WASHINGTON (dpa-AFX) - Consolidated Edison Inc. (ED) reported first quarter earnings of $277 million or $0.95 a share compared with $311 million or $1.07 a share in 2011.
Earnings from ongoing operations, which exclude the net mark-to-market effects of the competitive energy businesses, were $295 million or $1.01 a share compared with $289 million or $0.99 a share in 2011. Analysts polled by Thomson Reuters expected the company to report earnings of $1.04 per share for the quarter. Analysts' estimates typically exclude special items.
The results of operations for the three months ended March 31, 2012, as compared with the 2011 period, reflect changes in the rate plans of Con Edison's utility subsidiaries and the effects of the milder winter weather on steam revenues.
For the year 2012, the company confirms its previous forecast of earnings per share from ongoing operations in the range of $3.65 to $3.85 a share. Analysts expect the company to report earnings of $3.75 per share for fiscal 2012.
Copyright RTT News/dpa-AFX
© 2012 AFX News
