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Jun 30, 2024
ConEd Q2 2024 Earnings Report
Con Edison reported mixed results for Q2 2024, with a decrease in net income but reaffirmed adjusted earnings per share guidance for the year.
Key Takeaways
Consolidated Edison, Inc. reported a decrease in net income for common stock to $202 million, or $0.58 per share, for the second quarter of 2024, compared to $226 million, or $0.65 per share, in the same period of 2023. Adjusted earnings were $203 million, or $0.59 per share, compared to $210 million, or $0.61 per share in the prior year. The company reaffirmed its 2024 adjusted earnings per share guidance range of $5.20 to $5.40.
Net income for Q2 2024 was $202 million, or $0.58 per share, down from $226 million, or $0.65 per share, in Q2 2023.
Adjusted earnings for Q2 2024 were $203 million, or $0.59 per share, compared to $210 million, or $0.61 per share in Q2 2023.
The company reaffirmed its 2024 adjusted earnings per share guidance range of $5.20 to $5.40.
Electric volumes are expected to grow as New Yorkers transition from fossil fuels.
ConEd
ConEd
Forward Guidance
Con Edison reaffirmed its previous forecast of adjusted earnings per share to be in the range of $5.20 to $5.40 per share for the year of 2024.
Positive Outlook
- Expect electric volumes to grow in the coming years.
- New Yorkers transition from fossil fuels to heat their buildings.
- New Yorkers power their vehicles.
- Attractive investment opportunities.
- Long record of strong, stable returns for investors.
Challenges Ahead
- Impact of the denial of our request to capitalize incremental costs for the successful implementation of our new customer billing and information system
- Extensively regulated and are subject to substantial penalties
- Utility subsidiaries' rate plans may not provide a reasonable return
- Adversely affected by changes to the utility subsidiaries' rate plans
- Failure of, or damage to, its subsidiaries' facilities could adversely affect it