NEW YORK (AP) -- Consolidated Edison Inc. reported that its first-quarter earnings fell on weak revenue, but the utility stood by its profit outlook for the year.
Con Ed reported lower-than-expected results for the first quarter late Thursday, as a mild winter cut demand for heat and electricity. During the quarter ended March 31, it earned net income of $277 million, or 95 cents per share, down from $311 million, or $1.07 per share, in the same period a year before.
Adjusted net income, which excludes one-time items, was $1.01 per share. Revenue fell to $3.08 billion from $3.35 billion Analysts surveyed by FactSet expected $1.03 per share on revenue of $3.46 billion.
. The company said revenue fell in its electricity, gas and steam divisions. Steam sales and delivery volumes to New York customers fell 23 percent from a year ago.
The mild weather helped cut some operational costs with fewer problems from winter storms, although expenses increased for pensions and postretirement benefits and health care costs.
Consolidated Edison still expects to earn $3.65 to $3.85 per share this year. Analysts expect $3.74 per share.
Shares rose 20 cents to $59.36 in afternoon trading. The stock has traded between $49.18 and $62.74 in the past 52 weeks.
