Con Edison Posts Lower 1Q Profit As Operating Revenues Fall

By Kimberly Chin

Consolidated Edison Inc., commonly known as Con Edison or Con Ed, said profit fell in the fiscal first quarter, driven by lower operating revenues and slightly higher expenses.

The energy company said profit was $375 million, or $1.13 a share, compared with $424 million, or $1.31 a share, a year earlier. Excluding the accounting effects of tax equity investments for certain renewable energy production projects, Con Ed reported an adjusted profit of $1.35 a share. Analysts surveyed by FactSet expected an adjusted profit of $1.40 a share.

The company had higher depreciation and amortization expenses as well as higher net interest expenses.

Total operating revenues fell to $3.23 billion from $3.51 billion a year ago.

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

(END) Dow Jones Newswires

May 07, 2020 19:33 ET (23:33 GMT)

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