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Consolidated Edison Inc ED

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Economic Moat

PREMIUM

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PREMIUM

Consolidated Edison Reports Weak Q2 Due to Adverse Weather Events but Reaffirms Earnings Guidance

Charles Fishman, CFA Equity Analyst

Analyst Note

| Charles Fishman, CFA |

We are reaffirming our $78 per share fair value estimate after Consolidated Edison reported weak 2021 second-quarter earnings and reaffirmed full-year guidance. Adjusted EPS in the recently ended quarter were $0.53 versus $0.60 in the same period last year. We are reaffirming our no-moat and stable moat trend ratings.

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Company Profile

Business Description

Con Ed is a holding company for Consolidated Edison Company of New York, or CECONY, and Orange & Rockland, or O&R. These utilities provide steam, natural gas, and electricity to customers in southeastern New York--including New York City--and small parts of New Jersey. The two utilities generate roughly 90% of Con Ed's earnings. The other 10% of earnings comes from investments in renewable energy projects and gas and electric transmission. These investments have resulted in Con Ed becoming the second- largest owner of utility-scale PV solar capacity in the U.S.

Contact
4 Irving Place, Room 700
New York, NY, 10003
T +1 212 460-4600
Sector Utilities
Industry Utilities - Regulated Electric
Most Recent Earnings Jun 30, 2021
Fiscal Year End Dec 31, 2020
Stock Type High Yield
Employees 14,071

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