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Consolidated Edison Q4 Profit Down

Consolidated Edison Inc. (ED) reported that its fourth quarter net income for common stock declined to $295 million or $0.88 per share from $331 million or $1.05 per share in 2018.

Adjusted earnings were $288 million or $0.87 per share in the 2019 period compared with $243 million or $0.77 a share in the 2018 period.

Total operating revenues were $2.95 billion, flat with last year.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.80 per share and revenues of $3.12 billion. Analysts' estimates typically exclude special items.

The company expects its adjusted earnings per share for the year 2020 to be in the range of $4.30 to $4.50 a share. Analysts expect annual earnings of $4.50 per share.

The company also forecasts a five-year compounded annual adjusted earnings per share growth rate of 3% to 5% based off 2020 adjusted earnings per share guidance.

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