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CON EDISON REPORTS 2024 THIRD QUARTER EARNINGS

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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.

Positive
  • 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
Negative
  • 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 $588 million in net income ($1.70 per share), up from $526 million ($1.53 per share) in Q3 2023. Adjusted earnings reached $583 million ($1.68 per share), showing healthy growth from $561 million ($1.62 per share) last year.

The company has narrowed its 2024 adjusted EPS guidance to $5.30-$5.40, focusing on the upper half of its previous range. This upward revision, coupled with continued infrastructure investments and rate base growth, signals strong operational execution and financial health.

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.

NEW YORK, Nov. 7, 2024 /PRNewswire/ -- Consolidated Edison, Inc. (Con Edison) (NYSE: ED) today reported 2024 third quarter net income for common stock of $588 million or $1.70 a share compared with $526 million or $1.53 a share in the 2023 third quarter. Adjusted earnings (non-GAAP) were $583 million or $1.68 a share in the 2024 period compared with $561 million or $1.62 a share in the 2023 period. Adjusted earnings and adjusted earnings per share in the 2024 and 2023 periods exclude the effects of hypothetical liquidation at book value (HLBV) accounting for tax equity investments. Adjusted earnings and adjusted earnings per share in the 2024 period exclude accretion of the basis difference of Con Edison's equity investment in Mountain Valley Pipeline, LLC (MVP) and in the 2023 period exclude adjustments to the gain and other impacts related to the sale of all of the stock of Con Edison's former subsidiary, Con Edison Clean Energy Businesses, Inc. (the Clean Energy Businesses) in 2023.  

For the first nine months of 2024, net income for common stock was $1,510 million or $4.37 a share compared with $2,185 million or $6.27 a share in the first nine months of 2023. Adjusted earnings were $1,528 million or $4.42 a share in the 2024 period compared with $1,416 million or $4.07 a share in the 2023 period. Adjusted earnings and adjusted earnings per share in the 2024 period exclude accretion of the basis difference of Con Edison's equity investment in MVP. Adjusted earnings and adjusted earnings per share in the 2024 and 2023 periods exclude the effects of HLBV accounting for tax equity investments and adjustments to the gain and other impacts related to the sale of all of the stock of the Clean Energy Businesses in 2023. Adjusted earnings and adjusted earnings per share in the 2023 period exclude the net mark-to-market effects of the Clean Energy Businesses.

"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 New York summer, helping us keep the power flowing for our customers. As New Yorkers transition to electrification of building space heating and transportation, we've made it easier to install EV chargers and continue to provide incentives for heat pump installation. We have delivered infrastructure investments to build the grid of the future while providing industry-leading reliability to millions of customers."

"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 New York's clean energy transition and upgrade our infrastructure to improve its resilience in the face of climate change."

For the year of 2024, Con Edison expects its adjusted earnings per share to be in the range of $5.30 to $5.40 per share. Con Edison's previous forecast was in the range of $5.20 to $5.40 per share. Adjusted earnings per share exclude the effects of HLBV accounting for tax equity investments (approximately $0.01 a share after-tax), accretion of the basis difference of Con Edison's equity investment in MVP (approximately $(0.01) a share after-tax) and adjustments to the gain and other impacts related to the sale of all of the stock of the Clean Energy Businesses in 2023, the amount of which will not be determinable until year-end.

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 the United States of America (GAAP). These non-GAAP financial measures should not be considered as an alternative to net income for common stock or net income per share, respectively, each of which is an indicator of financial performance determined in accordance with GAAP.  Adjusted earnings and adjusted earnings per share exclude from net income for common stock and net income per share, respectively, certain items that Con Edison does not consider indicative of its ongoing financial performance such as the gain and other impacts related to the sale of all of the stock of the Clean Energy Businesses, the effects of HLBV accounting for tax equity investments, mark-to-market accounting and accretion of the basis difference of Con Edison's equity investment in MVP. Management uses these non-GAAP financial measures to facilitate the analysis of Con Edison's financial performance as compared to its internal budgets and previous financial results and to communicate to investors and others Con Edison's expectations regarding its future earnings and dividends on its common stock. Management believes that these non-GAAP financial measures are also useful and meaningful to investors to facilitate their analysis of Con Edison's financial performance.

Consolidated Edison, Inc. is one of the nation's largest investor-owned energy-delivery companies, with approximately $15 billion in annual revenues for year-end 2023 and $69 billion in assets as of September 30, 2024. The company provides a wide range of energy-related products and services to its customers through the following subsidiaries: Consolidated Edison Company of New York, Inc., a regulated utility providing electric service in New York City and New York's Westchester County, gas service in Manhattan, the Bronx, parts of Queens and parts of Westchester, and steam service in Manhattan; Orange and Rockland Utilities, Inc., a regulated utility serving customers in a 1,300-square-mile area in southeastern New York State and northern New Jersey; and Con Edison Transmission, Inc., which falls primarily under the oversight of the Federal Energy Regulatory Commission and manages, through joint ventures, both electric and gas assets while seeking to develop electric transmission projects that will bring clean, renewable electricity to customers, focusing on New York and the Northeast.

 




Attachment A


For the Three Months Ended


For the Nine Months Ended


September 30,


September 30,


Earnings

per Share

Net Income for
Common Stock

(Millions of
Dollars)


Earnings

per Share

Net Income for
Common Stock

(Millions of
Dollars)


2024

2023

2024

2023


2024

2023

2024

2023

Reported earnings per share (basic)
     and net income for common stock
     (GAAP basis)

$1.70

$1.53

$588

$526


$4.37

$6.27

$1,510

$2,185

Gain and other impacts related to
sale of the Clean Energy Businesses
(pre-tax) (a)

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
of the Clean Energy Businesses (net of
tax)

0.08

31


0.07

(2.24)

22

(782)

Accretion of the basis difference of
Con Edison's equity investment in
MVP

(0.01)

(4)


(0.01)

(4)

Income taxes (c)

1


1

Accretion of the basis difference of Con
Edison's equity investment in MVP (net
of tax)

(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
adjusted earnings (non-GAAP basis)

$1.68

$1.62

$583

$561


$4.42

$4.07

$1,528

$1,416

(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 ($0.09 a share and $0.07 a share net of tax or $30 million and $22 million net of tax) to reflect closing adjustments. The gain and other impacts related to the sale of the Clean Energy Businesses for the three months ended September 30, 2023 is comprised of an adjustment to the gain on the sale of all of the stock of the Clean Energy Businesses ($0.01 a share net of tax or $6 million and $5 million net of tax). The gain and other impacts related to the sale of all of the stock of the Clean Energy Businesses for the nine months ended September 30, 2023 is comprised of the gain on the sale of all of the stock of the Clean Energy Businesses ($(2.49) a share and $(2.25) a share net of tax or $(866) million and $(784) million net of tax), transaction costs and other accruals ($0.05 a share and $0.04 a share net of tax or $19 million and $13 million net of tax) and the effects of ceasing to record depreciation and amortization expenses on the Clean Energy Businesses' assets ($(0.12) a share and $(0.08) a share net of tax or $(41) million and $(28) million net of tax).

(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 28% and 9% for the nine months ended September 30, 2024 and September 30, 2023, respectively. Amounts shown include an increase in the state taxes on the sale of all of the stock of the Clean Energy Businesses ($0.05 a share net of tax or $19 million net of tax) and the impact of the changes in state unitary tax apportionments ($0.02 a share net of federal taxes or $7 million net of federal taxes) for the three months ended September 30, 2023. The amount of income taxes for other accruals had an effective tax rate of 28% for the three months ended September 30, 2023. Amounts shown include the impact of the changes in state unitary tax apportionments ($0.05 a share net of federal taxes or $17 million net of federal taxes) for the nine months ended September 30, 2023. The amount of income taxes for transaction costs and other accruals and the effects of ceasing to record depreciation and amortization expenses were calculated using a combined federal and state income tax rate of 27% and 32% for the nine months ended September 30, 2023, respectively.

(c)

The amount of income taxes was calculated using a combined federal and state income tax rate of 22% for the three and nine months ended September 30, 2024, respectively.

(d)

The amount of income taxes was calculated using a combined federal and state income tax rate of 24% for the three and nine months ended September 30, 2024, and a combined federal and state income tax rate of 25% and 21% for the three and nine months ended September 30, 2023, respectively.

(e)

The amount of income taxes was calculated using a combined federal and state income tax rate of 32% for the nine months ended September 30, 2023.

 

Attachment B

Variation for the Three Months Ended September 30, 2024 vs. 2023


Net Income for
Common Stock
(Net of Tax) 
(Millions of
Dollars)

Earnings

per Share

CECONY (a)



Higher electric rate base

$72

$0.22

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)
from MVP

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)

$62

$0.17

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)

$22

$0.06

a.

Under the revenue decoupling mechanisms in the Utilities' New York electric and gas rate plans, revenues are generally not affected by changes in delivery volumes from levels assumed when rates were approved. In general, the Utilities recover on a current basis the fuel, gas purchased for resale and purchased power costs they incur in supplying energy to their full-service customers. Accordingly, such costs do not generally affect Con Edison's results of operations.

 

Attachment C

Variation for the Nine Months Ended September 30, 2024 vs. 2023


Net Income for
Common Stock
(Net of Tax) 
(Millions of
Dollars)

Earnings

per Share

CECONY (a)



Higher electric rate base

$109

$0.31

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
permission to capitalize costs to implement its new customer billing and information system

(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)

$(675)

$(1.90)

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)

$112

$0.35

a.

Under the revenue decoupling mechanisms in the Utilities' New York electric and gas rate plans and the weather-normalization clause applicable to their gas businesses, revenues are generally not affected by changes in delivery volumes from levels assumed when rates were approved. Effective November 1, 2023, revenues from CECONY's steam sales are also subject to a weather normalization clause, as a result of which, delivery revenues reflect normal weather conditions during the heating season. In general, the Utilities recover on a current basis the fuel, gas purchased for resale and purchased power costs they incur in supplying energy to their full-service customers. Accordingly, such costs do not generally affect Con Edison's results of operations.

b. 

On March 1, 2023, Con Edison completed the sale of all of the stock of the Clean Energy Businesses.

 

Consolidated Edison, Inc. (PRNewsfoto/Consolidated Edison, Inc.)

 

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SOURCE Con Edison Inc.

FAQ

What was Con Edison's (ED) earnings per share in Q3 2024?

Con Edison reported earnings of $1.70 per share in Q3 2024, compared to $1.53 per share in Q3 2023.

What is Con Edison's (ED) updated earnings guidance for 2024?

Con Edison narrowed its 2024 adjusted earnings guidance to $5.30-$5.40 per share, up from the previous range of $5.20-$5.40 per share.

How did Con Edison's (ED) Q3 2024 adjusted earnings compare to Q3 2023?

Con Edison's Q3 2024 adjusted earnings were $583 million ($1.68 per share), compared to $561 million ($1.62 per share) in Q3 2023.

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