Consolidated Edison beats third-quarter profit estimates on strong power demand

Consolidated Edison

06/11/2025 22:25

Nov 6 (Reuters) - Consolidated Edison ED.N on Thursday beat Wall Street estimates for third-quarter profit, helped by robust demand for its electric and gas services, sending its shares up nearly 3% in extended trading.

According to the U.S. Energy Information Administration, power consumption is set to hit record highs in 2025 and 2026, driven by demand from data centers dedicated to AI and cryptocurrency, and as homes and businesses use more electricity and less fossil fuel for heat and transportation.

The S&P index tracking utilities .SPLRCU rose 6.8% in the quarter ended September 30.

The New York-based utility's net income rose 17% to $688 million, or $1.91 per share, for the three months ended September 30, from $588 million, or $1.70 per share, a year earlier.

Total operating revenues, which include electric and gas services across New York City, Manhattan, Westchester County and New Jersey, rose to $4.53 billion during the third quarter, from $4.09 billion a year earlier.

The company said it had reached a joint settlement on a three-year investment plan to fund critical infrastructure upgrades.

Consolidated Edison narrowed its 2025 adjusted earnings forecast to $5.60 to $5.70 per share, from a prior view of $5.50 to $5.70 per share.

The utility posted an adjusted profit of $1.90 per share for the three months ended September 30, compared with analysts' average estimate of $1.74 per share, LSEG data showed.

 (Reporting by Dharna Bafna in Bengaluru; Editing by Tasim Zahid)

 ((Dharna.Bafna@thomsonreuters.com;))