by Alyssa Oursler | August 3, 2012 10:51 am
Consolidated Edison (NYSE:ED) beat on the bottom line but lagged on the top in the second quarter.
The electric power and natural gas utility operator saw profits increase to $214 million, or 73 cents per share, from last year’s total of $165 million, or 57 cents per share. Adjusted EPS came to 61 cents per share, beating Wall Street’s expectations of 59 cents per share.
The company missed in terms of revenue, though, as it dropped 7% year-over-year. The top line totaled $2.77 billion, while analysts had been expecting $3.12 billion.
For the year, earnings are in line with Wall Street. The company expects between of $3.65 and $3.85 per share, and analysts foresee an average of $3.75 per share.
Consolidated Edison is part of InvestorPlace’s list of Dependable Dividend Stocks — a list of companies that are rock-solid when it comes to preserving capital and making regular dividend payments.
ED pays an annualized dividend of $2.42 for a yield of 3.8%, and has been paying a dividend since 1885 — over a century!
Shares of the high-yielding stock are up 4% year-to-date, and up 22% over the past year.
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