Con Edison Reports 2014 First Quarter Earnings
Consolidated Edison, Inc. (Con Edison) [NYSE: ED] today reported 2014 first quarter net income for common stock of $361 million or $1.23 a share compared with $192 million or $0.66 a share in 2013. Earnings from ongoing operations, which exclude the effects of its lease in/lease out (LILO) transactions and the net mark-to-market effects of the competitive energy businesses (CEBs), were $343 million or $1.17 a share in 2014 compared with $316 million or $1.08 a share in 2013.
"First quarter financial results were in line with expectations, and our new rate plans provide stability for customers and certainty for shareholders,"" said President and CEO John McAvoy. ""Our employees performed admirably during a colder-than-normal winter that adversely affected customers' energy supply costs. We continue to implement storm hardening improvements. We also are continuing to help residents and businesses affected by the tragic gas explosion in East Harlem, while working with the National Transportation Safety Board to determine the cause.""
The following table is a reconciliation of Con Edison's reported earnings per share to earnings per share from ongoing operations and reported net income to earnings from ongoing operations for the three months ended March 31, 2014 and 2013.
For the year 2014, the company confirms its previous forecast of earnings per share from ongoing operations in the range of $3.65 to $3.85 a share. Earnings per share from ongoing operations exclude a $0.02 a share benefit relating to the LILO transactions and the net mark-to-market effects of the CEBs.
The results of operations for the three months ended March 31, 2014, as compared to the 2013 period, reflect primarily changes in the rate plans of Con Edison's utility subsidiaries, the weather impact on its steam delivery service, decreases in certain operations and maintenance expenses and increases in depreciation and property taxes, reflecting primarily the impact of higher utility plant balances. The results of operations also include the impact of the LILO transactions and the net mark-to-market effects of the CEBs.
Operations and maintenance expenses for CECONY primarily reflect a decrease in pension costs and lower surcharges for assessments and fees that are collected in revenues, offset in part by higher operating costs attributable to emergency response to weather related events.
The following table presents the estimated effect on earnings per share and net income for common stock for the 2014 period compared to the 2013 period, resulting from these and other major factors:
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Consolidated Edison, Inc. is one of the nation's largest investor-owned energy companies, with approximately $12 billion in annual revenues and $41 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 participates in infrastructure projects.