ConEd Q3 2022 Earnings Report

Con Edison reported an increase in net income and adjusted earnings for the third quarter of 2022, driven by strong performance in its core utility businesses.

Key Takeaways

Con Edison reported a net income of $613 million, or $1.73 per share, for the third quarter of 2022, compared to $538 million, or $1.52 per share, in the same period of 2021. Adjusted earnings were $579 million, or $1.63 per share, compared to $499 million, or $1.41 per share, in the prior year. The company is selling its Clean Energy Businesses for $6.8 billion and expects adjusted earnings per share for 2022 to be in the range of $4.50 to $4.60.

Net income for common stock was $613 million or $1.73 a share compared with $538 million or $1.52 a share in the 2021 third quarter.

Adjusted earnings were $579 million or $1.63 a share in the 2022 period compared with $499 million or $1.41 a share in the 2021 period.

Con Edison entered into an agreement to sell the Clean Energy Businesses for $6,800 million.

Con Edison expects its adjusted earnings per share to be in the range of $4.50 to $4.60 per share for the year of 2022.

Total Revenue

$4.17B

Previous year: $3.61B