ConEd Posts Higher Revenue, Lower Profit

By Josh Beckerman 

Consolidated Edison Inc. reported lower fourth-quarter earnings, in part due to mark-to-market effects at its competitive energy businesses.

The utility company said rate plans helped revenue in the quarter, which also had higher operating and maintenance costs due to items like emergency response and work on underground facilities to accommodate municipal projects.

The company's Consolidated Edison Co. of New York utility unit has about 3.4 million electric-service customers. Its other operations include Orange and Rockland Utilities Inc.

For the quarter ended Dec. 31, the company earned $81 million, or 28 cents a share, compared with $234 million, or 79 cents a share, a year earlier. Operating revenue fell to $2.83 billion from $2.87 billion.

Analysts polled by Thomson Reuters had projected revenue of $2.52 billion.

Earnings from ongoing operations for the quarter fell to 58 cents a share from 69 cents. The company's full-year figure was $3.89. In November, the company increased its 2014 guidance for that metric to the range of $3.80 to $3.90 a share.

In January, the company's largest utility unit filed for a rate increase which it said would help fund investments in its system. ConEd is seeking a $368 million revenue increase. The rate proposal calls for smart-meter usage and addresses issues including storm readiness.

For 2015, ConEd expects earnings from ongoing operations of $3.80 to $4 a share. Analysts expect $3.93 a share.

Write to Josh Beckerman at [e-mail]

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