Con Edison Reports 2015 Third Quarter Earnings

Consolidated Edison, Inc. (Con Edison) [NYSE: ED] today reported 2015 third quarter net income for common stock of $428 million or $1.46 a share compared with $436 million or $1.49 a share in 2014. Adjusted earnings, which exclude the effects of the impairment of certain assets held for sale and the net mark-to-market effects of the competitive energy businesses (CEBs), were $424 million or $1.45 a share in 2015 compared with $436 million or $1.49 a share in 2014.

For the first nine months of 2015, net income for common stock was $1,017 million or $3.47 a share compared with $1,010 million or $3.45 a share in the first nine months of 2014. Adjusted earnings, which exclude the effects of the gain on sale of solar electric production projects, the LILO transactions, the impairment of certain assets held for sale and the net mark-to-market effects of the CEBs, were $1,018 million or $3.47 a share in 2015 compared with $969 million or $3.31 a share in 2014.

“The relationship between utilities and their customers is changing rapidly with the advent of new renewable technologies,” said John McAvoy, the company’s chairman and CEO. “People have alternative ways to manage their energy supply and usage. We are helping to lead that transition. At the same time, we are working to make sure that all of our customers are served by a resilient, highly reliable grid.”

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 and nine months ended September 30, 2015 and 2014.

Para el año 2015, la empresa confirma que su pronóstico anterior de ganancias ajustadas es de $3.90 a $4.05 por acción. Las ganancias ajustadas por acción excluyen el deterioro de ciertos activos para la venta, los efectos netos de ajuste al mercado de las empresas energéticas competitivas (CEB, por sus siglas en inglés) y cualquier impacto futuro de la venta potencial de los negocios de suministro eléctrico minoristas de las CEB.

Los resultados de las operaciones para los períodos de tres y nueves meses que finalizaron el 30 de septiembre de 2015, comparados con los períodos de 2014, reflejan el rendimiento de los planes tarifarios de las filiales de servicios públicos de Con Edison y los gastos financieros más elevados relacionados con el financiamiento de deuda, y para los nueve meses que finalizaron el 30 de septiembre de 2015, el crecimiento en el servicio de suministro de gas relacionado con conversiones de aceite a gas y menores gastos de mantenimiento y operaciones de Consolidated Edison Company of New York, Inc. (CECONY). Los planes tarifarios proporcionan ganancias para cubrir incrementos previstos en ciertos costos operativos, que incluyen impuestos a la propiedad y depreciación. Además, en los planes tarifarios, las pensiones, otros costos posteriores a la jubilación y otros cortos determinados se reconcilian en montos reflejados en las tarifas para dichos costos. Los resultados de operaciones también incluyen los efectos netos de ajuste al mercado de las CEB, el deterioro de ciertos activos para la venta, las ganancias sobre ventas de proyectos de producción eléctrica solar, y el impacto de las transacciones de dar y recibir en arrendamiento (LILO, por sus siglas en inglés).

Los gastos de operación y mantenimiento para CECONY fueron más bajos en el período de nueve meses que finalizó el 30 de septiembre de 2015, lo que reflejó principalmente gastos en pensiones y costos más bajos por el apoyo y la protección de las instalaciones subterráneas de la empresa para admitir los proyectos municipales, compensado en parte por costos operativos más altos atribuibles a la respuesta ante emergencias y recargos más altos por evaluaciones y tarifas que se cobran en las ganancias de los clientes.

La siguiente tabla presenta el efecto calculado sobre las ganancias por acción y el ingreso neto por las acciones ordinarias para los períodos de tres y nueve meses que finalizaron el 30 de septiembre de 2015, comparados con los períodos de 2014, que se generan a partir de estos y otros factores importantes:

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Refer to the company’s Third Quarter Form 10-Q, which is being filed with the Securities and Exchange Commission, for the consolidated balance sheets at September 30, 2015 and December 31, 2014 and the consolidated income statements for the three and nine months ended September 30, 2015 and 2014. Additional information related to utility sales and revenues is available at www.conedison.com (select “Shareholder Services” and then select “Press Releases”).

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.

This press release also contains a financial measure, adjusted earnings (which the company formerly referred to as earnings from ongoing operations). This non-GAAP measure should not be considered as an alternative to net income, which is an indicator of operating performance determined in accordance with GAAP. Management uses this non-GAAP measure to facilitate the analysis of the company's operating performance as compared to its internal budgets and previously reported financial results. Management believes that this non-GAAP measure also is useful and meaningful to investors.

Consolidated Edison, Inc. is one of the nation's largest investor-owned energy companies, with approximately $13 billion in annual revenues and $45 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; Consolidated Edison Solutions, Inc., a retail energy supply and services company; Consolidated Edison Energy, Inc., a wholesale energy services company; and Consolidated Edison Development, Inc., a company that develops, owns and operates renewable and energy infrastructure projects.