(RTTNews) - Diversified utility company Consolidated Edison Inc. (ED: News ) said Monday its third quarter profit increased from last year, due to the absence of a hefty mark-to-market losses realized a year-ago. Looking ahead, the company reaffirmed its earnings from ongoing operations outlook for fiscal 2009.

The New York-based company reported net income for common stock of $336 million or $1.22 per share for the third quarter, up from $182 million or $0.66 per share in the prior year quarter.

Results for the quarter include net mark-to-market gains of $17 million or $0.06 per share of competitive energy businesses, compared to net mark-to-market losses of $88 million or $0.32 per share last year.

Excluding items, earnings from ongoing operations rose to $319 million or $1.16 per share from $269 million or $0.98 per share in the year-ago quarter. On average, 11 analysts polled by Thomson Reuters expected the company to report earnings of $1.05 per share for the third quarter. Analysts' estimates typically exclude special items.

In its preceding second quarter, Con Edison's third quarter net income declined 73% to $150 million or $0.55 per share from last year's $552 million or $2.02 per share. The decline reflects 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.

Summing up, Kevin Burke, the company's Chairman, President and Chief Executive Officer said, "Reliability, energy efficiency, and infrastructure investments remained priorities as the company performed well, and delivered results in line with expectations, during a relatively mild summer."
In a separate development, the company's unit, Craig Ivey was appointed president of Con Edison of New Yor effective November 1. Ivey succeeds Con Edison President and COO Louis Rana who is retiring after 40 years of service.

Ivey, 46, joins Con Edison having served as senior vice president for Transmission and Distribution at Dominion Resources in Virginia for the last two years.

For the nine-month period of 2009, Con Edison reported net income for common stock of $666 million or $2.43 per share, compared to $1.04 billion or $3.80 per share in the previous year period.

Earnings from ongoing operations grew to $665 million or $2.43 per share from $620 million or $2.27 per share in the prior year period.

To receive FREE breaking news email alerts for Consolidated Edison Inc. and others in your portfolio

 1   2   3   Next Page