Con Edison Reports Solid 2017 Results and Initiates Better-Than-Expected Earnings Guidance for 2018
We are reaffirming our $75 per share fair value estimate and stable no-moat rating for Consolidated Edison after the company reported solid 2017 adjusted earnings and initiated a 2018 earnings guidance range with a midpoint well above our estimate. Adjusted earnings in 2017 were $4.12 per share, $0.03 higher than the consensus estimate and $0.04 more than our estimate.Con Ed expects 2018 adjusted earnings to be in a range of $4.15-$4.35 per share, putting our estimate of $4.17 below the $4.25 p...
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