NewsCompany Press Release
Source: Con Edison, Inc.
SECOND QUARTER EARNINGS 1998
Consolidated Edison, Inc. today (TUESDAY, JULY 28, 1998) reported higher earnings for the second quarter of 1998, compared with the same period last year. The company also declared a dividend of 53 cents a share on its common stock payable September 15, 1998 to stockholders of record as of August 19, 1998.
The companyís net income for common stock for the second quarter of 1998 was $61,976,000 or $.26 a share on an average of 234,992,000 shares outstanding. This compares with $42,956,000 or $.18 a share for the second quarter of 1997 on an average of 235,016,000 shares outstanding.
Earnings for the first six months of 1998 were $233,893,000 or $.99 a share on an average of 235,205,000 shares outstanding, compared with $204,960,000 or $.87 a share for the first six months of 1997 on an average of 235,009,000 shares outstanding.
The company also reported net income for common stock for the 12 months ended June 30, 1998 of $723,412,000 or $3.08 a share on an average of 235,152,000 shares outstanding, compared with $643,878,000 or $2.74 a share on an average of 234,997,000 shares outstanding for the 12 months ended June 30, 1997 and $2.95 a share for calendar year 1997.
"Our increased second quarter earnings reflect higher electric revenues resulting from the improving New York City economy as well as continued cost reduction programs and voluntary attrition in the labor force," said Eugene R. McGrath, Chairman and Chief Executive Officer. "These factors also contributed to our strong earnings for the six and 12-month periods."
Electric sales volume in the first six months of 1998 increased 2.9 percent from the 1997 period. Firm gas sales volume (including firm transportation) decreased 8.0 percent and steam sales volume decreased 9.4 percent from the 1997 period, due primarily to milder than normal winter weather. Under the current rate structure, most weather-related variations in firm gas sales do not affect earnings.
Consolidated Edison, Inc. is one of the nationís largest investor-owned energy companies, with more than $7 billion in annual revenues and approximately $15 billion in assets. The company provides a wide range of energy-related products and services to its customers through its four subsidiaries: Consolidated Edison Company of New York, Inc. (Con Edison), a regulated utility providing electric, gas and steam service to New York City and Westchester County, New York; Con Edison Solutions, a retail energy services company; Con Edison Energy, a wholesale energy supply company; and Con Edison Development, an infrastructure-development company.