http://media.marketwire.com/attachments/201105/26153_conedlogo.jpghttp://at.marketwire.com/accesstracking/AccessTrackingLogServlet?PrId=883024&ProfileId=051205&sourceType=1NEW YORK, NY -- (Marketwire) -- 05/03/12 -- Consolidated Edison, Inc. (Con Edison) (NYSE: ED) today reported first quarter earnings of $277 million or $0.95 a share compared with $311 million or $1.07 a share in 2011. Earnings from ongoing operations, which exclude the net mark-to-market effects of the competitive energy businesses, were $295 million or $1.01 a share compared with $289 million or $0.99 a share in 2011.
"First quarter results were in line with expectations," said Con Edison's Chairman, President and Chief Executive Officer Kevin Burke. "Our field operations benefited from a milder than normal winter, while providing the reliability our customers expect and deserve. We have continued to promote energy efficiency programs and oil-to-gas conversions, both of which will serve to save customers money while improving the area's air quality and environment."
The following table is a reconciliation of Con Edison's reported earnings per share to earnings per share from ongoing operations and reported net income to earnings from ongoing operations for the three months ended March 31, 2012 and 2011.
Net Income for
Common Stock
Earnings (Millions of
per Share Dollars)
------------------ ------------------
2012 2011 2012 2011
-------- -------- -------- --------
Reported earnings per share and net
income for common stock - GAAP basis
(basic) $ 0.95 $ 1.07 $ 277 $ 311
Less: Net mark-to-market effects of
competitive energy businesses (0.06) 0.08 (18) 22
-------- -------- -------- --------
Ongoing operations $ 1.01 $ 0.99 $ 295 $ 289
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For the year 2012, the company confirms its previous forecast of earnings per share from ongoing operations in the range of $3.65 to $3.85 a share.