Consolidated Edison (NYSE:ED – Get Free Report) posted its earnings results on Thursday. The utilities provider reported $2.15 earnings per share for the quarter, beating the consensus estimate of $1.89 by $0.26, Briefing.com reports. The firm had revenue of $4.28 billion during the quarter, compared to the consensus estimate of $4.40 billion. Consolidated Edison had a net margin of 12.43% and a return on equity of 8.86%. The firm’s revenue for the quarter was down 2.8% on a year-over-year basis. During the same period last year, the firm posted $1.83 EPS. Consolidated Edison updated its FY24 guidance to $5.20-5.40 EPS.
Consolidated Edison Stock Performance
ED traded up $0.31 during trading hours on Friday, hitting $95.56. 2,465,195 shares of the stock were exchanged, compared to its average volume of 2,284,421. The stock has a market cap of $33.02 billion, a price-to-earnings ratio of 18.34, a price-to-earnings-growth ratio of 8.97 and a beta of 0.34. The stock has a 50-day simple moving average of $90.06 and a 200-day simple moving average of $90.08. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.01 and a quick ratio of 0.94. Consolidated Edison has a 12 month low of $80.46 and a 12 month high of $100.44.
Consolidated Edison Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Friday, June 14th. Stockholders of record on Wednesday, May 15th will be issued a $0.83 dividend. The ex-dividend date is Tuesday, May 14th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.47%. Consolidated Edison’s dividend payout ratio (DPR) is 63.72%.
Wall Street Analyst Weigh In
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About Consolidated Edison
Consolidated Edison, Inc, through its subsidiaries, engages in the regulated electric, gas, and steam delivery businesses in the United States. It offers electric services to approximately 3.7 million customers in New York City and Westchester County; gas to approximately 1.1 million customers in Manhattan, the Bronx, parts of Queens, and Westchester County; and steam to approximately 1,530 customers in parts of Manhattan.
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