By Dow Jones Business News, November 04, 2013, 07:12:00 PM EDT
(Updates to add adjusted profit figures, 2013 updated guidance and recent stock movement.)
By John Kell
Consolidated Edison Inc.'s ( ED ) third-quarter profit grew 5.5% as the utility company reported revenue growth across
all business segments.
The utility, which serves the New York metropolitan area, has reported modest revenue growth in each quarter of 2013.
Though the top line continues to climb, albeit modestly, the company has requested a base-rate increase totaling about $
450 million for all its operations, which includes electric, gas and steam.
The new rates, if approved by a regulatory agency, could go into effect by 2014. But the state Public Service
Commission, which makes the final ruling on the case, has said that because of low interest rates on ConEd's borrowing,
the utility can actually cut its rates while still providing investors a fair return. ConEd, meanwhile, has said it
needs more money to buttress its system against future storms like superstorm Sandy.
ConEd posted a profit of $464 million, or $1.58 a share, up from $440 million, or $1.49 a share, a year earlier.
Excluding mark-to-market effects and other items, adjusted profit grew to $1.48 a share from $1.44.
Total operating revenue climbed 1.3% to $3.48 billion.
Analysts surveyed by Thomson Reuters expected a profit of $1.42 a share and $3.57 billion in revenue.
Revenue from the electric business--ConEd's largest top-line generator--increased 0.4%. Revenue also grew at the
company's smaller segments: gas, steam and non-utility.
Operating expenses climbed 1.6% to $2.63 billion.
ConEd narrowed its full-year adjusted profit guidance, now seeing earnings between $3.70 and $3.80 a share, compared
with the prior view of $3.65 to $3.85.
Shares rose 0.3% to $58.80 in after-hours trading.
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