Consolidated Edison, Inc. (NYSE: ED) has reported the adjusted earnings per share of $1.47 in the third quarter of FY 17, missing the analysts’ estimates for the adjusted earnings per share of $1.54. The adjusted earnings exclude the effects of the gain on the sale of Con Edison Clean Energy Businesses, Inc.’s  retail electric supply business in 2016, the gain related to a solar electric production investment in 2016 and the net mark-to-market effects of the Clean Energy Businesses. ED is expected to grow its earnings per share by a double-digit 10.49% over the next three years.  For the first nine months of 2017, the net income was $1,020 million and earnings of $3.33 a share compared with $1,039 million and earnings of $3.47 a share in the first nine months of 2016.

Moreover, Consolidated Edison is incorporating renewables into the grid at an increasing rate and the company is working on programs to increase electric vehicle use and access to charging stations. At the same time, ED’s $1 billion storm hardening program after Superstorm Sandy has made the system more reliable than ever five years later, having already prevented 250,000 power outages due to the investments.

Additionally, the results of operations for the three and nine months ended September 30, 2017, as compared with the 2016 periods, shows the changes in rate plans and regulatory charges and the impact of weather on steam revenues. The new electric rate plan of Consolidated Edison Company of New York, Inc. (CECONY) includes changes in the timing of recognition of annual revenues between quarters. The operations and maintenance expenses for CECONY for the three and nine months ended September 30, 2017 primarily shows the lower costs for pensions and other postretirement benefits. Further, the utilities’ rate plans provide for revenues to cover expected changes in certain operating costs including depreciation, property taxes and other tax matters

Consolidated Edison expects full-year earnings to be in the range of $4.05 to $4.15 per share. The company’s previous forecast was in the range of $4.00 to $4.15 per share. Adjusted earnings per share for 2017 exclude the gain on the sale of a solar electric production project shown on the preceding table. It also excludes the net mark-to-market effects of the Clean Energy Businesses, the amount of which will not be determinable until year end.