NewsCon Edison Media Relations
For Immediate Release: May 3, 2006
CON EDISON, INC. REPORTS 2006 FIRST QUARTER EARNINGS
Earnings per Share Variation
Net Income Variation
(Millions of Dollars)
|Con Edison of New York:|
|Sales growth (estimated)||$0.03||$ 7|
|Impact of weather in 2006 versus 2005 (estimated)||(0.08)||(19)|
|Electric rate plan (estimated)||0.31||73|
|Gas rate plan (estimated)||0.03||7|
|Steam rate plan (estimated)||0.03||8|
|Higher operations and maintenance expense||(0.04)||(8)|
|Stock-based compensation expense||(0.02)||(6)|
|Higher depreciation and property taxes||(0.11)||(27)|
|Other (includes effect of dilution)||(0.03)||(3)|
|Total Con Edison of New York||0.12||32|
|Orange and Rockland Utilities||(0.02)||(5)|
|Competitive energy businesses|
|Earnings excluding mark-to-market losses (net)||0.05||12|
|Mark-to-market losses (net)||(0.12)||(30)|
|Other, including parent company expenses||(0.04)||(10)|
|Total variation||$(0.01)||$ -|
The earnings per share variations shown above reflect the dilutive effect of a higher weighted average number of common shares outstanding in the 2006 period (246 million shares) than in the 2005 period (243 million shares).
For the three months ended March 31, 2006, amounts of electricity and gas delivered by Con Edison of New York, after adjusting for variations in weather and billing days in the period, increased by 0.7 percent and 0.3 percent compared with the 2005 period, respectively. Steam deliveries decreased 1.7 percent compared with the prior period.
Refer to the company's First Quarter Form 10-Q, which was filed today with the Securities and Exchange Commission, for the consolidated balance sheets at March 31, 2006 and December 31, 2005 and the consolidated income statements for the three months ended March 31, 2006 and 2005.
This press release contains forward-looking statements that reflect
expectations and not facts. Actual results may differ materially from
those expectations 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 $12 billion in annual revenues and $25 billion in assets. The company provides a wide range of energy-related products and services to its customers through the following subsidiaries: Consolidated Edison Company of New York, Inc., a regulated utility providing electric, gas, and steam service in 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 and adjacent sections of northern New Jersey and northeastern Pennsylvania; Con Edison Solutions, a retail energy supply and services company; Con Edison Energy, a wholesale energy supply company; and Con Edison Development, a company that owns and operates generating plants and participates in other infrastructure projects.