By Kimberly Chin
Consolidated Edison Inc., commonly known as Con Edison or Con Ed, posted a lower profit in the latest quarter, beating analysts' profit estimates though it missed sales projections.
The power company said profit for the fourth quarter fell to $295 million, or 88 cents a share, from $331 million, or $1.05 a share, a year earlier. Excluding the accounting effects of tax equity investments for certain renewable energy production projects, Con Ed reported an adjusted profit of 87 cents a share, compared with 77 cents a share a year earlier. Analysts surveyed by FactSet expected an adjusted profit of 80 cents a share.
Total operating revenues were $2.95 billion, a 0.1% decrease from a year earlier. Analysts were looking for revenue of $3.12 billion.
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