Con Edison Lowers Fiscal Year Adjusted EPS Outlook
08 May 2020 - 9:44AM
Dow Jones News
By Kimberly Chin
Consolidated Edison Inc., commonly known as Con Edison or Con
Ed, lowered its full-year adjusted earnings target, as the company
factors in unseasonable weather and the financial impact of the
Covid-19 pandemic on its operations.
The New York company lowered its fiscal 2020 adjusted earnings
forecast to between $4.15 to $4.35 a share from its previously
guided range of $4.30 to $4.50 a share. The adjusted earnings
excludes some accounting on the tax equity investments in some of
the company's clean energy businesses, as well as the net
mark-to-market effects of its clean energy businesses.
Con Ed said that the forecast reflects warmer than normal winter
weather on its steam revenues and the potential financial effects
stemming from the Covid-19 pandemic. Con Ed said that it expects
"paused" commercial activities to restart in June, with a pickup in
activity in a phased way through the third quarter.
Write to Kimberly Chin at kimberly.chin@wsj.com
(END) Dow Jones Newswires
May 07, 2020 19:29 ET (23:29 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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