Consolidated Edison Inc. (ED) Thursday posted fourth quarter net income of $202 million or $0.73 per share, compared to $160 million or $0.58 per share in the prior year quarter. Excluding certain items, earnings from ongoing operations for the fourth quarter were $184 million or $0.67 per share, compared to $200 million or $0.72 per share in the same quarter last year.
On average, 10 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 were $3.3 billion, compared to $3.0 billion in last year quarter. Four Wall Street analysts expected revenues of $2.99 billion.
Looking forward, for the fiscal year 2010, the company expects earnings from ongoing operations to be in the range of $3.10 to $3.30 per share. Street analysts 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.
In addition, the company also declared a quarterly dividend of 59 1/2 cents a share on its common stock, payable March 15, 2010 to shareholders of record as of February 17, 2010.
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