Con Edison Lowers Fiscal Year Adjusted EPS Outlook

By Kimberly Chin

Consolidated Edison Inc., commonly known as Con Edison or Con Ed, lowered its full-year adjusted earnings target, as the company factors in unseasonable weather and the financial impact of the Covid-19 pandemic on its operations.

The New York company lowered its fiscal 2020 adjusted earnings forecast to between $4.15 to $4.35 a share from its previously guided range of $4.30 to $4.50 a share. The adjusted earnings excludes some accounting on the tax equity investments in some of the company's clean energy businesses, as well as the net mark-to-market effects of its clean energy businesses.

Con Ed said that the forecast reflects warmer than normal winter weather on its steam revenues and the potential financial effects stemming from the Covid-19 pandemic. Con Ed said that it expects "paused" commercial activities to restart in June, with a pickup in activity in a phased way through the third quarter.

Write to Kimberly Chin at kimberly.chin@wsj.com

(END) Dow Jones Newswires

May 07, 2020 19:29 ET (23:29 GMT)

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