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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.
ConEd
ConEd
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.