CON EDISON REPORTS 2024 FIRST QUARTER EARNINGS
"We are off to a strong start in 2024 in our efforts to transition to clean energy while maintaining the world-class reliability that our unique service area needs and our customers deserve," said
"Our first quarter financial results reflect the solid rate base growth that we project at our utilities through 2028, as we invest to protect our equipment from climate change and build an electric grid capable of delivering 100 percent clean energy," said
For the year of 2024,
See Attachment A to this press release for a reconciliation of
The company's 2024 First 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
Attachment A |
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For the Three Months Ended |
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Earnings |
Net Income for |
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2024 |
2023 |
2024 |
2023 |
Reported earnings per share (basic) and net income for |
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Gain and other impacts related to sale of the Clean Energy |
0.09 |
(2.51) |
30 |
(883) |
Income taxes (a)(b) |
(0.02) |
0.26 |
(8) |
89 |
Gain and other impacts related to sale of the Clean Energy |
0.07 |
(2.25) |
22 |
(794) |
HLBV effects (pre-tax) |
— |
(0.01) |
— |
(4) |
Income taxes (c) |
— |
— |
— |
1 |
HLBV effects (net of tax) |
— |
(0.01) |
— |
(3) |
Net mark-to-market effects (pre-tax) |
— |
0.04 |
— |
13 |
Income taxes (c) |
— |
(0.01) |
— |
(4) |
Net mark-to-market effects (net of tax) |
— |
0.03 |
— |
9 |
Adjusted earnings per share and adjusted earnings (non- |
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(a) |
The gain and other impacts related to the sale of the Clean Energy Businesses were adjusted during the three months ended |
(b) |
The amount of income taxes for the adjustment on the gain on the sale of the Clean Energy Businesses had an effective tax rate of 28% and 7% for the three months ended |
(c) |
The amount of income taxes was calculated using a combined federal and state income tax rate of 32% for the three months ended |
Attachment B |
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Variation for the Three Months Ended |
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Net Income for |
Earnings |
CECONY (a) |
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New steam rate plan effective |
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Higher gas rate base |
27 |
0.08 |
Higher electric rate base |
15 |
0.04 |
Accretive effect of share repurchase |
— |
0.04 |
Other |
1 |
0.01 |
Total CECONY |
90 |
0.30 |
O&R (a) |
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Electric base rate increase |
7 |
0.02 |
Gas base rate increase |
1 |
— |
Other |
(2) |
— |
Total O&R |
6 |
0.02 |
Clean Energy Businesses (b) |
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Total Clean Energy Businesses |
(22) |
(0.07) |
Con Edison Transmission |
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Higher investment income, primarily due to the recognition of allowance for funds used during |
8 |
0.02 |
Other |
1 |
0.01 |
Total Con Edison Transmission |
9 |
0.03 |
Other, including parent company expenses |
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Gain and other impacts related to the sale of the Clean Energy Businesses |
(785) |
(2.23) |
Lower interest income |
(8) |
(0.02) |
Other |
(3) |
(0.01) |
Total Other, including parent company expenses |
(796) |
(2.26) |
Total Reported (GAAP basis) |
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Gain and other impacts related to the sale of the Clean Energy Businesses |
816 |
2.32 |
Net mark-to-market effects |
(9) |
(0.03) |
HLBV effects |
3 |
0.01 |
Total Adjusted (Non-GAAP basis) |
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a.
Under the revenue decoupling mechanisms in the Utilities'
b.
On |
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