NewsCon Edison Media Relations
Telephone: (212) 460-4111
For Immediate Release: October 27, 1998
Third Quarter Earnings 1998
The company’s net income for common stock for the third quarter of 1998 was $347,018,000 or $1.49 a share on an average of 233,628,000 shares outstanding. This compares with $350,444,000 or $1.49 a share for the third quarter of 1997 on an average of 235,030,000 shares outstanding.
Earnings for the first nine months of 1998 were $580,911,000 or $2.48 a share on an average of 234,679,000 shares outstanding, compared with $555,404,000 or $2.36 a share for the first nine months of 1997 on an average of 235,016,000 shares outstanding.
The company also reported net income for common stock for the 12 months ended September 30, 1998 of $719,987,000 or $3.07 a share on an average of 234,788,000 shares outstanding, compared with $670,941,000 or $2.85 a share on an average of 235,009,000 shares outstanding for the 12 months ended September 30, 1997 and $2.95 a share for calendar year 1997.
“Higher electric revenues resulting from warmer than normal weather and from the improving New York City economy, continued cost reduction programs and voluntary attrition in the labor force helped offset third quarter expenses resulting from the outage at Indian Point 2 and start-up costs associated with our non-utility subsidiaries,” said Eugene R. McGrath, Chairman and Chief Executive Officer. Indian Point 2 was returned to service on September 5th after an extended outage.
Nine-month and twelve-month earnings were affected by the same factors that impacted the third quarter.
Electric sales volume in the third quarter of 1998 increased 5.3 percent and steam sales volume increased 5.8 percent from the 1997 period, due primarily to warmer than normal weather. Firm gas sales volume (including firm transportation) decreased 2.9 percent from the 1997 period. Under the current rate structure, most weather-related variations in firm gas sales do not affect earnings.
Consolidated Edison, Inc. is one of the nation’s 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. For additional financial, operations and customer service information, visit the Consolidated Edison, Inc. web site at www.conedison.com.