Consolidated Edison, Inc. (ED) has reported a 17.61 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $207 million, or $0.67 a share in the quarter, compared with $176 million, or $0.60 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $211 million, or $0.69 a share compared with $178 million or $0.61 a share, a year ago.
Revenue during the quarter was stable at $2,707 million, when compared with the previous year period. Total expenses were 82.34 percent of quarterly revenues, down from 85.26 percent for the same period last year. This has led to an improvement of 292 basis points in operating margin to 17.66 percent.
Operating income for the quarter was $478 million, compared with $399 million in the previous year period.
"We finished 2016 strong, and are poised for continued success in 2017," said John McAvoy, Con Edison's chairman and chief executive officer. "Our recently approved three-year rate plans for Consolidated Edison Company of New York, Inc.'s electric and gas delivery businesses include implementation of our five-year smart meter installation program for electric and gas customers, and significantly accelerates natural gas main replacement. The plans provide for an energy future that increases customer options for energy savings, incorporates solar and renewable energy, and further expands our vigorous energy efficiency programs."
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
