ConEd Q1 2024 Earnings Report

Con Edison reported a decrease in GAAP earnings but an increase in adjusted earnings for Q1 2024.

Key Takeaways

Con Edison's first quarter net income for common stock was $720 million, or $2.08 a share, compared to $1,433 million, or $4.06 a share, in the first quarter of 2023. Adjusted earnings were $742 million, or $2.15 a share, compared to $645 million, or $1.83 a share, in the same period last year. The company reaffirmed its adjusted earnings per share forecast for 2024 to be in the range of $5.20 to $5.40.

Q1 2024 net income was $720 million, or $2.08 per share.

Adjusted earnings for Q1 2024 were $742 million, or $2.15 per share.

The company reaffirmed its 2024 adjusted earnings per share forecast of $5.20 to $5.40.

State approval was gained for the Reliable Clean City – Idlewild Project, a $1.2 billion investment in new substations.