ConEd Reports Solid Third Quarter and Narrows Earnings Guidance
We are reaffirming our $65 fair value estimate and stable no-moat rating for Consolidated Edison after the company reported solid third-quarter earnings and narrowed its 2016 earnings guidance to the top end of its previous range. Adjusted EPS for the recently ended quarter were $1.51 versus $1.45 in the same period last year. Adjusted earnings benefited from warm summer weather and strong performances from the competitive energy business and Con Ed Transmission.Con Ed narrowed its 2016 earning...
Consolidated Edison is a holding company. Through its subsidiaries, the company is engaged in provision of energy services. The company's subsidiaries include: Consolidated Edison Company of New York, Inc.'s principal business operations are its regulated electric, gas and steam delivery businesses; Orange & Rockland Utilities, Inc.'s principal business operations are its regulated electric and gas delivery businesses; Con Edison Clean Energy Businesses, Inc. develops, owns and operates renewable and energy infrastructure projects and provides energy-related products and services to wholesale and retail customers; and Con Edison Transmission, Inc. invests in electric and gas transmission projects.
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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