(RTTNews) - Diversified utility Consolidated Edison, Inc. (ED: News ), also known as Con Edison, is slated to release third-quarter results before the market opens Monday. On average, 11 analysts surveyed by Thomson Reuters expect the company to post earnings of $1.05 per share for the quarter, with estimates ranging between $0.94 and $1.09 per share. Analysts' estimates typically exclude special items. Revenues for the quarter are estimated to be $3.59 billion, representing a 6.9% fall from last year.

In the same quarter a year ago, New York-based Con Edison reported net earnings of $182 million or $0.66 per share, and earnings from ongoing operations of $269 million or $0.98 per share, both lower than the previous year.

While announcing the second-quarter results back in August, Kevin Burke, Chairman, President and Chief Executive Officer, had said, "Despite continued weakness in the economy, the company remains focused on safe, reliable and efficient energy-service delivery, on system upgrading and reinforcement, and the advancement of environmentally-responsible energy projects."

At that time, the company also confirmed its fiscal 2009 forecast of earnings per share from ongoing operations in the range of $3.00 to $3.20 a share, which excludes the net mark-to-market effects of the competitive energy businesses. Analysts currently expect the company to earn $3.10 per share for the full year 2009.

In its preceding second quarter, Con Edison reported a 73% decline in net income to $150 million or $0.55 per share from last year's $552 million or $2.02 per share, reflecting the absence of a hefty gain on the sale of Con Edison Development's generation projects and discontinued operations. Excluding items, income from ongoing operations grew to $131 million or $0.48 per share from $114 million or $0.42 per share in the prior year quarter.
Con Edison, with approximately $14 billion in annual revenues and $34 billion in assets, provides electric, gas, and steam utility services in the United States through its subsidiaries, Consolidated Edison Co. of New York and Orange & Rockland Utilities. It provides electric service to about 3.3 million customers and gas service to approximately 1.1 million customers in New York City and Westchester County, as well as provides steam service to office buildings, apartment houses, and hospitals in parts of Manhattan.

The utility sector in general has been hit hard by weak demand for power amid the severe economic crisis, even though they are highly regulated and have less competition as the territories are more or less insulated from peers, resulting in only one electricity provider in most towns. The slowdown in residential and commercial real estate growth has also impacted the utility companies' steady profits.

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