Consolidated Edison Adjusted Earnings Rise

   By Josh Beckerman

Consolidated Edison Inc.'s (ED) third-quarter profit rose 16%, as revenue and expenses were both relatively flat and the latest quarter included a gain on the September sale of a retail electric supply business.

The company said its utilities and its employees "performed very well when faced with significantly higher than normal New York temperatures."

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

The ConEdison Solutions unit sold the assets of its retail electric supply business to an Exelon Corp. unit for cash consideration of $235 million, subject to adjustments.

The company expects 2016 adjusted earnings of $3.90 to $4 per basic share, compared with prior guidance of $3.85 to $4.05.

Over all, the company reported net income of $497 million, or $1.62 a diluted share, up from $428 million, or $1.45 a share, a year earlier. Adjusted earnings were $1.51 per basic share, up from $1.45 a year earlier.

Revenue fell 0.8% to $3.42 billion, while analysts polled by Thomson Reuters expected $3.41 billion.

Shares were flat in after-hours trading at $73.87.

Write to Josh Beckerman at josh.beckerman@wsj.com

(END) Dow Jones Newswires

November 03, 2016 21:07 ET (01:07 GMT)

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