Consolidated Edison Reports Lower Q2 Profit

By Maria Armental

Consolidated Edison Inc. (ED) reported a 19% profit decline in the latest period on higher interest expenses.

Second-quarter profit fell to $152 million, or 46 cents a share, from $188 million, or 60 cents a share a year earlier. On an adjusted basis, Con Ed reported a profit of 58 cents a share, compared with 61 cents a share a year earlier.

Operating revenue in the June quarter rose to $2.74 billion from $2.7 billion a year earlier.

Analysts surveyed by FactSet expected an adjusted profit of 59 cents a share and $2.79 billion in revenue.

Net interest expense rose 33.5% to $263 million.

The New York utility company affirmed its forecast of $4.25 to $4.45 a share in adjusted profit for the year.

"Our commitment to serving our customers remains paramount, and we regret the distress experienced by those impacted by recent power outages," Chief Executive John McAvoy said in a statement.

The most recent of two power failures that hit New York City last month occurred during storms and record power usage during a heat wave and largely affected customers in Queens and Brooklyn.

Con Ed blamed the larger of the two, which left without power more than 70,000 people on the West Side of Manhattan on July 13, on a flawed connection and said it had since fixed the problem at a substation on 65th Street and taken action to prevent similar problems from happening at other substations.

Write to Maria Armental at maria.armental@wsj.com

(END) Dow Jones Newswires

August 01, 2019 17:20 ET (21:20 GMT)

Consolidated Edison (NYSE:ED)
Historical Stock Chart
From Mar 2024 to Apr 2024