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ConEd
🇺🇸 NYSE:ED
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Dec 31, 2023

ConEd Q4 2023 Earnings Report

ConEd reported mixed results with increased adjusted earnings but a decrease in operating revenues.

Key Takeaways

Consolidated Edison, Inc. reported a net income for common stock of $335 million, or $0.97 per share, for Q4 2023, compared to $190 million, or $0.53 per share, for Q4 2022. Adjusted earnings were $346 million, or $1.00 per share, compared to $288 million, or $0.81 per share, for the same period in the previous year. The company is making strategic investments to build a grid capable of carrying clean energy and protecting infrastructure from climate change.

Net income for common stock was $335 million or $0.97 a share for Q4 2023, compared to $190 million or $0.53 a share in Q4 2022.

Adjusted earnings were $346 million or $1.00 a share in Q4 2023, compared to $288 million or $0.81 a share in Q4 2022.

Con Edison expects its adjusted earnings per share to be in the range of $5.20 to $5.40 per share for the year of 2024.

Capital investments of $4,849 million and $5,243 million are expected in 2024 and 2025, respectively.

Total Revenue
$3.44B
Previous year: $4.03B
-14.7%
EPS
$1
Previous year: $0.81
+23.5%
Gross Profit
$1.74B
Previous year: $1.77B
-1.8%
Cash and Equivalents
$1.19B
Previous year: $1.28B
-7.2%
Total Assets
$66.3B
Previous year: $69.1B
-4.0%

ConEd

ConEd

ConEd Revenue by Segment

Forward Guidance

Con Edison expects adjusted earnings per share to be in the range of $5.20 to $5.40 per share for the year of 2024. The company also forecasts a five-year compounded annual adjusted earnings per share growth rate of 5% to 7% based on its 2024 adjusted earnings per share guidance.

Positive Outlook

  • Adjusted earnings per share to be in the range of $5.20 to $5.40 per share for 2024.
  • Five-year compounded annual adjusted earnings per share growth rate of 5% to 7% based on 2024 guidance.
  • Capital investments of $4,849 million expected in 2024.
  • Capital investments of $5,243 million expected in 2025.
  • Con Edison plans to meet its capital requirements for 2024 through 2028 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 for tax equity investments (approximately $(0.01) a share after-tax).
  • Plans include the issuance of up to $3,250 million of long-term debt in 2024.
  • Plans include the issuance of up to $1,000 million of long-term debt in 2025.
  • Plans to issue common equity of approximately $1,300 million in 2025.
  • Plans to issue up to $2,800 million in aggregate during 2026 through 2028.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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