ConEd Q1 2020 Earnings Report
Key Takeaways
Consolidated Edison reported a decrease in net income for Q1 2020, with $375 million compared to $424 million in Q1 2019. However, adjusted earnings increased slightly to $451 million from $448 million in the same period last year. The company expects its adjusted earnings per share to be in the range of $4.15 to $4.35 for the year of 2020.
Net income for common stock decreased to $375 million, or $1.13 per share, compared to $424 million, or $1.31 per share, in Q1 2019.
Adjusted earnings increased to $451 million, or $1.35 per share, compared to $448 million, or $1.39 per share, in Q1 2019.
The company revised its adjusted earnings per share guidance for 2020 to $4.15 to $4.35, reflecting the impact of warmer winter weather and the COVID-19 pandemic.
Con Edison is focused on the health and safety of employees and customers while maintaining reliable service during the pandemic.
ConEd
ConEd
ConEd Revenue by Segment
Forward Guidance
For the year of 2020, the company expects its adjusted earnings per share to be in the range of $4.15 to $4.35 per share. The company’s revised adjusted earnings per share range for the year 2020 reflects predominantly the impact of warmer than normal winter weather on steam revenues, and also the potential financial impact from the Coronavirus Disease 2019 (COVID-19) pandemic.
Positive Outlook
- Company expects restart of some paused commercial activities by early June.
- A phased process that continues through the third quarter is forecasted.
- Electric and gas base rate increases in January 2020 under the company's rate plans.
- Lower costs for pension and other postretirement benefits.
- Lower energy services costs.
Challenges Ahead
- Warmer than normal winter weather impacted steam revenues.
- Potential financial impact from the Coronavirus Disease 2019 (COVID-19) pandemic.
- Higher property taxes.
- Higher depreciation and amortization expense.
- Unrealized losses on interest rate swaps.
Revenue & Expenses
Visualization of income flow from segment revenue to net income