Seeking Alpha

Con Ed posts strong Q1, but unable to offer Harlem blast liability estimate

  • Consolidated Edison's (ED -0.8%) Q1 earnings jumped 88% Y/Y thanks to broad revenue growth, but unnerved investors send shares lower as ED says it can't estimate the range of its potential liability from several lawsuits filed since the March explosion in Harlem that killed eight people and wounded more than 40.
  • But Q1 looked strong: Revenue from the electric business, ED's largest top-line generator, rose 14% Y/Y, while revenue from its gas segment gained nearly 19%, revenue at the steam segment edged nearly 3% higher, and non-utility revenue more than doubled.
  • No new guidance was released; ED said in February it expected 2014 EPS of $3.65-$3.85 vs. $3.74 analyst consensus estimate.

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