CON EDISON REPORTS 2024 SECOND QUARTER EARNINGS
For the first six months of 2024, net income for common stock was
"We are proud that our regulator's annual report on utility performance once again showed that we provide customers with the most reliable electric service in the state," said
"We continue to deliver strong financial results, notwithstanding the impact of the denial of our request to capitalize incremental costs for the successful implementation of our new customer billing and information system," said
For the year of 2024, Con Edison reaffirmed its previous forecast of adjusted earnings per share to be in the range of
See Attachment A to this press release for a reconciliation of
The company's 2024 Second 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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For the Six Months Ended |
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Earnings per Share |
Net Income for (Millions of Dollars) |
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Earnings per Share |
Net Income for (Millions of Dollars) |
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2024 |
2023 |
2024 |
2023 |
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2024 |
2023 |
2024 |
2023 |
Reported earnings per share (basic) |
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Gain and other impacts related to |
— |
(0.03) |
— |
(12) |
|
0.08 |
(2.56) |
30 |
(895) |
Income taxes (a)(b) |
— |
(0.02) |
— |
(6) |
|
(0.02) |
0.24 |
(8) |
83 |
Gain and other impacts related to sale |
— |
(0.05) |
— |
(18) |
|
0.06 |
(2.32) |
22 |
(812) |
HLBV effects (pre-tax) |
0.01 |
0.01 |
1 |
3 |
|
— |
— |
1 |
1 |
Income taxes (c) |
— |
— |
— |
(1) |
|
— |
— |
— |
— |
HLBV effects (net of tax) |
0.01 |
0.01 |
1 |
2 |
|
— |
— |
1 |
1 |
Net mark-to-market effects (pre-tax) |
— |
— |
— |
— |
|
— |
0.04 |
— |
13 |
Income taxes (d) |
— |
— |
— |
— |
|
— |
(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 six 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 7% for the six months ended |
(c) |
The amount of income taxes was calculated using a combined federal and state income tax rate of 24% for the three months ended |
(d) |
The amount of income taxes was calculated using a combined federal and state income tax rate of 32% for the six 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) |
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|
Higher electric rate base |
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New steam rate plan effective |
12 |
0.03 |
Higher gas rate base |
4 |
0.01 |
Change in incentives earned under the electric and gas earnings adjustment mechanisms |
3 |
0.01 |
Impact of the NYSPSC order denying an |
(37) |
(0.11) |
Higher health care costs |
(7) |
(0.02) |
Other |
5 |
0.02 |
Total CECONY |
(3) |
(0.01) |
O&R (a) |
|
|
Gas base rate increase |
1 |
— |
Higher storm-related costs |
(4) |
(0.01) |
Other |
(2) |
— |
Total O&R |
(5) |
(0.01) |
Con Edison Transmission |
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Higher investment income and an income tax adjustment due to allowance for funds used during |
7 |
0.02 |
Other |
2 |
0.01 |
Total Con Edison Transmission |
9 |
0.03 |
Other, including parent company expenses |
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HLBV effects |
1 |
— |
Gain and other impacts related to the sale of the Clean Energy Businesses |
(18) |
(0.05) |
Lower interest income |
(6) |
(0.02) |
Other |
(2) |
(0.01) |
Total Other, including parent company expenses |
(25) |
(0.08) |
Total Reported (GAAP basis) |
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|
Gain and other impacts related to the sale of the Clean Energy Businesses |
18 |
0.05 |
HLBV effects |
(1) |
— |
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 Six Months Ended |
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Net Income for |
Earnings per Share |
CECONY (a) |
|
|
New steam rate plan effective |
|
|
Higher electric rate base |
32 |
0.09 |
Higher gas rate base |
29 |
0.08 |
Change in incentives earned under the electric and gas earnings adjustment mechanisms |
4 |
0.01 |
Impact of the NYSPSC order denying an |
(37) |
(0.11) |
Accretive effect of share repurchase |
— |
0.04 |
Other |
— |
0.01 |
Total CECONY |
87 |
0.28 |
O&R (a) |
|
|
Electric base rate increase |
7 |
0.02 |
Gas base rate increase |
2 |
0.01 |
Other |
(8) |
(0.02) |
Total O&R |
1 |
0.01 |
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 Mountain Valley |
15 |
0.04 |
Other |
3 |
0.01 |
Total Con Edison Transmission |
18 |
0.05 |
Other, including parent company expenses |
|
|
HLBV effects |
3 |
0.01 |
Gain and other impacts related to the sale of the Clean Energy Businesses |
(805) |
(2.31) |
Lower interest income |
(14) |
(0.04) |
Other |
(4) |
(0.01) |
Total Other, including parent company expenses |
(820) |
(2.35) |
Total Reported (GAAP basis) |
( |
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Net mark-to-market effects |
(9) |
(0.03) |
Gain and other impacts related to the sale of the Clean Energy Businesses |
834 |
2.38 |
Total Adjusted (Non-GAAP basis) |
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a. |
Under the revenue decoupling mechanisms in the Utilities' |
b. |
On |
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