For the fourth quarter of 2023, net income for common stock was
"We built tremendous momentum in 2023 toward a low-carbon future, a vibrant economy driven by green jobs and equal opportunity for everyone to benefit from this historic transition," said
"
For the year of 2024,
In 2024 and 2025,
See Attachment A to this press release for a reconciliation of
The company's 2023 Annual Report on Form 10-K 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," "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
Attachment A |
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For the Three Months Ended |
|
For the Years Ended |
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|
|
|
|
||||||
|
Earnings per Share |
Net Income for
(Millions of |
|
Earnings per Share |
Net Income for
(Millions of |
||||
|
2023 |
2022 |
2023 |
2022 |
|
2023 |
2022 |
2023 |
2022 |
Reported earnings per share |
|
|
|
|
|
|
|
|
|
Gain and other impacts related to |
— |
(0.05) |
1 |
(17) |
|
(2.55) |
(0.03) |
(887) |
(13) |
Income taxes (a)(b) |
0.01 |
0.36 |
6 |
128 |
|
0.33 |
0.35 |
113 |
127 |
Gain and other impacts related to sale |
0.01 |
0.31 |
7 |
111 |
|
(2.22) |
0.32 |
(774) |
114 |
Remeasurement of deferred state |
— |
0.04 |
— |
13 |
|
— |
0.04 |
— |
13 |
Remeasurement of deferred state |
— |
0.04 |
— |
13 |
|
— |
0.04 |
— |
13 |
HLBV effects (pre-tax) |
0.02 |
(0.05) |
5 |
(18) |
|
0.02 |
(0.17) |
11 |
(61) |
Income taxes (c) |
— |
0.02 |
(1) |
5 |
|
(0.01) |
0.05 |
(3) |
19 |
HLBV effects (net of tax) |
0.02 |
(0.03) |
4 |
(13) |
|
0.01 |
(0.12) |
8 |
(42) |
Net mark-to-market effects (pre- |
— |
(0.06) |
— |
(19) |
|
0.04 |
(0.51) |
13 |
(181) |
Income taxes (d) |
— |
0.02 |
— |
6 |
|
(0.01) |
0.16 |
(4) |
56 |
Net mark-to-market effects (net of tax) |
— |
(0.04) |
— |
(13) |
|
0.03 |
(0.35) |
9 |
(125) |
Adjusted earnings per share and |
|
|
|
|
|
|
|
|
|
(a) |
The gain and other impacts related to the sale of the Clean Energy Businesses were adjusted during the three months ended |
(b) |
Amounts shown include changes in state unitary tax apportionments ( |
(c) |
The amount of income taxes was calculated using a combined federal and state income tax rate of 29% and 25% for the three months and year ended |
(d) |
The amount of income taxes was calculated using a combined federal and state income tax rate of 32% for the year ended |
Attachment B |
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||||
|
|
|
|
|
|
For the Three Months Ended |
For the Years Ended |
||
|
|
|
||
|
2023 |
2022 |
2023 |
2022 |
OPERATING REVENUES |
|
|
|
|
Electric |
|
|
|
|
Gas |
772 |
892 |
3,127 |
3,237 |
Steam |
144 |
149 |
569 |
593 |
Non-utility |
1 |
462 |
132 |
1,318 |
TOTAL OPERATING REVENUES |
3,444 |
4,031 |
14,663 |
15,670 |
OPERATING EXPENSES |
|
|
|
|
Purchased power |
548 |
628 |
2,541 |
2,479 |
Fuel |
41 |
101 |
282 |
356 |
Gas purchased for resale |
188 |
411 |
829 |
1,245 |
Other operations and maintenance |
929 |
1,121 |
3,606 |
3,905 |
Depreciation and amortization |
524 |
463 |
2,031 |
2,056 |
Taxes, other than income taxes |
761 |
757 |
3,043 |
3,005 |
TOTAL OPERATING EXPENSES |
2,992 |
3,481 |
12,332 |
13,046 |
Gain (Loss) on sale of the Clean Energy Businesses |
(1) |
— |
865 |
— |
OPERATING INCOME |
451 |
550 |
3,196 |
2,624 |
OTHER INCOME (DEDUCTIONS) |
|
|
|
|
Investment income |
39 |
5 |
62 |
20 |
Other income |
209 |
106 |
834 |
402 |
Allowance for equity funds used during construction |
6 |
4 |
26 |
19 |
Other deductions |
(35) |
(58) |
(92) |
(115) |
TOTAL OTHER INCOME |
219 |
57 |
830 |
326 |
INCOME BEFORE INTEREST AND INCOME TAX |
670 |
607 |
4,026 |
2,950 |
INTEREST EXPENSE (INCOME) |
|
|
|
|
Interest on long-term debt |
243 |
259 |
962 |
987 |
Other interest expense (income) |
34 |
20 |
113 |
(99) |
Allowance for borrowed funds used during |
(13) |
(13) |
(52) |
(36) |
NET INTEREST EXPENSE |
264 |
266 |
1,023 |
852 |
INCOME BEFORE INCOME TAX EXPENSE |
406 |
341 |
3,003 |
2,098 |
INCOME TAX EXPENSE |
71 |
168 |
487 |
498 |
NET INCOME |
335 |
173 |
2,516 |
1,600 |
Loss attributable to non-controlling interest |
— |
(17) |
(3) |
(60) |
NET INCOME FOR COMMON STOCK |
|
|
|
|
Net income per common share — basic |
|
|
|
|
Net income per common share — diluted |
|
|
|
|
AVERAGE NUMBER OF SHARES OUTSTANDING — |
345.3 |
354.9 |
347.7 |
354.5 |
AVERAGE NUMBER OF SHARES OUTSTANDING — |
346.9 |
356.2 |
349.3 |
355.8 |
Attachment C |
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|
||
Variation for the Three Months Ended |
||
|
Net Income for |
Earnings per Share |
CECONY (a) |
|
|
Electric base rate increase |
|
|
Lower operation and maintenance expense from stock-based compensation, injuries and damages |
15 |
0.04 |
Benefit from the new steam rate plan effective |
13 |
0.04 |
Gas base rate increase |
11 |
0.03 |
Higher operation and maintenance activities |
(27) |
(0.08) |
Higher interest expense |
(23) |
(0.06) |
Regulatory commission expenses |
(10) |
(0.03) |
Change in incentives earned under the electric and gas earnings adjustment mechanisms (EAMs) |
(5) |
(0.02) |
Higher payroll taxes |
(3) |
— |
Accretive effect of share repurchase |
— |
0.02 |
Other |
(8) |
(0.01) |
Total CECONY |
46 |
0.16 |
O&R (a) |
|
|
Electric base rate increase |
2 |
0.01 |
Gas base rate increase |
1 |
— |
Other |
2 |
— |
Total O&R |
5 |
0.01 |
Clean Energy Businesses (b) |
|
|
Total Clean Energy Businesses |
(89) |
(0.25) |
Con Edison Transmission |
|
|
Higher investment income, primarily due to the recognition of allowance for funds used during |
25 |
0.07 |
Remeasurement of deferred state taxes to dispositions prior to 2022 |
4 |
0.01 |
Other |
1 |
0.01 |
Total Con Edison Transmission |
30 |
0.09 |
Other, including parent company expenses |
|
|
Gain and other impacts related to the sale of the Clean Energy Businesses |
148 |
0.42 |
Remeasurement of deferred state taxes to dispositions prior to 2022 |
9 |
0.03 |
Lower interest expense |
5 |
0.01 |
Higher interest income primarily related to the proceeds from sale of the Clean Energy Businesses |
3 |
0.01 |
Net mark-to-market effects |
1 |
— |
Accrued commitment to |
(9) |
(0.03) |
HLBV effects |
(4) |
(0.01) |
Total Other, including parent company expenses |
153 |
0.43 |
Total Reported (GAAP basis) |
|
|
HLBV effects |
17 |
0.05 |
Net mark-to-market effects |
13 |
0.04 |
Gain and other impacts related to the sale of the Clean Energy Businesses |
(104) |
(0.30) |
Remeasurement of deferred state taxes to dispositions prior to 2022 |
(13) |
(0.04) |
Total Adjusted (Non-GAAP basis) |
|
|
a. |
Under the revenue decoupling mechanisms in the Utilities' |
||
b. |
On |
Attachment D |
||
|
||
Variation for the Year Ended |
||
|
Net Income for |
Earnings per Share |
CECONY (a) |
|
|
Electric base rate increase |
|
|
Gas base rate increase |
66 |
0.19 |
Lower operation and maintenance expense from stock-based compensation, injuries and |
17 |
0.05 |
Higher interest income |
10 |
0.03 |
Higher income from allowance for equity funds used during construction |
3 |
0.01 |
Higher interest expense |
(91) |
(0.26) |
Higher electric and gas operations maintenance activities |
(46) |
(0.13) |
Weather impact on steam revenues offset, in part, by the benefit from the new steam rate plan |
(12) |
(0.03) |
Change in incentives earned under the electric and gas earnings adjustment mechanisms |
(8) |
(0.02) |
Accretive effect of share repurchase |
— |
0.09 |
Other |
— |
(0.01) |
Total CECONY |
216 |
0.70 |
O&R (a) |
|
|
Electric base rate increase |
7 |
0.02 |
Gas base rate increase |
4 |
0.01 |
Other |
(3) |
— |
Total O&R |
8 |
0.03 |
Clean Energy Businesses (b) |
|
|
Total Clean Energy Businesses |
(360) |
(1.01) |
Con Edison Transmission |
|
|
Higher investment income, primarily due to the recognition of allowance of funds used during |
31 |
0.09 |
Remeasurement of deferred state taxes related to dispositions prior to 2022 |
4 |
0.01 |
Other |
3 |
0.01 |
Total Con Edison Transmission |
38 |
0.11 |
Other, including parent company expenses |
|
|
Gain and other impacts related to the sale of the Clean Energy Businesses |
903 |
2.58 |
Higher interest income primarily related to proceeds from sale of the Clean Energy Businesses |
18 |
0.05 |
Lower interest expense |
17 |
0.05 |
Net mark-to-market effects |
10 |
0.03 |
Remeasurement of deferred state tax related to dispositions prior to 2022 |
9 |
0.03 |
Production tax credit from deferred project |
7 |
0.01 |
Lower |
5 |
0.01 |
Accrued commitment to |
(9) |
(0.03) |
HLBV effects |
(7) |
(0.01) |
Accretive effect of share repurchase |
— |
0.03 |
Other |
4 |
(0.01) |
Total Other, including parent company expenses |
957 |
2.74 |
Total Reported (GAAP basis) |
|
|
Net mark-to-market effects |
134 |
0.38 |
HLBV effects |
50 |
0.13 |
Gain and other impacts related to the sale of the Clean Energy Businesses |
(888) |
(2.54) |
Remeasurement of deferred state tax related to dispositions prior to 2022 |
(13) |
(0.04) |
Total Adjusted (Non-GAAP basis) |
|
|
a. |
Under the revenue decoupling mechanisms in the Utilities' |
||
b. |
On |
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