Con Edison Q2 Profit Tops Estimate; Backs FY15 Earnings View

(RTTNews) - Consolidated Edison, Inc. (ED) reported second quarter net income of $219 million or $0.75 per share, compared to $212 million or $0.73 per share for the year-ago quarter.

Adjusted earnings, which exclude the effects of the gain on sale of solar electric production projects, the lease in/lease out transactions and the net mark-to-market effects of the competitive energy businesses, were $228 million or $0.78 per share share for the second quarter, compared to $189 million or $0.65 per share share in the prior year quarter.

Total operating revenues for the second quarter fell to $2.79 billion from $2.91 billion a year ago.

Analysts polled by Thomson Reuters expected the company to earn $0.63 per share on revenue of $2.96 billion for the second quarter. Analysts' estimates typically exclude special items.

The company reaffirmed its 2015 adjusted earnings outlook of $3.90 to $4.05 per share. Analysts currently expect the company to earn $3.95 per share for the full year 2015.