Analyst Note| Charles Fishman, CFA |
We are reaffirming our $80 per share fair value estimate after Consolidated Edison reported first quarter earnings and lowered 2020 EPS guidance. Adjusted EPS was $1.35 in the recently ended quarter, $0.04 lower than the same period last year. The results were actually decent considering the $0.08 headwind on steam revenues due to mild weather and the $0.01 impact of COVID-19. The pandemic’s impact on New York City’s economic activity was just beginning during the last few weeks of the quarter.