3rd-Generation Employee Earns Company's Most Prestigious Honor -- Just before she began seventh grade, Michelle Hicks went back-to-school shopping with her mother and her three siblings and got a treat she did not expect.
"The company experienced strong financial performance in the first quarter, and our workforce performed admirably during the challenges of a persistent, lingering winter," said John McAvoy, chairman and CEO of Con Edison. "We are also very pleased with a proposed settlement with the New York State Public Service Commission that will keep electric delivery rates flat for our customers through 2016, marking the third consecutive year of no customer delivery rate increases, and providing resources for investments essential to delivering safe and reliable service. In addition, we will continue plans to implement a smart meter program to further enhance customer service, grid reliability and outage management, while encouraging expansion of new customer-based technologies."The following table is a reconciliation of Con Edison’s reported earnings per share to adjusted earnings per share and reported net income to adjusted earnings for the three months ended March 31, 2015 and 2014. [TABLE ]}Earnings
per Share Net Income for Common Stock
(Millions of Dollars) 2015201420152014Reported earnings per share and net income for common stock - GAAP basis (basic)$1.26$1.23 $370 $361LILO transactions (a)-(0.02)-(7)Net mark-to-market effects of the CEBs (b)(0.01)(0.04)(5)(11)Adjusted earnings - non-GAAP$1.25$1.17$365$3431 In March 2014, adjustments were made to taxes and accrued interest relating to Con Edison Development’s LILO transactions which were terminated in 2013, resulting in an after-tax benefit to earnings of $7 million (after taxes of $6 million).2 After taxes of $3 million and $9 million for the three months ended March 31, 2015 and 2014, respectively.
Con Edison is a subsidiary of Consolidated Edison, Inc. [NYSE: ED], one of the nation's largest investor-owned energy companies, with approximately $13 billion in annual revenues and $44 billion in assets. The utility provides electric, gas and steam service to more than three million customers in New York City and Westchester County, New York. For additional financial, operations and customer service information, visit us on the web at www.conEd.com, for energy efficiency rebates and incentives at www.coned.com/energyefficiency, and on [Twitter] (https://twitter.com/conedison) and [Facebook] (https://www.facebook.com/ConEdison).