Skip to main content

Con Ed Blasts Past Guidance

Warm spring weather boosts the second quarter.
  • Author:
  • Publish date:

Con Ed

(ED) - Get Consolidated Edison, Inc. Report

posted a second-quarter profit and reaffirmed 2004 guidance Thursday.

The big utility holding company said earnings for the period ended June 30 rose to $86 million, or 37 cents a share, from the year-ago $66 million, or 29 cents a share. Revenue slipped to $2.17 billion from $2.18 billion a year earlier.

Scroll to Continue

TheStreet Recommends

Second-quarter earnings beat the Thomson First Call estimate by 11 cents.

"Our solid performance in the second quarter is consistent with our earnings forecast for the year," said CEO Eugene McGrath. "In operations, we energized three new substations, the most in three decades. These events were just a part of our preparation for our growing summer peak loads. They also represent another milestone in our multi-billion-dollar investment in the most reliable electric system in the country."

The company said most of the earnings gain came from strong results at its Consolidated Edison of New York unit, led by President Kevin Burke. The company cited ongoing sales growth and the warm spring weather as compared with spring 2003. There was more than twice the number of cooling degree days in the second quarter of 2004 billing cycles as in the prior period, Con Ed said.

For the full year 2004, the company reaffirmed its previous forecast of earnings in the range of $2.50 to $2.70 per share.

Shares of Con Ed rose 7 cents to $39.97.