Consolidated Edison reported lower fourth-quarter earnings for 2014, but its $0.58/share showing for ongoing operations beat analysts’ consensus by 2 cents.

The company said warm weather pinched its steam-delivery revenues service while operations and maintenance expenses were higher.

The New York City-based utility said earnings for the quarter were $81 million ($0.28/share) versus $234 million ($0.80/share) a year earlier. Earnings from ongoing operations — which exclude mark-to-market accounting for its competitive energy businesses among other items — were $171 million ($0.58/share), compared with $202 million ($0.69/share) for the final three months of 2013.

For all of 2014, earnings were $1.09 billion ($3.73/share) compared with $1.06 billion ($3.62/share) in 2013.

Ongoing operations for the year were $1.14 billion ($3.89/share) compared with $1.11 billion ($3.80/share) in 2013.

“We are preparing our energy grid to adopt many new technologies and new ways of delivering power, including more customer-sited generation resources,” CEO John McAvoy said in a statement accompanying the earnings. “This effort reinforces our commitment to the environment with our business operations, promoting renewable resources, oil-to-gas conversions and new energy efficiency solutions for homes and businesses.”