On Thursday, electric and gas utility Consolidated Edison (NYSE: ED) beat second-quarter profit estimates, as customers cranked up air conditioners and refrigerators during hotter weather.
The company reported an adjusted profit of 59 cents per share for the quarter ended June 30, compared to analysts’ average estimate of 57 cents per share, according to LSEG data.
Con Edison’s quarterly total operating revenue saw a nearly 9.4% rise to $3.22 billion, from $2.94 billion in the year-ago quarter.
The United States saw a heat wave stretch from the central to eastern portions of the country, boosting earnings for utilities.
However, the company did see 13.9% higher operations and maintenance expenses from the year-ago quarter.
Consolidated Edison (NYSE: ED) reaffirmed its full-year per-share earnings forecast of $5.20 to $5.40.
The company said the New York State Department of Public Service supported its subsidiary O&R’s electric and gas rate cases in May.
Rate case proceedings determine the amount customers need to pay for electricity, natural gas, private water, and steam services provided by regulated utilities.
O&R provides electric service in southeastern New York and northern New Jersey, and gas service in southeastern New York.
Another Con Edison subsidiary, CECONY, which services New York City, Westchester County, and parts of Manhattan, sees a decrease in average annual growth of peak gas demand in its service area, seeing a growth of 0.1% for 2025 to 2029 from earlier growth of 0.8% between 2024 to 2028.
“We expect electric volumes to grow in the coming years, as New Yorkers transition from fossil fuels to heat their buildings and power their vehicles,” chief financial officer Kirk Andrews said in a statement.
(Source: Reuters)
Mary Lee is a freelance writer and journalist based in Toronto, Canada. She holds an M.S. degree in business and economic journalism from Columbia University’s Graduate School of Journalism in New York and a certificate in digital marketing from the University of Toronto.
