Consolidated Edison, Inc. (NYSE:ED) posted its fiscal third-quarter report Friday.
The energy company revealed that it earned $1.63 per share over its most recent three-month period, topping estimates of $1.47 per share. In the year-ago period, the company reported earnings of $1.46 per share.
Revenue came in at $3.42 billion, which was 0.8% lower than what Consolidated Edison raked in a year ago. The consensus estimate was calling for revenue of $3.41 billion.
Adjusted earnings, excluding certain items came in at $1.51 per share this quarter, marking a six-cent increase year-over-year. For the first nine months of the year, net income is about $3.47 per share, which is the same as this figure was a year-ago.
Over the same period of time, earnings excluding certain items were $3.30 per share in 2016, coming in below the $3.47 per share of 2015. For its fiscal full year 2016, Consolidated Edison expects adjusted earnings to be in the range of $3.90 to $4.00 per share, compared to analysts’ expectations of $3.96 per share.
ConEdison’s utility energy systems and its employees did particularly during a time when New York temperatures were higher than usual, according to chairman and CEO John McAvoy in a statement. The company added that it closed on two transactions in the quarter, “the sales of our retail commodity business and Pike County Light & Power, to provide better alignment among our various lines of business.”
ED shares gained 0.5% Friday.
