Consolidated Edison, Inc. ( (ED) ) has released its Q4 earnings. Here is a breakdown of the information Consolidated Edison, Inc. presented to its investors.
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Consolidated Edison, Inc. (Con Edison) is one of the largest investor-owned energy delivery companies in the United States, operating primarily in the utility sector, with services that include electric, gas, and steam utilities through its subsidiaries in New York and New Jersey.
Con Edison reported its 2024 earnings, highlighting a net income for common stock of $1,820 million or $5.26 per share, a decrease from the previous year’s $2,519 million or $7.25 per share. However, the adjusted earnings showed an improvement, reaching $1,868 million or $5.40 per share, compared to $1,762 million or $5.07 per share in 2023.
Key financial metrics for 2024 include an increase in adjusted earnings driven by strategic investments in utility rate plans and infrastructure. Despite a decline in net income, the company saw a rise in adjusted earnings per share due to the benefits of investment in grid infrastructure and the successful execution of an equity forward transaction. The sale of the Clean Energy Businesses in 2023 had a significant impact on financial results, with ongoing adjustments enhancing the adjusted earnings.
For the future, Con Edison is focusing on substantial capital investments, forecasting expenditures of $5,122 million in 2025 and $8,067 million in 2026, with a five-year growth plan targeting a 6% to 7% annual increase in adjusted earnings per share. The company remains optimistic about meeting the rising demand for electrification, supported by increased capital investments and strategic developments in clean energy technologies.
With a forward-looking strategy centered on infrastructure development and clean energy initiatives, Con Edison is well-positioned to address the growing electrification needs in its service areas, supported by robust capital investment plans and a steady focus on enhancing shareholder value.
