ConEd Q4 2022 Earnings Report
Key Takeaways
Consolidated Edison, Inc. reported a decrease in net income for the fourth quarter of 2022, with $190 million or $0.53 a share, compared to $224 million or $0.63 a share in the 2021 period. Adjusted earnings were $288 million or $0.81 a share in the 2022 period compared with $355 million or $1.00 a share in the 2021 period. The company made tremendous progress in 2022 in energy efficiency, new EV charger installations and customer solar projects.
Net income for common stock was $190 million or $0.53 a share, down from $224 million or $0.63 a share in Q4 2021.
Adjusted earnings were $288 million or $0.81 a share, compared to $355 million or $1.00 a share in Q4 2021.
The 2021 period includes revenue recorded for late payment charges and fees at Consolidated Edison Company of New York, Inc. that were suspended during 2020 and 2021.
Con Edison expects its adjusted earnings per share to be in the range of $4.75 to $4.95 per share for the year of 2023.
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ConEd Revenue by Segment
Forward Guidance
Con Edison expects its adjusted earnings per share to be in the range of $4.75 to $4.95 per share for the year of 2023. The company also forecasts a five-year compounded annual adjusted earnings per share growth rate of 5% to 7% based on its 2023 adjusted earnings per share guidance. Con Edison expects to make capital investments of $4,809 million in 2023.
Positive Outlook
- Adjusted earnings per share to be in the range of $4.75 to $4.95 per share for 2023.
- Five-year compounded annual adjusted earnings per share growth rate of 5% to 7%.
- Capital investments of $4,809 million in 2023.
- Repay $1,250 million of parent company debt in 2023.
- Repurchase up to $1,000 million of its common shares.
Challenges Ahead
- Adjusted earnings per share exclude the expected gain and other impacts related to the anticipated sale of the Clean Energy Businesses.
- Adjusted earnings per share also exclude the effects of HLBV accounting for tax equity investments and the related tax impact on the parent company (approximately $(0.02) a share after-tax).
- Forecast reflects other operations and maintenance expenses of $2,860 million.
- Plans on issuing up to $900 million of common equity in 2025.
- The company's plans also include the issuance of up to $1,400 million of long-term debt at the Utilities in 2023 and approximately $2,600 million in aggregate, including for maturing securities, at the Utilities during 2024 and 2025.
Revenue & Expenses
Visualization of income flow from segment revenue to net income