Consolidated Edison Inc. on Feb. 15 booked fourth-quarter 2017 adjusted earnings of $247 million, or 80 cents per share, compared with $211 million, or 69 cents per share, in the comparable quarter in 2016. The S&P Capital IQ normalized EPS estimate for the quarter was 78 cents.
Adjusted earnings for the quarter do not include the remeasurement of Con Edison's deferred tax assets and liabilities upon enactment of the federal tax reform legislation, the Tax Cuts and Jobs Act, and the net mark-to-market effects of Con Edison Clean Energy Businesses Inc.
On a GAAP basis, Con Edison reported fourth-quarter net income of $505 million, or $1.63 per share, rising from $207 million, or 68 cents per share, in the same quarter in 2016.
For full year 2017, the company posted adjusted earnings of $1.26 billion, or $4.12 per share, compared with $1.20 billion, or $3.99 per share, in 2016. The S&P Capital IQ normalized EPS estimate for full-year 2017 was $4.09.
Con Edison's net income for 2017 also rose to $1.53 billion, or $4.97 per share, from $1.25 billion, or $4.15 per share in 2016.
The company expects to achieve 2018 adjusted earnings in the range of $4.15 per share to $4.35 per share.