CON EDISON REPORTS 2023 SECOND QUARTER EARNINGS
- Con Edison's adjusted earnings for the second quarter of 2023 were $210 million, a decrease from $228 million in the same period last year. For the first six months of 2023, net income for common stock increased to $1,658 million from $857 million in the first six months of 2022.
- Con Edison's net income for common stock decreased from $255 million in the second quarter of 2022 to $226 million in the second quarter of 2023.
For the first six months of 2023, net income for common stock was
"Our commitment to leading the clean energy transition and delivering world class reliability for our customers drove another quarter of strong, stable financial results for our investors," said Tim Cawley, the chairman and CEO of Con Edison. "
For the year of 2023, Con Edison expects its adjusted earnings per share to be in the range of
See Attachment A to this press release for a reconciliation of Con Edison's reported earnings per share to adjusted earnings per share and reported net income for common stock to adjusted earnings for the three and six months ended June 30, 2023 and 2022. See Attachments B and C for the estimated effect of major factors resulting in variations in earnings per share and net income for common stock for the three and six months ended June 30, 2023 compared to the 2022 periods.
The company's 2023 Second Quarter Form 10-Q is being filed with the Securities and Exchange Commission. A second quarter 2023 earnings release presentation will be available at conedison.com. (Select "For Investors" and then select "Press Releases.")
This press release contains forward-looking statements that are intended to qualify for the safe-harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are statements of future expectations and not facts. Words such as "forecasts," "expects," "estimates," "anticipates," "intends," "believes," "plans," "will," "target," "guidance," "potential," "consider" and similar expressions identify forward-looking statements. The forward-looking statements reflect information available and assumptions at the time the statements are made, and accordingly speak only as of that time.
Actual results or developments might differ materially from those included in the forward-looking statements because of various factors such as those identified in reports Con Edison has filed with the Securities and Exchange Commission, including that Con Edison's subsidiaries are extensively regulated and are subject to substantial penalties; its utility subsidiaries' rate plans may not provide a reasonable return; it may be adversely affected by changes to the utility subsidiaries' rate plans; the failure of, or damage to, its subsidiaries' facilities could adversely affect it; a cyber-attack could adversely affect it; the failure of processes and systems and the performance and failure to retain and attract employees and contractors could adversely affect it; it is exposed to risks from the environmental consequences of its subsidiaries' operations, including increased costs related to climate change; its ability to pay dividends or interest depends on dividends from its subsidiaries; changes to tax laws could adversely affect it; it requires access to capital markets to satisfy funding requirements; a disruption in the wholesale energy markets, increased commodity costs or failure by an energy supplier or customer could adversely affect it; it may have substantial unfunded pension and other postretirement benefit liabilities; it faces risks related to health epidemics and other outbreaks, including the COVID-19 pandemic; its strategies may not be effective to address changes in the external business environment; it faces risks related to supply chain disruptions and inflation; and it also faces other risks that are beyond its control. Con Edison assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
This press release also contains financial measures, adjusted earnings and adjusted earnings per share, that are not determined in accordance with generally accepted accounting principles in
Consolidated Edison, Inc. is one of the nation's largest investor-owned energy-delivery companies, with approximately
Attachment A | |||||||||
For the Three Months Ended | For the Six Months Ended | ||||||||
June 30, | June 30, | ||||||||
Earnings | Net Income for | Earnings | Net Income for | ||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | ||
Reported earnings per share | |||||||||
Gain and other impacts related to | (0.03) | — | (12) | — | (2.56) | — | (895) | — | |
Income taxes (b) | (0.02) | — | (6) | — | 0.24 | — | 83 | — | |
Gain and other impacts related to sale | (0.05) | — | (18) | — | (2.32) | — | (812) | — | |
HLBV effects (pre-tax) | 0.01 | — | 3 | (1) | — | (0.14) | 1 | (49) | |
Income taxes (c) | — | — | (1) | — | — | 0.05 | — | 15 | |
HLBV effects (net of tax) | 0.01 | — | 2 | (1) | — | (0.09) | 1 | (34) | |
Net mark-to-market effects (pre-tax) | — | (0.11) | — | (38) | 0.04 | (0.30) | 13 | (106) | |
Income taxes (d) | — | 0.03 | — | 12 | (0.01) | 0.09 | (4) | 33 | |
Net mark-to-market effects (net of tax) | — | (0.08) | — | (26) | 0.03 | (0.21) | 9 | (73) | |
Adjusted earnings per share and |
(a) | The gain and other impacts related to the sale of the Clean Energy Businesses for the three months ended June 30, 2023 is comprised of an adjustment to the gain on the sale of the Clean Energy Businesses ( |
(b) | Amounts shown include impact of changes in state apportionments ( |
(c) | The amount of income taxes was calculated using a combined federal and state income tax rate of |
(d) | The amount of income taxes was calculated using a combined federal and state income tax rate of |
Attachment B | ||
Variation for the Three Months Ended June 30, 2023 vs. 2022 | ||
Net Income for | Earnings | |
CECONY (a) | ||
Electric base rate increase | ||
Lower operation and maintenance expense for stock-based compensation, health | 11 | 0.03 |
Higher income from allowance for funds used during construction | 5 | 0.01 |
Change in incentives earned under the electric and gas earnings adjustment | 4 | 0.01 |
Higher electric operations maintenance activities | (7) | (0.02) |
Gas base rate change | (7) | (0.02) |
Weather impact on steam revenue | (4) | (0.01) |
Accretive effect of share repurchase | — | 0.01 |
Other | (8) | (0.01) |
Total CECONY | 19 | 0.07 |
O&R (a) | ||
Electric base rate increase | 1 | — |
Gas base rate increase | 1 | — |
Other | (2) | — |
Total O&R | — | — |
Clean Energy Businesses (b) | ||
Total Clean Energy Businesses | (90) | (0.25) |
Con Edison Transmission | ||
Higher investment income | 2 | 0.01 |
Other | 1 | — |
Total Con Edison Transmission | 3 | 0.01 |
Other, including parent company expenses | ||
Gain and other impacts related to the sale of the Clean Energy Businesses | 18 | 0.05 |
Lower interest expense | 5 | 0.01 |
Higher interest income | 5 | 0.01 |
Net mark-to-market effects | 3 | 0.01 |
HLBV effects | (2) | (0.01) |
Other | 10 | 0.03 |
Total Other, including parent company expenses | 39 | 0.10 |
Total Reported (GAAP basis) | (29) | (0.07) |
Net mark-to-market effects | 26 | 0.07 |
HLBV effects | 3 | 0.02 |
Gain and other impacts related to the sale of the Clean Energy Businesses | (18) | (0.05) |
Total Adjusted (Non-GAAP basis) | ||
a. Under the revenue decoupling mechanisms in the Utilities' NY electric and gas rate plans and the weather- b. On March 1, 2023, Con Edison completed the sale of substantially all of the assets of the Clean Energy |
Attachment C | ||
Variation for the Six Months Ended June 30, 2023 vs. 2022 | ||
Net Income for | Earnings | |
CECONY (a) | ||
Electric base rate increase | ||
Gas base rate increase | 61 | 0.17 |
Lower operation and maintenance expense from stock based compensation, | 17 | 0.05 |
Higher income from allowance for funds used during construction | 12 | 0.03 |
Change in incentives earned under the electric and gas earnings adjustment | 7 | 0.02 |
Weather impact on steam revenues | (25) | (0.07) |
Accretive effect of share repurchase | — | 0.03 |
Other | 5 | 0.02 |
Total CECONY | 148 | 0.45 |
O&R (a) | ||
Electric base rate increase | 3 | 0.01 |
Gas base rate increase | 3 | 0.01 |
Higher storm-related costs | (2) | (0.01) |
Other | (4) | (0.01) |
Total O&R | — | — |
Clean Energy Businesses (b) | ||
Total Clean Energy Businesses | (174) | (0.50) |
Con Edison Transmission | ||
Higher investment income | 4 | 0.01 |
Other | 1 | 0.01 |
Total Con Edison Transmission | 5 | 0.02 |
Other, including parent company expenses | ||
Gain and other impacts related to the sale of the Clean Energy Businesses | 783 | 2.24 |
Higher interest income | 12 | 0.03 |
Lower interest expense | 9 | 0.02 |
Net mark-to-market effects | 7 | 0.02 |
HLBV effects | (1) | — |
Accretive effect of share repurchase | — | 0.03 |
Other | 12 | 0.01 |
Total Other, including parent company expenses | 822 | 2.35 |
Total Reported (GAAP basis) | 801 | 2.32 |
Net mark-to-market effects | 82 | 0.24 |
HLBV effects | 35 | 0.09 |
Gain and other impacts related to the sale of the Clean Energy Businesses | (812) | (2.32) |
Total Adjusted (Non-GAAP basis) | ||
a. Under the revenue decoupling mechanisms in the Utilities' NY electric and gas rate plans and the weather- b. On March 1, 2023, Con Edison completed the sale of substantially all of the assets of the Clean Energy |
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SOURCE Consolidated Edison, Inc.
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