Earnings Sink at Con Ed - TheStreet

Earnings Sink at Con Ed

The company sticks by its full-year forecast, however.
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Consolidated Edison

(ED) - Get Report

posted a 33% decline in second-quarter earnings and missed Wall Street's estimates, citing weak demand for energy during the cool spring in New York.

Still, the electricity provider stood by its 2003 earnings forecast.

Con Ed reported a profit of $66 million, or 29 cents a share, significantly short of analysts' estimate of 38 cents a share, according to Thomson First Call. In the previous year, the company earned $97.6 million, or 46 cents a share.

Revenue increased to $2.2 billion from $1.9 billion a year earlier.

Con Ed's shares were down 27 cents, or 0.7%, to $40.10 Thursday.

The company reaffirmed its guidance range of $2.82 a share to $2.97 a share for the full year, bracketing analysts' estimates of $2.88 a share. Con Ed also said it will distribute a dividend of 56 cents a share on Sept. 15 to investors of record Aug. 13.