Con Edison (ED) Stock Tumbles After Earnings Missed Estimates
NEW YORK (TheStreet) -- Consolidated Edison (ED) - Get Report stock is lower by 5.07% to $62.04 in early afternoon trading on Friday, following the release of the company's 2015 third quarter financial results, which were released after the market close on Thursday.
The electric services company posted adjusted earnings of $1.45 per share, down from $1.49 per share for the year ago period.
Revenue climbed year over year to $3.44 billion, higher than $3.39 billion in the 2014 third quarter.
Con Edison had been forecast to post earnings of $1.48 per share on revenue of $3.51 billion for the most recent quarter by analysts surveyed by Thomson Reuters.
"People have alternative ways to manage their energy supply and usage. We are helping to lead that transition. At the same time, we are working to make sure that all of our customers are served by a resilient, highly reliable grid," CEO John McAvoy said in a statement.
Separately, TheStreet Ratings team rates CONSOLIDATED EDISON INC as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
We rate CONSOLIDATED EDISON INC (ED) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its increase in net income, reasonable valuation levels, growth in earnings per share and increase in stock price during the past year. We feel its strengths outweigh the fact that the company has had somewhat disappointing return on equity.
You can view the full analysis from the report here: ED
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