ConEd Q4 2021 Earnings Report
Key Takeaways
Con Edison reported a net income for common stock of $224 million, or $0.63 per share, for the fourth quarter of 2021, compared to $43 million, or $0.13 per share, for the same period in 2020. Adjusted earnings were $355 million, or $1.00 per share, in Q4 2021, compared to $253 million, or $0.75 per share, in Q4 2020. The company's performance reflects its commitment to providing safe and reliable service and delivering investor value.
Net income for common stock was $224 million, or $0.63 per share, compared to $43 million, or $0.13 per share, in Q4 2020.
Adjusted earnings were $355 million, or $1.00 per share, compared to $253 million, or $0.75 per share, in Q4 2020.
The company expects its adjusted earnings per share to be in the range of $4.40 to $4.60 per share for the year of 2022.
Con Edison is considering strategic alternatives with respect to the Clean Energy Businesses.
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ConEd Revenue by Segment
Forward Guidance
Con Edison expects its adjusted earnings per share to be in the range of $4.40 to $4.60 per share for the year of 2022. The company also forecasts a five-year compounded annual adjusted earnings per share growth rate of 5% to 7% based on its 2022 adjusted earnings per share guidance.
Positive Outlook
- Adjusted earnings per share to be in the range of $4.40 to $4.60 per share for 2022.
- Five-year compounded annual adjusted earnings per share growth rate of 5% to 7%.
- Capital investments of $4,607 million expected in 2022.
- Capital investments of $11,070 million in aggregate expected for 2023 and 2024.
- Plans to meet capital requirements through internally-generated funds and the issuance of long-term debt and common equity.
Challenges Ahead
- Adjusted earnings per share exclude the effects of HLBV accounting and the related tax impact.
- Adjusted earnings per share exclude the net mark-to-market effects of the Clean Energy Businesses and the related tax impact.
- Forecast reflects other operations and maintenance expenses of $3,185 million.
- Financing plans do not include the impact of the evaluation of strategic alternatives with respect to the Clean Energy Businesses.
- Exposed to risks from the environmental consequences of its subsidiaries' operations, including increased costs related to climate change.
Revenue & Expenses
Visualization of income flow from segment revenue to net income