© Reuters. A logo of New York power utility Consolidated Edison Inc is seen in New York July 1, 2012. REUTERS/Eric Thayer/File Photo
(Reuters) – Utility firm Consolidated Edison (NYSE:) on Thursday beat third-quarter profit estimates on higher earnings from its electricity segment.
The company, which provides electricity in much of the New York City, had applied for a higher rate case earlier this year. A rate case is the formal process used to determine what customers need to pay for the electricity, , private water and steam services provided by regulated utilities.
Much of the United States also witnessed record temperatures during the reported quarter, which boosted cooling demand as residents searched for respite from the heat.
Operating revenue from the company’s electric segment for the quarter ended Sept. 30 climbed to $3.47 billion, from $3.33 billion a year ago.
The company reported an adjusted profit of $1.62 per share, compared with analysts’ estimates of $1.60 per share, according to LSEG data.
The company raised its 2023 profit forecast to a range of $5.00 to $5.10 per share, from its previous outlook of $4.85 to $5.00 per share.
Higher electricity earnings helped the New York-based firm to offset rising interest expenses which have raised costs for maintenance and new projects.
The company’s operating revenue from its gas supplying unit fell to $353 million from $453 million last year.
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