Tomahawk, WI 05/15/2014 (Basicsmedia) – Consolidated Edison, Inc. (NYSE:ED) announced the quarterly earnings on May 8, 2014. The company earned $1.23 per share in the first quarter, this year. The company garnered revenues worth $3.79 billion. In comparison, ED had reported $1.08 EPS during Q1-2013. The company’s earnings plummeted up by 19.0% YoY.
The Non-Utility revenue nearly doubled and the Stem segment revenues increased by 3%. Operating expenses increased by a whopping 17%. Recently the company announced that it will pay dividends worth $0.63 per share, posting a 4.59% yield in dividend.ED improved earnings and closed Q1 with cash equivalent amounting to $102 million; however, in December 2013, cash reserves amounted to $647 million.
How’s The Stock Faring?
On May 12, 2014, natural gas suppliers were heard of suing Consolidated Edison, Inc. (NYSE:ED). Coming off harsh weather conditions this winter in Q1-2014, the suppliers have opted to block ED accusing the latter of passing on costs. ED has had a 52-week low estimating to $52.23 per share and a 52-week high amount of $61.25. The stock has a 200-day average estimating to $55.39 per share.
Profits Soaring – ED Bullish?
Consolidated Edison, Inc. (NYSE:ED) has a P/E ratio estimating to 15.21 and market capitalization worth $16.055 billion.During the most recent period, Con ED obtained profits amounting to $361 million (worth $1.23 cents per share) from $192 million (65 cents per share) YoY.
McAvoy Turns CEO
Utility major ED, which possess assets worth $41 billion, has elected John McAvoy as their CEO and President. McAvoy replaced Kevin Burke as the latter retired from the posts on January 1, 2014. The elected CEO, McAvoy chimed in that he is excited about the top task.
ED Inching Close To All-Solar?
In 2013, Consolidated Edison, Inc. (NYSE:ED) had emitted carbon dioxides amounting to 3.4 metric tonnes, apart from other greenhouse gases. This wasn’t acceptable across all quarters! ED’s chief McAvoy took to task proactively. To portray his utility’s commitment to better and cleaner energy measures, the CEO is overseeing installation of around 200 solar panels atop Con Ed’s headquarter, a 100-year-old building near Union Square.
The whopping $270,000 project is deemed to lower the utility’s electricity consumption bill by $7K per year. With future plans of Going-Solar, Consolidated Edison, Inc. (NYSE:ED) sold many fossil-fuel-powered utility plants in 1999. Froze rates of regulators on ED’s grid is still a cause of concern, however sustained researches are in vogue to make solar power availability feasible!