Con Ed Earnings Rise

The company reaffirms full-year guidance as new chief Kevin Burke prepares to take the reins.
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Con Ed

(ED) - Get Report

beat second-quarter earnings targets Thursday and reaffirmed full-year guidance.

For the second quarter ended June 30, the company made $115 million, or 47 cents a share, up from the year-ago $86 million, or 37 cents a share, a year earlier. Revenue rose to $1.65 billion from $1.53 billion a year ago.

"Our solid performance in the second quarter benefited from the continued strengthening of the local economy," said CEO Eugene McGrath. The solid results at the big New York-based power company come just two months after CEO Eugene McGrath indicated he would

make way in September for Kevin Burke.

Analysts surveyed by Thomson First Call had forecast earnings of 38 cents a share for the latest period. The company said Thursday that it still expects to make $2.75 to $2.90 a share for the year, in line with the $2.86 Wall Street estimate.

On Thursday, Con Ed shares slipped 65 cents to $47.50.