By Ben Glickman
Consolidated Edison’s third-quarter profit sank on lower revenues.
The New York-based utility company logged a third-quarter profit of $526 million, or $1.52 a share, compared with $613 million, or $1.72 a share, a year earlier. Analysts polled by FactSet expected per-share earnings of $1.51.
Stripping out certain one-time items, adjusted per-share earnings came to $1.62, ahead of the $1.61 forecast by analysts, according to FactSet.
Revenue sank to $3.87 billion from $4.17 billion a year ago, in line with the expectations of analysts polled by FactSet.
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