Welcome to Dividend.com
Please help us personalize your experience.
Select the one that best describes you
Continue to site >
Trending ETFs
Consolidated Edison logo

News

Consolidated Edison Raises Dividend Despite Weak Earnings Guidance

Consolidated Edison Inc. (ED), or Con Edison, is one of the largest energy delivery companies in the United States with about $13 billion in annual revenue and $60 billion in assets.

The company generated 83% of its revenue from electric, 9% from natural gas and 2% from steam, during the third quarter of 2020, with the remaining revenue coming from non-utility sources. The company’s primary focus is in New York city where it serves approximately 3.5 million customers in a 660 square mile service area.

Lowering Earnings Expectations

Consolidated Edison will report its fourth-quarter and fiscal 2020 earnings on February 18, 2021, after the market closes. In late-January, the company said that it expects FY2020 non-GAAP earnings to be at the low-end of its guidance of between $4.15 and $4.30 per share, which compares to the then-consensus analyst estimate of $4.23 per share.

The company plans to continue targeting a 60 to 70% dividend payout ratio but said that the continuing impact of the COVID-19 pandemic will place it at the upper end of the range for 2021.

Having said that, the company decided to raise its quarterly dividend by 1.3% to $0.775 per share, which represents a 4.4% forward yield. The dividend is payable on March 15, 2021, to shareholders on record as of February 17, 2021.

Want to keep track of all the dividend increases? Subscribe to Dividend.com and have complete access to our exclusive dividend increases list here.