Consolidated Edison Q1 Profit Tops Estimates, Raises FY15 Forecast

reported better-than-expected first-quarter earnings and raised its 2015 earnings forecast on Thursday. For 2015, the company now expects adjusted earnings of $3.90 to $4.05 per share, versus a previous forecast of $3.80 to $4 per share. The New York-based company posted quarterly net income of $370 million, or $1.26 per share, versus $361 million, or $1.23 per share, in the year-ago period. Excluding items, the company's earnings increased to $1.25 per share from $1.17 per share. Its revenue declined to $3.62 billion from $3.79 billion. However, analysts were projecting earnings of $1.18 per share on revenue of $3.77 billion. "The company experienced strong financial performance in the first quarter, and our workforce performed admirably during the challenges of a persistent, lingering winter," said John McAvoy, chairman and CEO of Con Edison. "We are also very pleased with a proposed settlement with the New York State Public Service Commission that will keep electric delivery rates flat for our customers through 2016, marking the third consecutive year of no customer delivery rate increases, and providing resources for investments essential to delivering safe and reliable service." Consolidated Edison shares rose 0.23 percent to close at $61.24 yesterday.