(Reuters) – Utility company Consolidated Edison beat Wall Street estimates for fourth-quarter profit on Thursday, driven by higher electricity rates.
Regulated utilities use rate case proceedings to seek rate increases, basing their appeals on their investments or expenses incurred in delivering services.
The New York-based company’s quarterly revenue from its electricity segment was up 7.6% at $2.72 billion from a year earlier.
Consolidated Edison operates through three segments, Consolidated Edison Company of New York, Orange & Rockland Utilities and Con Edison Transmission.
The New York segment provides electricity to about 3.6 million customers and gas service to around 1.1 million customers in the city.
The company now expects its adjusted profit for 2025 to be between $5.50 and $5.70 per share, the midpoint of which was below Wall Street estimates of $5.63 per share.
Consolidated Edison expects its capital expenditure to be $5.12 billion in 2025 and $8.07 billion in 2026.
The company reported an adjusted profit of 98 cents per share for the quarter ended December 31, compared with analysts’ average estimate of 95 cents per share, according to data compiled by LSEG.
(Reporting by Tanay Dhumal in Bengaluru; Editing by Mohammed Safi Shamsi)
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