Con Edison Posts Lower 1Q Profit As Operating Revenues Fall
May 07 2020 - 6:48PM
Dow Jones News
By Kimberly Chin
Consolidated Edison Inc., commonly known as Con Edison or Con
Ed, said profit fell in the fiscal first quarter, driven by lower
operating revenues and slightly higher expenses.
The energy company said profit was $375 million, or $1.13 a
share, compared with $424 million, or $1.31 a share, a year
earlier. Excluding the accounting effects of tax equity investments
for certain renewable energy production projects, Con Ed reported
an adjusted profit of $1.35 a share. Analysts surveyed by FactSet
expected an adjusted profit of $1.40 a share.
The company had higher depreciation and amortization expenses as
well as higher net interest expenses.
Total operating revenues fell to $3.23 billion from $3.51
billion a year ago.
Write to Kimberly Chin at kimberly.chin@wsj.com
(END) Dow Jones Newswires
May 07, 2020 19:33 ET (23:33 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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