Wall Street Journal reported citing a person familiar with the inquiries. The attorney general's scrutiny of New York's largest suppliers of electricity came amid widespread public anger over the prolonged power failures that followed the storm.
The utility, which serves the New York metropolitan area, said Thursday it faced an unprecedented challenge with superstorm Sandy and will work with government leaders and community organizations to implement new investments and strategies in the wake of the storm.
The company also raised its dividend by a penny to 61.5 cents a share, as it looks to increase shareholder return.
In the latest period, ConEd posted a profit of $207 million, or 70 cents a share, up from $190 million, or 65 cents a share, a year earlier. Excluding mark-to-market gains in the latest period and mark-to-market losses in the year-ago quarter, per-share earnings slipped to 69 cents from 74 cents.
Analysts polled by Thomson Reuters had predicted per-share earnings of 73 cents a share.
Total operating revenue edged down 0.5% to $2.9 billion, while analysts had expected $3.35 billion.
Revenue from the electric business--ConEd's largest top-line generator by far--increased 1%. Gas revenue increased 7.5%, while steam revenue climbed 2.8%. Nonutility revenue slipped 22%.
Operating expenses slipped 0.3% while the company's income-tax expense fell 19% to $100 million.
Shares closed at $56.88 and were unchanged after hours. The stock is off 5.8% over the past three months.
Write to Debbie Cai at debbie.cai@dowjones.com and Nathalie Tadena at nathalie.tadena@dowjones.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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