Diversified utility company Consolidated Edison Inc. (ED) said Thursday its profit for the fourth quarter increased from last year, helped by an improvement in operating revenues from its non-utility segment.
The New York-based company's fourth quarter net income rose to $202 million or $0.73 per share from $160 million or $0.58 per share for the prior year quarter. Excluding items, earnings from ongoing operations for the fourth quarter was $184 million or $0.67 per share, down from $200 million or $0.72 per share in the same quarter last year. Earnings from ongoing operations for the recent quarter exclude a net mark-to-market effects of competitive energy businesses of $0.06 per share or $18 million.
On average, ten analysts polled by Thomson Reuters expected the company to report earnings of $0.76 per share. Analysts' estimates typically exclude special items.
Total operating revenues for the quarter rose to $3.27 billion from $3.00 billion last year. Four Street analysts expected revenues of $2.99 billion for the quarter.
Kevin Burke, President and Chief Executive Officer said, "Our 2009 financial performance, in a difficult economic environment, reflects the capital investments we have made in our energy infrastructure to meet the expectations of our customers for safe and reliable service."
"Our innovative smart grid pilot project in Long Island City will demonstrate new ways that these emerging technologies can help provide a more flexible, cost-effective, and reliable energy future for our service areas," Burke added.
In the sequentially preceding third quarter, the company reported net income 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. 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.
For the quarter under review, revenues from the company's major segment, electric segment rose to $1.96 billion from $1.86 billion for the year earlier period. Non-utility revenues for the recent fourth quarter were above revenues contributed by the gas segment, the company's second major revenue a year earlier. Non-utility revenues rose to $663 million from $409 million a year earlier, and gas segment revenues dropped to $513 million from $552 million for the same period last year.
The company's smaller segment, steam revenues slipped to $139 million from $178 million a year-ago.
Total operating expenses rose to $2.85 billion from $2.62 billion a year earlier, impacted by expenses related to power purchase, which increased to $1.23 billion from $1.08 billion in the same period last year.
For the full year 2009, the company's net income attributable to common stock dropped to $868 million or $3.14 per share from $1.20 billion or $4.37 per share a year ago. On adjusted basis, earnings from ongoing operations rose to $849 million or $3.09 per share from $820 million or $3.00 per share in 2008. Total operating revenues declined modestly to $13.03 billion from $13.58 billion for the same period last year.
Analysts expected earnings of $3.15 per share on revenues of $13.24 billion for the full year.
Looking forward to the full year 2010, the company expects earnings from ongoing operations to be in the range of $3.10 to $3.30 per share. Street analysts currently expect earnings of $3.36 per share for the year.
The company also expects to issue common stock of between $300 million and $500 million in addition to stock issuances under the company's dividend reinvestment and employee stock plans, and long-term debt issuances of between $600 million and $900 million in addition to debt issuances for $680 million of maturing securities.
The company also declared a quarterly dividend of 59.5 cents a share to shareholders of record on February 17, payable on March 15.
Among others in the industry, American Electric Power Co. Inc. (AEP) is scheduled to report its fourth quarter earnings on January 28. Analysts expect the company to report earnings of $0.46 per share on revenues of $3.54 billion for the quarter. The company's year earlier fourth quarter earnings per share was $0.59, with revenues of $3.50 billion.
Thursday, ED closed at $45.61, down $0.60 or 1.30%, on a volume of 2.11 million shares on the NYSE. In the past 52 weeks, the stock trended in a range of $32.56 - $46.45, with a three-month average volume of 1.76 million shares.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.