Con Edison’s Q3 Profit Jumps 25%, Beating View (ED)

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Regulated utilities operator Consolidated Edison, Inc. (ED) said Monday that its third quarter profit rose 25% from last year, and reiterated its full-year forecast.

The New York-based company reported third quarter net income of $336 million, or $1.22 per share, compared with $269 million, or 98 cents per share, in the year-ago period. Excluding items, adjusted profit was $1.16 per share.

On average, Wall Street analysts expected a lower adjusted profit of $1.06 per share.

Con Edison CEO Kevin Burke said that “Reliability, energy efficiency, and infrastructure investments remained priorities as the company performed well, and delivered results in line with expectations, during a relatively mild summer.”

Looking ahead, the company reaffirmed its prior full-year earnings forecast of $3 to $3.20 per share, while analysts currently expect $3.11 per share.

Con Edison shares rose 13 cents, or +0.3%, in morning trading Monday.

The Bottom Line
We have been recommending shares of Ed since Sept.16, when the stock was trading at $40.85. The company has a 5.80% dividend yield, based on Friday’s closing stock price of $40.68.

Consolidated Edison, Inc. (ED) is a “recommended” dividend stock, holding a Dividend.com DARS™ Rating of 3.5 out of 5 stars.

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