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Monday, November 02, 2009
ConEd Profit Rises; Reaffirms Outlook
By Kathryn Glass
FOXBusiness
New York utility company Con Edison (ED) saw third-quarter profit rise despite cooler East Coast summer temperatures.
The company reaffirmed its earlier forecast for fiscal 2009 earnings in the range of $3.00-$3.20 per share. Analysts polled by Thomson Reuters were expecting $3.11 per share for the year.
The company reported net income rose to $336 million, or $1.22 per share, compared to profit of $182 million or 66 cents per share a year ago. The Street had expected earnings of $1.04 per share.
Shares of ConEd rose 50 cents or 1.23% to close at $41.18 per share in Monday’s session.
