Con Edison's Q3 Earnings Highlights and Future Outlook

Con Edison's Third Quarter Financial Performance

Consolidated Edison, Inc. (Con Edison) (NYSE: ED) has recently announced its results for the third quarter of 2024, showcasing impressive growth in net income and adjusted earnings. For the third quarter, the company reported a net income of $588 million or $1.70 per share, compared to $526 million or $1.53 per share during the same period in 2023. Similarly, the adjusted earnings for this quarter stood at $583 million or $1.68 per share, an increase from $561 million or $1.62 per share in the previous year's quarter.

Year-to-Date Earnings and Adjusted Figures

Throughout the first nine months of 2024, Con Edison accumulated a net income for common stock amounting to $1,510 million, equating to $4.37 per share. This reflects a decline from the $2,185 million or $6.27 per share recorded in the same timeframe in 2023. Adjusted earnings for this period reached $1,528 million or $4.42 per share, up from $1,416 million or $4.07 per share the previous year. These adjusted earnings exclude the impact of hypothetical liquidation at book value accounting for tax equity investments.

Strategic Investments in Clean Energy

Tim Cawley, Chairman and CEO of Con Edison, emphasized the company's dedication to investing in clean energy infrastructure and energy-efficient solutions. According to Cawley, these initiatives have helped manage electric demand during peak periods, allowing continued power delivery to customers. He highlighted the company's commitment to supporting New Yorkers in their transition to electrification for heating and electric vehicle charging solutions.

The Path Forward: Clean Energy Investments

Con Edison also continues to provide valuable incentives for heat pump installations and has worked towards facilitating the installation of electric vehicle chargers. The company is focused on building the infrastructure necessary for a sustainable energy future while ensuring reliability for its customer base.

Updated Earnings Guidance for 2024

As a result of their solid financials and positive outlook, Con Edison has revised its adjusted earnings per share (EPS) guidance for 2024 to fall within the range of $5.30 to $5.40. Previously, the forecast was set between $5.20 and $5.40. This upward revision demonstrates Con Edison's confidence in its infrastructure investments and the expected growth in its rate base.

Financial Reconciliation and Future Reporting

Investors and stakeholders can reference Attachment A for a detailed reconciliation of Con Edison's reported earnings per share to adjusted earnings. The company is in the process of filing its 2024 Third Quarter Form 10-Q with the Securities and Exchange Commission. Information pertaining to its earnings release presentation will be available on the official Con Edison website.

Understanding Non-GAAP Financial Measures

Con Edison’s financial measures such as adjusted earnings and adjusted earnings per share do not adhere to generally accepted accounting principles (GAAP). These figures are utilized by management to analyze financial performance against internal forecasts and historical results, thus providing insight into the company's ongoing financial health.

Con Edison: Overview

Consolidated Edison, Inc. ranks among the largest investor-owned energy delivery companies in the United States, generating approximately $15 billion in annual revenues as of the end of 2023. With assets totaling roughly $69 billion as of September 30, 2024, the company operates various subsidiaries, including Consolidated Edison Company of New York, Inc., which provides electric service and other energy-related services. Through its subsidiary, Con Edison Transmission, Inc., the company also focuses on developing electric transmission projects aimed at enhancing renewable energy access.

Frequently Asked Questions

What were Con Edison's earnings for the third quarter of 2024?

Con Edison reported a net income of $588 million, or $1.70 per share for Q3 2024.

How do the Q3 2024 results compare to the previous year?

In Q3 2023, Con Edison reported a net income of $526 million or $1.53 per share.

What is Con Edison's updated EPS guidance for 2024?

The revised guidance for adjusted earnings per share is between $5.30 to $5.40 for 2024.

What investments is Con Edison making in clean energy?

Con Edison is focusing on clean energy infrastructure and has increased incentives for heat pump installations and EV charging solutions.

Where can stakeholders find detailed earnings reports?

Stakeholders can find detailed earnings reconciliation and reports through Con Edison's website and its filings with the SEC.

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