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Con Edison Reports Lackluster Quarter

Consolidated Edison reports a 41% decline in profits
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Consolidated Edison

(ED) - Get Consolidated Edison, Inc. Report

, the big New York City utility, reported a 41% decline in profits, missing Wall Street targets.

The company blamed the results on lower-than-expected return on equity for its electric services.

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Consolidated Edison said it earned $180 million, or 66 cents a share, in the first quarter, down from $303 million, or $1.11 a share, last year.

Excluding one-time items, adjusted income was 78 cents a share, below analysts' predictions of an 86-cent profit, according to Thomson Reuters.

Shares of the utility slipped slightly lower in Friday afternoon trading, changing hands at $36.97, off 17 cents.

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