Why Consolidated Edison Stock Jumped 11% in November
Shares of Consolidated Edison (NYSE: ED) rose 11.4% in November, according to data provided by S&P Global Market Intelligence. Powering the utility stock higher was its better-than-expected third-quarter results.
Consolidated Edison reported excellent Q3 figures last month. The utility generated $579 million, or $1.63 per share, of adjusted earnings. That was up nearly 16% year over year and $0.17 per share ahead of the analysts' consensus estimate. The primary driver was higher earnings at its CECONY subsidiary, thanks to lower costs, higher income from interest-bearing investments, and the resumption of billing late fees.
The company's strong showing in the quarter enabled it to boost the low end of its guidance range. Consolidated Edison now expects adjusted earnings in the range of $4.50 to $4.60 per share, up from its prior view of $4.40 to $4.60 per share.
Source Fool.com
