By John Kell
Consolidated Edison Inc.'s (ED) fourth-quarter profit grew 13%
as the utility cut expenses and reported higher gas revenue, though
the top line declined for electric.
Looking ahead, the company sees 2014 profit between $3.65 to
$3.85 a share, compared with the $3.74 projected by analysts polled
by Thomson Reuters.
The utility, which serves the New York metropolitan area, had
reported modest growth in the first three quarters of 2013, though
the top line declined in the latest period.
The latest quarterly results comes after a New York state agency
voted 5-0 to freeze ConEd's electricity and gas rates for millions
of people. The plan approved by the Public Service Commission will
hold electric charges steady for two years and natural gas charges
for three years. ConEd had requested millions in rate increases for
all of its operations, which includes electric, gas and steam.
ConEd reported a fourth-quarter profit of $234 million, or 79
cents a share, up from $207 million, or 70 cents a share, a year
earlier. Total operating revenue slid 1.1% to $2.87 billion.
Analysts expected a profit of 66 cents on $2.99 billion in
revenue.
Revenue from the electric business, which is ConEd's largest
top-line generator, fell 2.3%. Revenue at the steam segment slid
11%, but grew for gas and non-utility.
Operating expenses were down 2.3%.
--Bill Sanderson contributed to this article
Write to John Kell at john.kell@wsj.com
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