CON EDISON REPORTS 2024 THIRD QUARTER EARNINGS
Con Edison (NYSE: ED) reported third quarter 2024 net income of $588 million ($1.70 per share), up from $526 million ($1.53 per share) in Q3 2023. Adjusted earnings were $583 million ($1.68 per share) compared to $561 million ($1.62 per share) in the prior year period.
For the first nine months of 2024, net income reached $1,510 million ($4.37 per share). The company narrowed and revised its 2024 adjusted EPS guidance to $5.30-$5.40 per share, focusing on the upper half of its original range, reflecting solid third quarter results and year-to-date performance.
Con Edison (NYSE: ED) ha riportato un utile netto di 588 milioni di dollari (1,70 dollari per azione) per il terzo trimestre del 2024, in aumento rispetto ai 526 milioni di dollari (1,53 dollari per azione) registrati nel terzo trimestre del 2023. Gli utili rettificati sono stati di 583 milioni di dollari (1,68 dollari per azione), rispetto ai 561 milioni di dollari (1,62 dollari per azione) dello stesso periodo dell'anno precedente.
Nei primi nove mesi del 2024, l'utile netto ha raggiunto 1.510 milioni di dollari (4,37 dollari per azione). L'azienda ha ristretto e rivisto la sua guida sugli utili per azione rettificati per il 2024 a 5,30-5,40 dollari per azione, concentrandosi sulla parte superiore del suo intervallo originale, a riflesso dei solidi risultati del terzo trimestre e delle performance da inizio anno.
Con Edison (NYSE: ED) reportó un ingreso neto del tercer trimestre de 2024 de 588 millones de dólares (1,70 dólares por acción), un aumento desde 526 millones de dólares (1,53 dólares por acción) en el tercer trimestre de 2023. Las ganancias ajustadas fueron de 583 millones de dólares (1,68 dólares por acción) en comparación con 561 millones de dólares (1,62 dólares por acción) en el mismo período del año anterior.
En los primeros nueve meses de 2024, el ingreso neto alcanzó 1.510 millones de dólares (4,37 dólares por acción). La compañía acortó y revisó su guía de ganancias por acción ajustadas para 2024 a 5,30-5,40 dólares por acción, enfocándose en la parte superior de su rango original, reflejando sólidos resultados del tercer trimestre y rendimiento hasta la fecha.
Con Edison (NYSE: ED)는 2024년 3분기 순이익이 5억 8천8백만 달러 (주당 1.70달러)로, 2023년 3분기 5억 2천6백만 달러 (주당 1.53달러)에서 증가했다고 보고했습니다. 조정 후 수익은 5억 8천3백만 달러 (주당 1.68달러)로, 전년 동기 5억 6천1백만 달러 (주당 1.62달러)와 비교되었습니다.
2024년 첫 9개월 동안 순이익은 15억 1천만 달러 (주당 4.37달러)에 도달했습니다. 회사는 2024년 조정 EPS 가이던스를 5.30-5.40달러로 좁히고 수정했으며, 이는 원래 범위의 상반부에 집중하며, 3분기 결과 및 연초 성과를 반영하고 있습니다.
Con Edison (NYSE: ED) a annoncé un revenu net de 588 millions de dollars (1,70 dollar par action) pour le troisième trimestre 2024, en hausse par rapport à 526 millions de dollars (1,53 dollar par action) au troisième trimestre 2023. Les bénéfices ajustés se sont élevés à 583 millions de dollars (1,68 dollar par action) contre 561 millions de dollars (1,62 dollar par action) à la même période de l'année précédente.
Pour les neuf premiers mois de 2024, le revenu net a atteint 1.510 millions de dollars (4,37 dollars par action). L'entreprise a révisé et restreint ses prévisions de BPA ajusté pour 2024 à 5,30-5,40 dollars par action, en se concentrant sur la partie supérieure de son intervalle initial, reflétant de solides résultats du troisième trimestre et des performances depuis le début de l'année.
Con Edison (NYSE: ED) berichtete im dritten Quartal 2024 einen Nettogewinn von 588 Millionen Dollar (1,70 Dollar pro Aktie), ein Anstieg gegenüber 526 Millionen Dollar (1,53 Dollar pro Aktie) im dritten Quartal 2023. Der bereinigte Gewinn betrug 583 Millionen Dollar (1,68 Dollar pro Aktie) im Vergleich zu 561 Millionen Dollar (1,62 Dollar pro Aktie) im Vorjahr.
Für die ersten neun Monate des Jahres 2024 erreichte der Nettogewinn 1.510 Millionen Dollar (4,37 Dollar pro Aktie). Das Unternehmen hat seine Prognose für bereinigte EPS im Jahr 2024 auf 5,30-5,40 Dollar pro Aktie eingegrenzt und überarbeitet, wobei es sich auf die obere Hälfte des ursprünglichen Bereichs konzentriert, was die soliden Ergebnisse des dritten Quartals sowie die Entwicklung seit Jahresbeginn widerspiegelt.
- Q3 2024 net income increased 11.8% to $588 million from $526 million in Q3 2023
- Q3 2024 adjusted earnings rose 3.9% to $583 million from $561 million YoY
- Company raised lower end of 2024 EPS guidance to $5.30-$5.40 from previous $5.20-$5.40
- Nine-month 2024 net income declined to $1,510 million from $2,185 million in 2023
Insights
Con Edison delivered strong Q3 2024 results with
The company has narrowed its 2024 adjusted EPS guidance to
The utility's focus on clean energy infrastructure and grid modernization positions it well for long-term growth, particularly as New York accelerates its electrification initiatives. Their successful management of peak summer demand while maintaining reliability demonstrates operational excellence and infrastructure resilience.
Con Edison's strategic positioning in the clean energy transition is noteworthy. Their investments in grid infrastructure and focus on enabling EV charging and heat pump installations align perfectly with New York's aggressive decarbonization goals. The successful management of high summer demand while maintaining reliability validates their infrastructure investment strategy.
The company's dual focus on infrastructure resilience and clean energy transition creates multiple growth vectors. Their ability to execute large-scale infrastructure projects while maintaining industry-leading reliability metrics positions them favorably for future regulatory support and rate base growth.
For the first nine months of 2024, net income for common stock was
"Core to our growth strategy is our continued investment in clean energy infrastructure and energy-efficient solutions for our customers," said Tim Cawley, the chairman and CEO of Con Edison. "Our programs eased electric demand during another hot
"As a result of our solid third quarter results and financial performance year to date as well as our outlook for the balance of the year, we are narrowing and revising our 2024 adjusted EPS guidance to the upper half of our original range," said Kirk Andrews, senior vice president and CFO of Con Edison. "We continue to expect solid rate base growth as we continue to make investments to both enable
For the year of 2024, 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 nine months ended September 30, 2024 and 2023. 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 nine months ended September 30, 2024 compared to the 2023 periods.
The company's 2024 Third Quarter Form 10-Q is being filed with the Securities and Exchange Commission. A third quarter 2024 earnings release presentation will be available at www.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," "goal," "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, the failure to retain and attract employees and contractors, and their negative performance 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 faces risks related to health epidemics and other outbreaks; 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. This list of factors is not all-inclusive because it is not possible to predict all factors that could cause actual results or developments to differ from the forward-looking statements. 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 Nine Months Ended | ||||||||
September 30, | September 30, | ||||||||
Earnings per Share | Net Income for (Millions of | Earnings per Share | Net Income for (Millions of | ||||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | ||
Reported earnings per share (basic) | |||||||||
Gain and other impacts related to | — | 0.01 | — | 6 | 0.09 | (2.56) | 30 | (888) | |
Income taxes (a)(b) | — | 0.07 | — | 25 | (0.02) | 0.32 | (8) | 106 | |
Gain and other impacts related to sale | — | 0.08 | — | 31 | 0.07 | (2.24) | 22 | (782) | |
Accretion of the basis difference of | (0.01) | — | (4) | — | (0.01) | — | (4) | — | |
Income taxes (c) | — | — | 1 | — | — | — | 1 | — | |
Accretion of the basis difference of Con | (0.01) | — | (3) | — | (0.01) | — | (3) | — | |
HLBV effects (pre-tax) | (0.01) | 0.01 | (3) | 5 | (0.01) | 0.01 | (1) | 5 | |
Income taxes (d) | — | — | 1 | (1) | — | — | — | (1) | |
HLBV effects (net of tax) | (0.01) | 0.01 | (2) | 4 | (0.01) | 0.01 | (1) | 4 | |
Net mark-to-market effects (pre-tax) | — | — | — | — | — | 0.04 | — | 13 | |
Income taxes (e) | — | — | — | — | — | (0.01) | — | (4) | |
Net mark-to-market effects (net of tax) | — | — | — | — | — | 0.03 | — | 9 | |
Adjusted earnings per share and |
(a) | The gain and other impacts related to the sale of all of the stock of the Clean Energy Businesses were adjusted during the nine months ended September 30, 2024 ( |
(b) | The amount of income taxes for the adjustment on the gain on the sale of all of the stock of the Clean Energy Businesses had an effective tax rate of |
(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 |
(e) | 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 September 30, 2024 vs. 2023 | ||
Net Income for | Earnings per Share | |
CECONY (a) | ||
Higher electric rate base | ||
New steam rate plan effective November 2023 | 4 | 0.01 |
Higher interest expense | (33) | (0.10) |
Higher stock-based compensation expense | (9) | (0.03) |
Change in gas rate base | (3) | (0.01) |
Change in incentives earned under the electric and gas earnings adjustment mechanisms | (2) | (0.01) |
Other | (7) | (0.02) |
Total CECONY | 22 | 0.06 |
O&R (a) | ||
Electric base rate increase | 10 | 0.03 |
Higher interest expense | (3) | (0.01) |
Other | (1) | — |
Total O&R | 6 | 0.02 |
Con Edison Transmission | ||
Higher investment income, primarily due to allowance for funds used during construction (AFUDC) | 7 | 0.02 |
Accretion of the basis difference of Con Edison's equity investment in MVP | 3 | 0.01 |
Other | (3) | (0.01) |
Total Con Edison Transmission | 7 | 0.02 |
Other, including parent company expenses | ||
Gain and other impacts related to the sale of the Clean Energy Businesses | 31 | 0.08 |
HLBV effects | 6 | 0.02 |
Lower interest income | (5) | (0.02) |
Other | (5) | (0.01) |
Total Other, including parent company expenses | 27 | 0.07 |
Total Reported (GAAP basis) | ||
Gain and other impacts related to the sale of the Clean Energy Businesses | (31) | (0.08) |
HLBV effects | (6) | (0.02) |
Accretion of the basis difference of Con Edison's equity investment in MVP | (3) | (0.01) |
Total Adjusted (Non-GAAP basis) |
a. | Under the revenue decoupling mechanisms in the Utilities' |
Attachment C | ||
Variation for the Nine Months Ended September 30, 2024 vs. 2023 | ||
Net Income for | Earnings per Share | |
CECONY (a) | ||
Higher electric rate base | ||
New steam rate plan effective November 2023 | 63 | 0.18 |
Higher gas rate base | 17 | 0.05 |
Change in incentives earned under the electric and gas earnings adjustment mechanisms | 2 | 0.01 |
Impact of the NYSPSC order denying an April 2023 petition by CECONY that requested | (37) | (0.11) |
Higher operations maintenance activities | (32) | (0.09) |
Higher stock-based compensation | (7) | (0.02) |
Higher payroll taxes | (4) | (0.01) |
Accretive effect of share repurchase | — | 0.04 |
Other | (2) | (0.01) |
Total CECONY | 109 | 0.35 |
O&R (a) | ||
Electric base rate increase | 17 | 0.05 |
Gas base rate increase | 2 | 0.01 |
Higher interest expense | (4) | (0.01) |
Other | (8) | (0.02) |
Total O&R | 7 | 0.03 |
Clean Energy Businesses (b) | ||
Total Clean Energy Businesses | (22) | (0.06) |
Con Edison Transmission | ||
Higher investment income and an income tax adjustment due to AFUDC from MVP | 22 | 0.06 |
Accretion of the basis difference of Con Edison's equity investment in MVP | 3 | 0.01 |
Total Con Edison Transmission | 25 | 0.07 |
Other, including parent company expenses | ||
HLBV effects | 9 | 0.03 |
Gain and other impacts related to the sale of the Clean Energy Businesses | (776) | (2.23) |
Lower interest income | (19) | (0.06) |
Higher interest expense | (2) | (0.01) |
Other | (6) | (0.02) |
Total Other, including parent company expenses | (794) | (2.29) |
Total Reported (GAAP basis) | ||
Net mark-to-market effects | (9) | (0.03) |
HLBV effects | (6) | (0.02) |
Accretion of the basis difference of Con Edison's equity investment in MVP | (3) | (0.01) |
Gain and other impacts related to the sale of the Clean Energy Businesses | 805 | 2.31 |
Total Adjusted (Non-GAAP basis) |
a. | Under the revenue decoupling mechanisms in the Utilities' | ||
b. | On March 1, 2023, Con Edison completed the sale of all of the stock of the Clean Energy Businesses. |
View original content to download multimedia:https://www.prnewswire.com/news-releases/con-edison-reports-2024-third-quarter-earnings-302299391.html
SOURCE Con Edison Inc.
FAQ
What was Con Edison's (ED) earnings per share in Q3 2024?
What is Con Edison's (ED) updated earnings guidance for 2024?