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Con Ed: 4Q Earnings Snapshot

Con Ed: 4Q Earnings Snapshot

Associated Press

NEW YORK (AP) _ Consolidated Edison Inc. (ED) on Thursday reported fourth-quarter profit of $331 million.

On a per-share basis, the New York-based company said it had profit of $1.05. Earnings, adjusted for non-recurring gains, came to 77 cents per share.

The results surpassed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 76 cents per share.

The utility posted revenue of $2.95 billion in the period.

For the year, the company reported profit of $1.38 billion, or $4.42 per share. Revenue was reported as $12.34 billion.

Con Ed shares have risen nearly 5 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed 11 percent. In the final minutes of trading on Thursday, shares hit $79.99, an increase of 6 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ED at https://www.zacks.com/ap/ED