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Con Edison's Q2'19 adjusted EPS down slightly YOY, in line with estimates

Consolidated Edison Inc. on Aug. 1 booked 2019 second-quarter adjusted earnings of $189 million, or 58 cents per share, compared to $189 million, 61 cents per share, in the same period in 2018.

The S&P Global Market Intelligence consensus normalized EPS estimate for the quarter was 59 cents.

The company noted adjusted earnings for the second quarter of 2019 exclude the effects of hypothetical liquidation at book value accounting for tax equity investments in certain renewable electric production projects of Con Edison Clean Energy Businesses Inc.

The results also exclude Clean Energy Businesses' net mark-to-market effects.

On a GAAP basis, Con Edison reported second-quarter net income for common stock of $152 million, or 46 cents per share, compared to $188 million, or 60 cents per share, in the comparable 2018 period.

The S&P Global Market Intelligence consensus GAAP EPS estimate for the quarter was 57 cents.

For 2019, Con Edison continues to target adjusted EPS in the range of $4.25 to $4.45.