Group 1 - PJM RTO has issued a Maximum Generation Emergency notice for June 23, anticipating power demand exceeding 160GW [1] - The warning is expected to extend through at least Tuesday due to high power demand [1] Group 2 - The article does not provide any specific company or industry analysis related to investment opportunities or risks [2][3]

Financial Data and Key Metrics Changes - The annualized dividend grew for the fifty-first consecutive year to $3.40 per share, indicating a strong commitment to returning value to shareholders [18] Business Line Data and Key Metrics Changes - The company plans to invest approximately $38 billion over the next five years to build and maintain systems for safe, reliable, resilient, and affordable energy [11] - In 2024, the company distributed $85 million in clean heat incentives to support energy efficiency upgrades for low to moderate-income customers [14] Market Data and Key Metrics Changes - The electric service provided by the company is reported to be nine times more reliable than the national average, highlighting its strong market position [9][19] Company Strategy and Development Direction - The company is focused on transitioning to clean energy and plans to expand its capacity across its electric system, including transmission lines and substations [21] - The strategy includes significant investments in infrastructure to support the electrification of heating and transportation in New York [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to meet New York's aggressive climate targets and emphasized the importance of reliability and affordability in energy delivery [22][23] - The company is actively assessing the impact of tariff threats and changes, indicating a proactive approach to potential challenges [24] Other Important Information - The company supports over 41,000 jobs, contributing to 1% of New York State's gross domestic product, showcasing its economic impact [17] Q&A Session Summary Question: Investments proposed for customer electrification needs - The company proposed a $21 billion capital investment plan over three years to enhance energy reliability and support the clean energy transition [19][21] Question: Meeting renewable energy goals amid regulatory challenges - Management highlighted the state's aggressive climate targets and the company's commitment to facilitating these goals despite challenges in the generation mix [22][23] Question: Impact of tariff threats on the company - Initial estimates suggest that tariffs will not significantly impact overall plans, with ongoing assessments being conducted [24] Comment: Appreciation for positive work relationships - A representative expressed gratitude for the company's employment opportunities and support for fair wages and benefits [25][26] Question: Consideration of a stock split - Management acknowledged the suggestion for a stock split but emphasized that it would not change the fundamentals of the business [28][30]

Core Insights - Consolidated Edison, Inc. is one of the largest investor-owned energy-delivery companies in the United States, with approximately $15 billion in annual revenues for the year ended December 31, 2024, and $71 billion in assets as of March 31, 2025 [2]. Company Overview - The company operates through several subsidiaries, including: - Consolidated Edison Company of New York, Inc., which provides electric service in New York City and Westchester County, gas service in Manhattan, the Bronx, parts of Queens, and parts of Westchester, and steam service in Manhattan [2]. - Orange and Rockland Utilities, Inc., serving customers in a 1,300-square-mile area in southeastern New York State and northern New Jersey [2]. - Con Edison Transmission, Inc., which invests in electric transmission projects and manages electric and gas assets through joint ventures, primarily under the oversight of the Federal Energy Regulatory Commission [2]. Investor Engagement - Executives from Consolidated Edison will meet with investors at various conferences in May and June 2025, with investor presentations available on the company's website [1].

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]

Financial Performance - Con Edison reported adjusted earnings per share (EPS) of $2.26 for 1Q 2025, the same as the GAAP EPS[10] - The company reaffirmed its 2025 adjusted EPS guidance range of $5.50 - $5.70[10] - The company declared a quarterly dividend of 85 cents a share on its common stock on April 17, 2025[44] - Net income for common stock for CET includes pre-tax investment income of $7.4 million from MVP and $9.0 million from New York Transco LLC for the three months ended March 31, 2025[103] Regulatory Updates and Capital Investments - Con Edison forecasts approximately $38 billion in capital investments from 2025 to 2029, targeting an 8.2% annual utility rate base growth[9] - CECONY submitted rate cases to the NYSPSC in January 2025, requesting new electric and gas rates effective January 1, 2026, and filed updates in April 2025, including a proposed 10% return on equity and a 48% equity ratio[17] - O&R's electric and gas rate plans were approved by the NYSPSC in March 2025, with a 9.75% return on equity and a 48% equity ratio[10, 36] - CECONY's updated climate change resilience plans propose investments of $645.4 million between 2025 and 2029, while O&R's plans propose $184.1 million for the same period[39] - The company identified $72 billion in investments from 2025-2034 in CECONY Integrated Long-Range Plan for Electric, Gas and Steam Services[26, 28] Customer Support and Affordability - Approximately 466,000 CECONY and O&R customers, or 14% of the customer base, receive public assistance[33] - CECONY and O&R's Energy Affordability Programs (EAP) aim to reduce energy burden to 6% of wallet for enrolled customers[35] - The CECONY EAP provided $311 million in discounts in 2024, a 17% increase over 2023[35]

Financial Performance - Consolidated Edison reported a first quarter net income of $791 million or $2.26 per share for 2025, an increase from $720 million or $2.08 per share in the same period of 2024 [1] - Adjusted earnings for the first quarter of 2025 were $792 million or $2.26 per share, compared to $742 million or $2.15 per share in 2024 [1][6] - The company reaffirmed its forecast for adjusted earnings per share for 2025 to be in the range of $5.50 to $5.70 [2] Strategic Focus - The company is focusing on robust investments in infrastructure to enhance grid security and support the clean energy transition, with projected capital investments of nearly $72 billion over the next 10 years [2] - The CEO emphasized the importance of maintaining reliability and meeting the growing demand for energy as customers increasingly rely on electricity for heating and transportation [2] Capital Management - During the first quarter, the company issued over $1.3 billion in new common equity, which satisfies its anticipated equity needs for 2025 [2] - The adjusted earnings exclude certain impacts related to the sale of its former subsidiary, Con Edison Clean Energy Businesses, and other accounting adjustments [1][6] Company Overview - Consolidated Edison is one of the largest investor-owned energy delivery companies in the U.S., with approximately $15 billion in annual revenues for the year ended December 31, 2024, and $71 billion in assets as of March 31, 2025 [7] - The company operates through several subsidiaries, including Consolidated Edison Company of New York, Inc., which provides electric, gas, and steam services in New York City and surrounding areas [7]

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]