Con Edison Media Relations
Contact: Michael Clendenin
Telephone: (212) 460-4111
For Immediate Release: April 18, 2002
CONSOLIDATED EDISON, INC. REPORTS FIRST QUARTER EARNINGS
Company Reaffirms 2002 Earnings Projection
NEW YORK - Consolidated Edison, Inc. [NYSE: ED] today (THURSDAY, APRIL 18, 2002) reported net income for common stock for the first quarter of 2002 of $166.6 million or $.78 a share, compared with earnings of $179.1 million or $.84 a share for the first quarter of 2001. The company also declared a quarterly dividend of 55 ½ cents a share on its common stock payable June 15, 2002 to stockholders of record as of May 15, 2002.
"Con Edison's earnings in the first three months represent a good start for the year, despite extremely mild winter weather and a relatively weak economic climate," said Eugene R. McGrath, Chairman and Chief Executive Officer. "We are confident that the underlying strength of our regional economy will support a solid recovery beginning later this year, and that Con Edison's financial strength and flexibility, and our management focus, will enable us to continue to achieve the good financial performance our shareholders count on,” McGrath said.
The company's net income for common stock for the 12 months ended March 31, 2002 was $669.7 million or $3.16 a share, compared with $573.8 million or $2.71 a share for the 12 months ended March 31, 2001. Absent the effect of non-recurring charges for nuclear replacement power and merger-related costs, earnings for the 12 months ended March 31, 2001 would have been $679.1 million or $3.20 a share.
The company's earnings for the first quarter of 2002 reflect the exceptionally warm winter weather and the economic downturn, partially offset by lower operating expenses. Excluding the impact of the warmer weather and certain billing adjustments, electric, firm gas and steam energy delivered by Con Edison of New York decreased by 1.0 percent, 0.3 percent and 1.1 percent, respectively, as compared with the prior year. Weather adjusted electric peak load for the first quarter of 2002 was slightly above the 2001 period.
For the full year 2002, the Company confirms its previous forecast of earnings in the range of $3.15 to $3.25 a share.
This release contains forward-looking statements of future expectations. Actual results might differ materially from those projected because of factors such as those identified in reports the company has filed with the Securities and Exchange Commission.
Consolidated Edison, Inc. is one of the nation's largest investor-owned energy companies, with approximately $10 billion in annual revenues and $17 billion in assets. The company provides a wide range of energy-related products and services to its customers through its six subsidiaries: Consolidated Edison Company of New York, Inc., a regulated utility providing electric, gas and steam service to New York City and Westchester County, New York; Orange and Rockland Utilities, Inc., a regulated utility serving customers in a 1,350 square mile area in southeastern New York State, as well as adjacent sections of northern New Jersey and northeastern Pennsylvania; Con Edison Solutions, a retail energy services company; Con Edison Energy, a wholesale energy supply company; Con Edison Development, an infrastructure development company; and Con Edison Communications, a telecommunications infrastructure company.
For additional financial, operations and customer service information, visit the Consolidated Edison, Inc. web site at www.conedison.com.
Income Statements Attached (PDF format)