Consolidated Edison's Q2 profit falls on weak electricity demand
Aug 3 (Reuters) - Utility firm Consolidated Edison on Thursday posted a fall in second-quarter profit and sales as mild weather in the United States dented demand for gas and electricity.
The company posted a profit of $226 million, or 65 cents per share, for the quarter ended June 30, compared with $255 million, or 72 cents per share, last year.
Consolidated Edison is a holding company that provides electric and gas services to about 5.1 million customers through its units, mainly in New York City, New York's Westchester County, Manhattan, the Bronx, parts of Queens and parts of Westchester.
U.S. natural gas prices averaged $2.417 per million British thermal units (Btu) during the April to June quarter, nearly 63% lower than the year-ago quarter, when demand for the commodity skyrocketed against the backdrop of Russia's invasion of Ukraine.
Relatively mild temperatures and higher inventories have also dented natural gas prices and demand.
Revenue from Consolidated Edison's natural gas segment dropped 11.2% to $571 million, while the electric segment fell 4.7% to $2.3 billion.
The company raised its 2023 per-share profit forecast to between $4.85 and $5, compared with a previous estimate for $4.75 to $4.95.
Quarterly revenue dropped 13.8% to $2.94 billion, missing analysts' average estimate of $3.31 billion, according to Refinitiv. (Reporting by Tanay Dhumal in Bengaluru; Editing by Devika Syamnath)
