Con Edison Posts Lower 4Q Profit, Misses Sales Estimates
February 20 2020 - 5:46PM
Dow Jones News
By Kimberly Chin
Consolidated Edison Inc., commonly known as Con Edison or Con
Ed, posted a lower profit in the latest quarter, beating analysts'
profit estimates though it missed sales projections.
The power company said profit for the fourth quarter fell to
$295 million, or 88 cents a share, from $331 million, or $1.05 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 87 cents a share,
compared with 77 cents a share a year earlier. Analysts surveyed by
FactSet expected an adjusted profit of 80 cents a share.
Total operating revenues were $2.95 billion, a 0.1% decrease
from a year earlier. Analysts were looking for revenue of $3.12
billion.
Write to Kimberly Chin at kimberly.chin@wsj.com
(END) Dow Jones Newswires
February 20, 2020 17:31 ET (22:31 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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