Consolidated Edison reports third-quarter profit beat on higher rates

Consolidated Edison

07/11/2024 22:56

Nov 7 (Reuters) - Electric and gas utility Consolidated
Edison  ED.N  beat third-quarter profit estimates on Thursday,
helped by higher service rates at its unit that supplies
electricity to New York City and Westchester County.
    Consolidated Edison operates through three segments -
Consolidated Edison Company of New York, Orange & Rockland
Utilities and Con Edison Transmission.
    The company posted an adjusted profit of $1.68 per share for
the reported quarter, compared to analysts' average estimate of
$1.62 per share, according to data compiled by LSEG.
    "We continue to expect solid rate base growth as we continue
to make investments to both enable New York's clean energy
transition and upgrade our infrastructure to improve its
resilience," CFO Kirk Andrews said in a statement.
    Consolidated Edison's total operating revenue rose 5.6% to
$4.09 billion, while operating expenses saw a 2.5% increase in
the quarter ended Sept. 30.
    The company also revised its full-year profit forecast to
the upper half of its original range.
    It now expects adjusted earnings per share to be in the
range of $5.30 to $5.40. The prior forecast was a range of $5.20
to $5.40.
    
    

 (Reporting by Mrinalika Roy in Bengaluru; Editing by Mohammed
Safi Shamsi)
 ((mrinalika.roy@thomsonreuters.com;))