Con Edison Boosts Low-End of 2011 Outlook; Q3 Profit Matches View (ED)

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Electric and gas utility operator Consolidated Edison, Inc. ( ED ) late Thursday posted a 9% gain in third quarter earnings, matching analyst estimates.

The New York-based company reported third quarter net income of $383 million, or $1.31 per share, compared with $350 million, or $1.24 per share, in the year-ago period. Excluding one-time items, adjusted profit was $1.33 per share.

On average, Wall Street analysts expected a matching profit of $1.33 per share.

Looking ahead, Con Ed boosted its full-year 2011 outlook to a range of $3.55 to $3.65 per share, up from a prior forecast of $3.45 to $3.65 per share.

Con Edison shares were unchanged in premarket trading Friday.

The Bottom Line
Shares of Consolidated Edison ( ED ) have a 4.09% dividend yield, based on last night's closing stock price of $58.75. The stock has technical support in the $54-$55 price area. The stock is trading near all-time highs and have little overhead resistance.

Consolidated Edison, Inc. ( ED ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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