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Consolidated Edison Q1 Profit Rises, Beats Street View

Energy company Consolidated Edison, Inc.(ED) on Thursday posted first-quarter net income of $419 million or $1.23 per share, higher than $375 million or $1.13 per share in the same period last year.

Adjusted net income was $491 million or $1.44 per share, compared to $451 million or $1.35 per share in the first quarter of 2020. The 2021 adjusted earnings exclude the impact of the impairment loss related to Con Edison's investment in Stagecoach Gas Services, LLC.

On average, 14 analysts polled by Thomson Reuters expected the company to post earnings of $1.36 per share in the quarter. Analysts' estimates, usually exclude one-time items.

During the period, total operating revenues came in at $3.67 billion, while six analysts were looking for revenues of $3.42 billion in the quarter.

Looking ahead, the company also reaffirmed its fiscal 2021 adjusted earnings per share guidance between $4.15 and $4.35. On average, 17 analysts expect the company to report earnings of $4.25 per share in the year ahead.

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