Nov 7 (Reuters) - Electric and gas utility Consolidated Edison ED.N beat third-quarter profit estimates on Thursday, helped by higher service rates at its unit that supplies electricity to New York City and Westchester County.
Consolidated Edison operates through three segments - Consolidated Edison Company of New York, Orange & Rockland Utilities and Con Edison Transmission.
The company posted an adjusted profit of $1.68 per share for the reported quarter, compared to analysts' average estimate of $1.62 per share, according to data compiled by LSEG.
"We continue to expect solid rate base growth as we continue to make investments to both enable New York's clean energy transition and upgrade our infrastructure to improve its resilience," CFO Kirk Andrews said in a statement.
Consolidated Edison's total operating revenue rose 5.6% to $4.09 billion, while operating expenses saw a 2.5% increase in the quarter ended Sept. 30.
The company also revised its full-year profit forecast to the upper half of its original range.
It now expects adjusted earnings per share to be in the range of $5.30 to $5.40. The prior forecast was a range of $5.20 to $5.40.
(Reporting by Mrinalika Roy in Bengaluru; Editing by Mohammed Safi Shamsi)
((mrinalika.roy@thomsonreuters.com;))
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