By Maria Armental
Consolidated Edison Inc.'s (ED) first-quarter profit jumped 88%
on revenue growth across all segments.
But the utility, which serves the New York metropolitan area,
pointed at possible liabilities coming its way, noting several
suits are pending from a March 12 explosion in Harlem that killed
eight people and wounded more than 40. The company said it couldn't
estimate the range of its possible liability.
Separately, about 90 suits are pending from a July 2007
explosion that killed one person in midtown Manhattan. The
liability from that incident was estimated at $50 million as of
March 31.
Looking ahead, the company said in February it expected 2014
profit between $3.65 to $3.85 a share, compared with the $3.74
projected by analysts polled by Thomson Reuters. No guidance was
released Thursday.
Con Ed, which reported modest growth in past quarters, sought to
increase rates. But the state Public Service Commission voted in
February to freeze the company's electric rates for two years and
natural-gas rates for three years.
For the most recent period, through March 31, Con Ed reported a
profit of $361 million, or $1.23 cents a share, up from $192
million, or 65 cents a share, a year earlier. Total operating
revenue rose 19%.
Analysts expected a profit of $1.05 on $3.42 billion in
revenue.
Revenue from the electric business, which is Con Ed's largest
top-line generator, rose 14% while revenue from its gas segment
rose nearly 19%. Revenue at the steam segment edged up nearly 3%
and non-utility revenue more than doubled.
Operating expenses rose nearly 17%.
Write to Maria Armental at maria.armental@wsj.com
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