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Con Edison Q2 earnings miss Street estimates

Consolidated Edison Inc. on Aug. 3 reported second-quarter 2017 adjusted earnings of $178 million or 58 cents share, from $179 million or 60 cents per share, in the prior-year period. The S&P Capital IQ normalized EPS estimate for the quarter was 62 cents.

The company's adjusted earnings excluded effects of a gain on the sale of a solar electric production project, the impairment of a solar electric production investment in 2016 and the net mark-to-market effects of Con Edison Clean Energy Businesses Inc.'s subsidiaries.

The company's second-quarter 2017 net income also fell to $175 million or 57 cents per share, compared to $232 million or 78 cents per share, a year ago.

Consolidated Edison revised its 2017 adjusted EPS guidance to a range of $4.00 to $4.15 from the previous target range of $3.95 to $4.15.