CON EDISON REPORTS 2024 THIRD QUARTER EARNINGS
For the first nine months of 2024, net income for common stock was
"Core to our growth strategy is our continued investment in clean energy infrastructure and energy-efficient solutions for our customers," said
"As a result of our solid third quarter results and financial performance year to date as well as our outlook for the balance of the year, we are narrowing and revising our 2024 adjusted EPS guidance to the upper half of our original range," said
For the year of 2024,
See Attachment A to this press release for a reconciliation of
The company's 2024 Third Quarter Form 10-Q is being filed with the
This press release contains forward-looking statements that are intended to qualify for the safe-harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are statements of future expectations and not facts. Words such as "forecasts," "expects," "estimates," "anticipates," "intends," "believes," "plans," "will," "target," "guidance," "potential," "goal," "consider" and similar expressions identify forward-looking statements. The forward-looking statements reflect information available and assumptions at the time the statements are made, and accordingly speak only as of that time.
Actual results or developments might differ materially from those included in the forward-looking statements because of various factors such as those identified in reports
This press release also contains financial measures, adjusted earnings and adjusted earnings per share, that are not determined in accordance with generally accepted accounting principles in
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Attachment A |
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For the Three Months Ended |
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For the Nine Months Ended |
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Earnings per Share |
Net Income for
(Millions of |
|
Earnings per Share |
Net Income for
(Millions of |
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|
2024 |
2023 |
2024 |
2023 |
|
2024 |
2023 |
2024 |
2023 |
Reported earnings per share (basic) |
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|
|
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|
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|
Gain and other impacts related to |
— |
0.01 |
— |
6 |
|
0.09 |
(2.56) |
30 |
(888) |
Income taxes (a)(b) |
— |
0.07 |
— |
25 |
|
(0.02) |
0.32 |
(8) |
106 |
Gain and other impacts related to sale |
— |
0.08 |
— |
31 |
|
0.07 |
(2.24) |
22 |
(782) |
Accretion of the basis difference of |
(0.01) |
— |
(4) |
— |
|
(0.01) |
— |
(4) |
— |
Income taxes (c) |
— |
— |
1 |
— |
|
— |
— |
1 |
— |
Accretion of the basis difference of Con |
(0.01) |
— |
(3) |
— |
|
(0.01) |
— |
(3) |
— |
HLBV effects (pre-tax) |
(0.01) |
0.01 |
(3) |
5 |
|
(0.01) |
0.01 |
(1) |
5 |
Income taxes (d) |
— |
— |
1 |
(1) |
|
— |
— |
— |
(1) |
HLBV effects (net of tax) |
(0.01) |
0.01 |
(2) |
4 |
|
(0.01) |
0.01 |
(1) |
4 |
Net mark-to-market effects (pre-tax) |
— |
— |
— |
— |
|
— |
0.04 |
— |
13 |
Income taxes (e) |
— |
— |
— |
— |
|
— |
(0.01) |
— |
(4) |
Net mark-to-market effects (net of tax) |
— |
— |
— |
— |
|
— |
0.03 |
— |
9 |
Adjusted earnings per share and |
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(a) |
The gain and other impacts related to the sale of all of the stock of the Clean Energy Businesses were adjusted during the nine months ended |
(b) |
The amount of income taxes for the adjustment on the gain on the sale of all of the stock of the Clean Energy Businesses had an effective tax rate of 28% and 9% for the nine months ended |
(c) |
The amount of income taxes was calculated using a combined federal and state income tax rate of 22% for the three and nine months ended |
(d) |
The amount of income taxes was calculated using a combined federal and state income tax rate of 24% for the three and nine months ended |
(e) |
The amount of income taxes was calculated using a combined federal and state income tax rate of 32% for the nine months ended |
Attachment B |
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Variation for the Three Months Ended |
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|
Net Income for |
Earnings per Share |
CECONY (a) |
|
|
Higher electric rate base |
|
|
New steam rate plan effective |
4 |
0.01 |
Higher interest expense |
(33) |
(0.10) |
Higher stock-based compensation expense |
(9) |
(0.03) |
Change in gas rate base |
(3) |
(0.01) |
Change in incentives earned under the electric and gas earnings adjustment mechanisms |
(2) |
(0.01) |
Other |
(7) |
(0.02) |
Total CECONY |
22 |
0.06 |
O&R (a) |
|
|
Electric base rate increase |
10 |
0.03 |
Higher interest expense |
(3) |
(0.01) |
Other |
(1) |
— |
Total O&R |
6 |
0.02 |
Con Edison Transmission |
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|
Higher investment income, primarily due to allowance for funds used during construction (AFUDC) |
7 |
0.02 |
Accretion of the basis difference of |
3 |
0.01 |
Other |
(3) |
(0.01) |
Total Con Edison Transmission |
7 |
0.02 |
Other, including parent company expenses |
|
|
Gain and other impacts related to the sale of the Clean Energy Businesses |
31 |
0.08 |
HLBV effects |
6 |
0.02 |
Lower interest income |
(5) |
(0.02) |
Other |
(5) |
(0.01) |
Total Other, including parent company expenses |
27 |
0.07 |
Total Reported (GAAP basis) |
|
|
Gain and other impacts related to the sale of the Clean Energy Businesses |
(31) |
(0.08) |
HLBV effects |
(6) |
(0.02) |
Accretion of the basis difference of |
(3) |
(0.01) |
Total Adjusted (Non-GAAP basis) |
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|
a. |
Under the revenue decoupling mechanisms in the Utilities' |
Attachment C |
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Variation for the Nine Months Ended |
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|
Net Income for |
Earnings per Share |
CECONY (a) |
|
|
Higher electric rate base |
|
|
New steam rate plan effective |
63 |
0.18 |
Higher gas rate base |
17 |
0.05 |
Change in incentives earned under the electric and gas earnings adjustment mechanisms |
2 |
0.01 |
Impact of the NYSPSC order denying an |
(37) |
(0.11) |
Higher operations maintenance activities |
(32) |
(0.09) |
Higher stock-based compensation |
(7) |
(0.02) |
Higher payroll taxes |
(4) |
(0.01) |
Accretive effect of share repurchase |
— |
0.04 |
Other |
(2) |
(0.01) |
Total CECONY |
109 |
0.35 |
O&R (a) |
|
|
Electric base rate increase |
17 |
0.05 |
Gas base rate increase |
2 |
0.01 |
Higher interest expense |
(4) |
(0.01) |
Other |
(8) |
(0.02) |
Total O&R |
7 |
0.03 |
Clean Energy Businesses (b) |
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|
Total Clean Energy Businesses |
(22) |
(0.06) |
Con Edison Transmission |
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Higher investment income and an income tax adjustment due to AFUDC from MVP |
22 |
0.06 |
Accretion of the basis difference of |
3 |
0.01 |
Total Con Edison Transmission |
25 |
0.07 |
Other, including parent company expenses |
|
|
HLBV effects |
9 |
0.03 |
Gain and other impacts related to the sale of the Clean Energy Businesses |
(776) |
(2.23) |
Lower interest income |
(19) |
(0.06) |
Higher interest expense |
(2) |
(0.01) |
Other |
(6) |
(0.02) |
Total Other, including parent company expenses |
(794) |
(2.29) |
Total Reported (GAAP basis) |
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Net mark-to-market effects |
(9) |
(0.03) |
HLBV effects |
(6) |
(0.02) |
Accretion of the basis difference of |
(3) |
(0.01) |
Gain and other impacts related to the sale of the Clean Energy Businesses |
805 |
2.31 |
Total Adjusted (Non-GAAP basis) |
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a. |
Under the revenue decoupling mechanisms in the Utilities' |
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b. |
On |
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