Consolidated Edison, Inc. ( (ED) ) has released its Q3 earnings. Here is a breakdown of the information Consolidated Edison, Inc. presented to its investors.
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Consolidated Edison, Inc. is one of the largest investor-owned energy delivery companies in the United States, operating primarily in the utility sector and providing electric, gas, and steam services through its subsidiaries in New York and New Jersey.
In its 2024 third-quarter earnings report, Consolidated Edison, Inc. reported a net income for common stock of $588 million, or $1.70 per share, an increase from $526 million, or $1.53 per share, in the same period of the previous year. The company’s adjusted earnings were also up, reaching $583 million or $1.68 per share, compared to $561 million or $1.62 per share in 2023.
The increase in earnings is attributed to several factors, including higher electric rate bases and the implementation of a new steam rate plan. Additionally, Con Edison continued its focus on clean energy infrastructure, investing in projects aimed at enhancing energy efficiency and reliability. These efforts have been part of the company’s larger strategy to support New York’s clean energy transition and to upgrade existing infrastructure for better resiliency against climate change.
Looking ahead, Con Edison has adjusted its earnings per share guidance for 2024 to the upper half of its original range, now expecting adjusted earnings per share between $5.30 and $5.40. This reflects the company’s confidence in its ongoing investments and strategic initiatives, with expectations of continued solid rate base growth and infrastructure enhancements.
