Consolidated Edison (ED) FY 2025 Annual General Meeting May 19, 2025 10:00 AM ET Speaker0 Of Consolidated Edison Inc. Please note that today's meeting is being recorded. It is now my pleasure to turn today's meeting over to Tim Cauley, the chairman, president, and CEO of Con Edison. Speaker1 Good morning. Thank you for taking the time to join me virtually for our twenty twenty five meeting of the stockholders of Consolidated Edison Inc. We are hosting our annual stockholders meeting in a virtual format as i ...

NEW YORK, May 15, 2025 /PRNewswire/ -- Consolidated Edison, Inc. ("Con Edison") (NYSE: ED) executives will meet with investors at various conferences in May and June 2025. A copy of Con Edison's investor presentation for these meetings can be found on the Presentations & Webcasts page of Con Edison's website (Select "For Investors" and then select "Presentations & Webcasts").Consolidated Edison, Inc. is one of the nation's largest investor-owned energy-delivery companies, with approximately $15 billion in a ...

Core Insights - Consolidated Edison, Inc. reported better-than-expected first-quarter results with adjusted earnings of $2.26 per share, surpassing market estimates of $2.20 per share, and quarterly sales of $4.80 billion, exceeding expectations of $4.44 billion [1][2] Financial Performance - The company achieved adjusted earnings of $2.26 per share, beating the market estimate of $2.20 per share [1] - Quarterly sales reached $4.80 billion, compared to expectations of $4.44 billion [1] Strategic Outlook - The CEO emphasized strong execution of the company's strategy, focusing on infrastructure investments to enhance reliability and support the clean energy transition [2] - Consolidated Edison plans to invest nearly $72 billion over the next 10 years to ensure continued service delivery and stable returns for investors [2] - The company affirmed its FY2025 adjusted EPS guidance of $5.50 to $5.70, slightly below market estimates of $5.63 [2] Market Reaction - Following the earnings announcement, Consolid Edison shares fell by 2.6%, trading at $109.62 [3] - Analysts adjusted their price targets for Consolidated Edison, with Guggenheim raising it from $96 to $103 and Wells Fargo increasing it from $103 to $114 [8]

Core Insights - Consolidated Edison, Inc. reported first-quarter 2025 earnings of $2.25 per share, missing the Zacks Consensus Estimate of $2.30 by 2.2%, but showing an 8.2% increase from $2.08 in the prior-year quarter [1] Revenue Performance - Total operating revenues for the quarter were $4.80 billion, exceeding the Zacks Consensus Estimate of $4.40 billion by 9% and increasing 12.1% from $4.28 billion in the year-ago quarter, driven by higher gas, steam, and electric revenues [2] - Electric revenues reached $2.90 billion, a 10.1% increase from $2.64 billion in the prior-year quarter [2] - Gas revenues totaled $1.54 billion, up 13.8% from $1.36 billion in the year-ago quarter [3] - Steam revenues amounted to $354 million, reflecting a 23.3% increase from $287 million in the prior-year quarter [3] - Non-utility revenues were nil compared to $1 million in the year-earlier quarter [3] Operating Expenses - Total operating expenses rose 13.4% year over year to $3.67 billion, with purchase power costs increasing by 11.1% and other operations and maintenance expenses up by 7.2% [4] - Depreciation and amortization expenses increased by 4.6%, while taxes other than income taxes rose by 17.2% [4] - Fuel expenses surged by 44.3% year over year, and the cost of gas purchased for resale increased by 35.6% [4] Operating Income - The company's operating income for the first quarter increased by 11.3% year over year to $1.13 billion [5] Financial Position - As of March 31, 2025, cash and temporary cash investments were $0.36 billion, down from $1.32 billion as of December 31, 2024 [6] - Long-term debt stood at $24.65 billion, consistent with the end of 2024 [6] - Cash from operating activities amounted to $837 million, compared to $573 million in the prior year [6] 2025 Guidance - Consolidated Edison reaffirmed its 2025 guidance, expecting adjusted earnings per share in the range of $5.50-$5.70, with the Zacks Consensus Estimate at $5.62 per share, above the midpoint of the company's guidance [7] Zacks Rank - Consolidated Edison currently holds a Zacks Rank 3 (Hold) [8]

Core Insights - Consolidated Edison (ED) reported a revenue of $4.8 billion for the quarter ended March 2025, reflecting a year-over-year increase of 12.1% and surpassing the Zacks Consensus Estimate by 8.98% [1] - The earnings per share (EPS) for the quarter was $2.25, slightly below the consensus estimate of $2.30, resulting in an EPS surprise of -2.17% [1] Revenue Performance - Operating revenues for CECONY were $4.44 billion, exceeding the average estimate of $4.09 billion from three analysts [4] - Operating revenues for O&R reached $356 million, surpassing the estimated $313.27 million [4] - O&R's gas operating revenues were $141 million, compared to the average estimate of $102.18 million, marking a year-over-year increase of 24.8% [4] - CECONY's electric operating revenues were $2.69 billion, exceeding the estimate of $2.50 billion, with a 10% increase year-over-year [4] - CECONY's gas operating revenues were $1.40 billion, above the estimate of $1.26 billion, reflecting a 12.7% year-over-year increase [4] - CECONY's steam operating revenues were $354 million, surpassing the estimated $301.58 million, with a year-over-year increase of 23.3% [4] - O&R's electric operating revenues were $215 million, slightly above the estimate of $210.49 million, showing a 10.3% year-over-year increase [4] - Gas operating revenues totaled $1.54 billion, exceeding the average estimate of $1.37 billion, with a year-over-year change of 13.8% [4] - Electric operating revenues were $2.90 billion, surpassing the estimate of $2.71 billion, reflecting a 10.1% year-over-year increase [4] Operating Income - Operating income for O&R was reported at $62 million, exceeding the average estimate of $58.52 million [4] - Operating income for CECONY was $1.07 billion, surpassing the average estimate of $1.02 billion from three analysts [4] Stock Performance - Shares of Consolidated Edison have returned +2.9% over the past month, while the Zacks S&P 500 composite experienced a -0.7% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Group 1: Earnings Performance - Consolidated Edison reported quarterly earnings of $2.25 per share, missing the Zacks Consensus Estimate of $2.30 per share, but showing an increase from $2.15 per share a year ago, representing an earnings surprise of -2.17% [1] - The company posted revenues of $4.8 billion for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 8.98%, compared to year-ago revenues of $4.28 billion [2] - Over the last four quarters, the company has surpassed consensus EPS estimates three times and topped consensus revenue estimates four times [2] Group 2: Stock Performance and Outlook - Con Ed shares have increased approximately 26.4% since the beginning of the year, contrasting with the S&P 500's decline of -5.3% [3] - The company's earnings outlook is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] - The current consensus EPS estimate for the coming quarter is $0.52 on $3.37 billion in revenues, and $5.62 on $15.94 billion in revenues for the current fiscal year [7] Group 3: Industry Context - The Utility - Electric Power industry, to which Con Ed belongs, is currently in the top 14% of over 250 Zacks industries, indicating a favorable outlook [8] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5] - The Zacks Rank for Con Ed is currently 3 (Hold), suggesting that the shares are expected to perform in line with the market in the near future [6]

1st Quarter 2025 Earnings Release Presentation May 1, 2025 Investor Relations Available Information On May 1, 2025, Consolidated Edison, Inc. issued a press release reporting its first quarter 2025 earnings and filed with the Securities and Exchange Commission the company's first quarter 2025 Form 10-Q. This presentation should be read together with, and is qualified in its entirety by reference to, the earnings press release and the Form 10-Q. Copies of the earnings press release and the Form 10-Q are avai ...

NEW YORK, May 1, 2025 /PRNewswire/ -- Consolidated Edison, Inc. (Con Edison) (NYSE: ED) today reported 2025 first quarter net income for common stock of $791 million or $2.26 a share compared with $720 million or $2.08 a share in the 2024 first quarter. Adjusted earnings (non-GAAP) were $792 million or $2.26 a share in the 2025 period compared with $742 million or $2.15 a share in the 2024 period. Adjusted earnings and adjusted earnings per share in the 2025 period excludes accretion of the basis difference ...

Financial Performance - Consolidated Edison reported total operating revenues of $4,798 million for Q1 2025, a 12.1% increase from $4,280 million in Q1 2024[17] - Net income for common stock reached $791 million in Q1 2025, up 9.9% from $720 million in Q1 2024[17] - Operating income increased to $1,125 million in Q1 2025, compared to $1,011 million in Q1 2024, reflecting a growth of 11.3%[17] - Comprehensive income for Q1 2025 was $779 million, an increase from $716 million in Q1 2024[18] - Net income for Q1 2025 was $745 million, representing a 7.4% increase compared to $694 million in Q1 2024[25] - Operating income rose to $1,067 million in Q1 2025, up from $989 million in Q1 2024, reflecting a growth of 7.9%[24] - CECONY's total operating revenues for the three months ended March 31, 2025, were $4,441 million, an increase from $3,971 million in the same period of 2024, representing a growth of 11.8%[100] - CECONY's electric revenue increased to $2,768 million in Q1 2025 from $2,439 million in Q1 2024, reflecting a year-over-year increase of 13.5%[100] - CECONY's gas revenue rose to $1,401 million in Q1 2025, up from $1,243 million in Q1 2024, marking a growth of 12.7%[100] Expenses and Liabilities - The company’s total operating expenses rose to $3,673 million in Q1 2025, a 13.4% increase from $3,239 million in Q1 2024[17] - Total current liabilities decreased to $4,129 million as of March 31, 2025, down 25.7% from $5,559 million at the end of 2024[28] - Total liabilities decreased slightly to $44,256 million as of March 31, 2025, compared to $44,220 million at the end of 2024[28] - The Utilities recorded a deferred federal income tax liability of $1,200 million for Con Edison and $1,090 million for CECONY as of March 31, 2025[53] Cash Flow and Investments - Cash flows from operating activities were $837 million for Q1 2025, compared to $573 million in Q1 2024, indicating a significant increase of 46.3%[19] - The company reported a net cash flow from operating activities of $763 million for Q1 2025, an increase from $522 million in Q1 2024[26] - Total capital expenditures for Con Edison in Q1 2025 were $1,091 million, compared to $1,090 million in Q1 2024, showing a slight increase of 0.1%[109] - CECONY's costs for a new customer billing and information system reached $510 million, exceeding the $421 million cap, leading to a $51 million expense in May 2024[51] Shareholder Equity - Shareholders' equity increased to $21,649 million as of March 31, 2025, up from $19,971 million at the end of 2024, marking an 8.4% growth[28] - Con Edison’s total shareholder equity increased from $19,146 million as of March 31, 2024, to $21,649 million as of March 31, 2025[29] - Common stock dividends for Q1 2025 were $295 million, up from $287 million in Q1 2024[23] Regulatory and Rate Changes - CECONY filed for an electric rate increase of $1,608 million effective January 1, 2026, which is a decrease of $3 million from its previous request[47] - CECONY's gas rate increase request for January 1, 2026, was decreased by $91 million to $349 million[48] - Regulatory assets for Con Edison as of March 31, 2025, totaled $5,789 million, an increase from $5,664 million in 2024, while CECONY's regulatory assets rose to $5,400 million from $5,264 million[53] Environmental and Legal Matters - CECONY is cooperating with the NYSDPS investigation regarding non-conforming gas and steam main welds, with no significant operational impact anticipated[50] - Environmental investigation and remediation costs incurred related to Superfund Sites for the three months ended March 31, 2025, were $9 million for both Con Edison and CECONY[81] - The aggregate undiscounted potential liability for the investigation and remediation of environmental contaminants at manufactured gas plant sites could range up to $3,391 million for Con Edison and $3,237 million for CECONY[82] Debt and Financing - Long-term debt remained stable at $23,411 million as of March 31, 2025, compared to $23,409 million at the end of 2024[28] - CECONY entered into a 364-Day Revolving Credit Agreement for up to $500 million, expiring in March 2026, to support its commercial paper program[67] - CECONY borrowed $500 million and $200 million in November 2024 and January 2025, respectively, under a 364-Day Senior Unsecured Delayed Draw Term Loan Credit Agreement, maturing in November 2025[69] Derivative Instruments and Risk Management - The total fair value of derivative assets for Con Edison was $211 million as of March 31, 2025, compared to $95 million at the end of 2024, reflecting a substantial increase[112] - The total fair value of derivative liabilities for CECONY was $(339) million as of March 31, 2025, compared to $(179) million at the end of 2024, indicating an increase in liabilities[112] - The Companies utilize credit policies to manage credit risk, including monitoring counterparty limits and collateral arrangements[118] Miscellaneous - The average number of shares outstanding increased to 350.1 million in Q1 2025 from 345.5 million in Q1 2024[17] - The basic earnings per share (EPS) for the three months ended March 31, 2025, was $2.26, compared to $2.08 for the same period in 2024, reflecting an increase of 8.7%[41] - Con Edison completed the sale of the Clean Energy Businesses for $3,993 million on March 1, 2023, with a cumulative gain of $835 million recognized through March 31, 2024[145]

Financial Performance - Consolidated Edison reported Q1 2025 net income of $791 million, or $2.26 per share, compared to $720 million, or $2.08 per share in Q1 2024, representing a 9.86% increase in net income and an 8.65% increase in earnings per share [1]. - Adjusted earnings for Q1 2025 were $792 million, or $2.26 per share, up from $742 million, or $2.15 per share in Q1 2024, indicating a 6.75% increase in adjusted earnings [1][3]. - The company reported a total of $15 billion in annual revenues for the year ended December 31, 2024, and $71 billion in assets as of March 31, 2025 [8]. - The financial results for Q1 2025 provide a solid foundation for the year, with a focus on operational and financial objectives [2]. - The company experienced a total reported net income increase of $71 million, or $0.18 per share, compared to the previous year, with various factors contributing to this change [15]. Capital Investments and Guidance - The company anticipates nearly $72 billion in capital investments over the next 10 years to enhance grid security and support the clean energy transition [2]. - Consolidated Edison reaffirmed its adjusted earnings per share guidance for 2025 to be in the range of $5.50 to $5.70, excluding certain impacts from equity investments and strategic evaluations [2]. - The issuance of over $1.3 billion in new common equity during Q1 2025 satisfies the company's anticipated equity needs for the year [2]. Infrastructure and Reliability - Consolidated Edison continues to invest in infrastructure to maintain reliability and meet the growing demand for energy, particularly for heating and transportation [2]. Risks and Challenges - The company is subject to various risks, including regulatory changes, environmental consequences, and market disruptions, which could impact future performance [6].