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New York - Consolidated Edison, Inc. (Con Edison) [Nyse: Ed] Today Reported

The following excerpt is from the company's SEC filing.

quarter net income for common stock of

million or

a share compared with

a share in

. Adjusted earnings, which exclude the effects of the impairment of certain assets held for sale and the net mark-to-market effects of the competitive energy businesses (CEBs), were

a share in 2014.

For the first

months of

, net income for common stock was

$1,017

$1,010

a share in the first

. Adjusted earnings, which exclude the effects of the gain on sale of solar electric production projects, the LILO transactions, the impairment of certain assets held for sale and the net mark-to-market effects of the CEBs, were

$1,018

“The relationship between utilities and their customers is changing rapidly with the advent of new renewable technologies,” said John McAvoy, the company’s chairman and CEO. “People have alternative ways to manage their energy supply and usage. We are helping to lead that transition. At the same time, we are working to make sure that all of our customers are served by a resilient, highly reliable grid.”

The following table is a reconciliation of Con Edison’s reported earnings per share to adjusted earnings per share and reported net income to adjusted earnings for the

three and nine

months ended

September 30, 2015

Three Months Ended

Nine Months Ended

Earnings

per Share

Net Income for

Common Stock

(Millions of Dollars)

Reported earnings per share and net income for common stock – GAAP basis (basic)

Gain on sale of solar electric production projects (a)

(0.09)

LILO transactions (b)

(0.02)

Impairment of assets held for sale (c)

Net mark-to-market effects of the CEBs (d)

(0.01)

(0.03)

Adjusted earnings – non-GAAP

After taxes of

million for the

September 30, 2014

In March 2014, adjustments were made to taxes and accrued interest relating to Con Edison Development’s LILO transactions which were terminated in 2013, resulting in an after-tax benefit to earnings of

million (after taxes of

million) for the

After taxes of $2 million for the three and

million for the three months ended

million and

, respectively.

For the year 2015, the company reaffirms its previous forecast of adjusted earnings in the range of $3.90 to $4.05 per share. Adjusted earnings per share exclude the impairment of certain assets held for sale, the net mark-to-market effects of the CEBs and any future impact of the potential sale of the CEBs’ retail electric supply business.

- more -

CON EDISON REPORTS 2015 THIRD QUARTER...


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