Consolidated Edison beats second-quarter profit estimates
6:26 pm Thursday, August 01st, 2024
(Reuters) – Electric and gas utility Consolidated Edison beat second-quarter profit estimates on Thursday, as customers cranked up air conditioners and refrigerators during hotter weather.
The company reported an adjusted profit of 59 cents per share for the quarter ended June 30, compared to analysts’ average estimate of 57 cents per share, according to LSEG data.
Con Edison’s quarterly total operating revenue saw a nearly 9.4% rise to $3.22 billion, from $2.94 billion in the year-ago quarter.
The United States saw a heat wave stretch from central to eastern portions of the country, boosting earnings for utilities.
The company did, however, see 13.9% higher operations and maintenance expenses from the year-ago quarter.
Con Edison reaffirmed its full-year per-share earnings forecast of $5.20 to $5.40.
The company said the New York State Department of Public Service supported its subsidiary O&R’s electric and gas rate cases in May.
Rate case proceedings determine the amount customers need to pay for electricity, natural gas, private water and steam services provided by regulated utilities.
O&R provides electric service in southeastern New York and northern New Jersey, and gas service in southeastern New York.
Another Con Edison subsidiary, CECONY, which services New York City, Westchester County and parts of Manhattan, sees decrease in average annual growth of peak gas demand in its service area, seeing a growth of 0.1% for 2025 to 2029 from an earlier growth of 0.8% between 2024 to 2028.
“We expect electric volumes to grow in the coming years, as New Yorkers transition from fossil fuels to heat their buildings and power their vehicles,” chief financial officer Kirk Andrews said in a statement.
(Reporting by Seher Dareen and Tanay Dhumal in Bengaluru; Editing by Mohammed Safi Shamsi)
