peterschreiber.media Business Overview Consolidated Edison (NYSE:ED) is a utility company that distributes and delivers electricity, gas and steam energy in New York to about 4 million people. The company operates power plants, distribution centers, distribution routes and natural gas pipelines among other things in order to create and distribute energy. As with most regional utility companies, it enjoys a monopoly status in the markets it operates, but its actions and its business practices are highly ...

Shares of Consolidated Edison, Inc. (ED) fell 1% to reach $87.32 on Feb 16, following the company’s latest report.The company reported fourth-quarter 2023 adjusted earnings of $1 per share, which beat the Zacks Consensus Estimate of 98 cents by 2%. The bottom line also increased a solid 23.5% from 81 cents recorded in the prior-year quarter.Barring one-time adjustments, the company posted GAAP earnings of 97 cents per share compared with 53 cents in the fourth quarter of 2022.For 2023, the company generated ...

For the quarter ended December 2023, Consolidated Edison (ED) reported revenue of $3.44 billion, down 14.6% over the same period last year. EPS came in at $1.00, compared to $0.81 in the year-ago quarter.The reported revenue represents a surprise of -8.02% over the Zacks Consensus Estimate of $3.74 billion. With the consensus EPS estimate being $0.98, the EPS surprise was +2.04%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to deter ...

Consolidated Edison (ED) came out with quarterly earnings of $1 per share, beating the Zacks Consensus Estimate of $0.98 per share. This compares to earnings of $0.81 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 2.04%. A quarter ago, it was expected that this utility would post earnings of $1.58 per share when it actually produced earnings of $1.62, delivering a surprise of 2.53%.Over the last four quarters, the company has ...

NEW YORK, Feb. 15, 2024 /PRNewswire/ -- Consolidated Edison, Inc. (Con Edison) (NYSE: ED) today reported 2023 net income for common stock of $2,519 million or $7.25 a share compared with $1,660 million or $4.68 a share in 2022. Adjusted earnings (non-GAAP) were $1,762 million or $5.07 a share in the 2023 period compared with $1,620 million or $4.57 a share in 2022. Adjusted earnings and adjusted earnings per share in the 2023 and 2022 periods exclude the effects of hypothetical liquidation at book value (HL ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ___________________________________________________ FORM 10-K ___________________________________________________ ☒ Annual Report Pursuant To Section 13 or 15(d) of the Securities Exchange Act of 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2023 OR ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 New York 13-3965100 State of Incorporation I.R.S. Employer For the transition period from to ________ ...

Consolidated Edison Inc. (ED) is scheduled to release fourth-quarter and full-year 2023 earnings on Feb 15, after market close.The company delivered an earnings surprise of 2.53% in the last reported quarter. It boasts a four-quarter average earnings surprise of 6.13%.Factors to NoteDuring most of the fourth quarter, ED’s service territories experienced a warmer-than-normal weather pattern, while snow accumulations were observed for a few days. This might have negatively impacted electricity demand from the ...

The market expects Consolidated Edison (ED) to deliver a year-over-year increase in earnings on lower revenues when it reports results for the quarter ended December 2023. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be r ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ Quarterly Report Pursuant To Section 13 or 15(d) of the Securities Exchange Act of 1934 FOR THE QUARTERLY PERIOD ENDED September 30, 2023 OR ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to | Commission File Number | Exact name of registrant as specified in its charter and principal executive office address and telephone number | State of Incorporati ...

[PART I—Financial Information](index=7&type=section&id=PART%20I%E2%80%94Financial%20Information) This section presents the unaudited financial statements, management's analysis, market risk disclosures, and internal controls [Financial Statements (Unaudited)](index=7&type=section&id=ITEM%201%20Financial%20Statements%20(Unaudited)) This section presents the unaudited consolidated financial statements for Con Edison and CECONY, highlighting the impact of the Clean Energy Businesses sale and new rate plans [Con Edison Financial Statements](index=7&type=section&id=Con%20Edison%20Financial%20Statements) Con Edison's net income significantly increased due to the Clean Energy Businesses sale, impacting cash flows and reducing total assets | Indicator | For the Six Months Ended June 30, 2023 (Millions of $) | For the Six Months Ended June 30, 2022 (Millions of $) | Change | | :--- | :--- | :--- | :--- | | **Total Operating Revenues** | 7,347 | 7,475 | (1.7%) | | **Gain on sale of the Clean Energy Businesses** | 867 | — | N/A | | **Operating Income** | 2,022 | 1,185 | +70.6% | | **Net Income for Common Stock** | 1,658 | 857 | +93.5% | | **Net Income per common share—diluted** | $4.72 | $2.41 | +95.9% | | Cash Flow Activity | For the Six Months Ended June 30, 2023 (Millions of $) | For the Six Months Ended June 30, 2022 (Millions of $) | | :--- | :--- | :--- | | **Net Cash from Operating Activities** | 1,164 | 1,957 | | **Net Cash from (used in) Investing Activities** | 1,452 | (2,118) | | **Net Cash from (used in) Financing Activities** | (2,190) | 255 | - Investing activities were primarily driven by **$3,927 million** in proceeds from the sale of the Clean Energy Businesses, net of cash sold Financing activities included a **$1,000 million** repurchase of common shares[20](index=20&type=chunk) - Total assets decreased to **$63.8 billion** as of June 30, 2023, from **$69.1 billion** at year-end 2022, mainly due to the sale of the Clean Energy Businesses, which reduced 'Assets held for sale' from **$7.2 billion** to **$161 million**[23](index=23&type=chunk)[25](index=25&type=chunk) [CECONY Financial Statements](index=14&type=section&id=CECONY%20Financial%20Statements) CECONY's net income increased due to higher revenues, while operating cash flow decreased, supported by a significant capital contribution from its parent | Indicator | For the Six Months Ended June 30, 2023 (Millions of $) | For the Six Months Ended June 30, 2022 (Millions of $) | Change | | :--- | :--- | :--- | :--- | | **Total Operating Revenues** | 6,697 | 6,423 | +4.3% | | **Operating Income** | 1,071 | 991 | +8.1% | | **Net Income** | 793 | 645 | +23.0% | | Cash Flow Activity | For the Six Months Ended June 30, 2023 (Millions of $) | For the Six Months Ended June 30, 2022 (Millions of $) | | :--- | :--- | :--- | | **Net Cash from Operating Activities** | 1,140 | 1,727 | | **Net Cash used in Investing Activities** | (2,162) | (1,883) | | **Net Cash from Financing Activities** | 1,314 | 308 | - Financing activities were significantly impacted by a **$1,701 million** capital contribution from the parent company, Con Edison, during the first six months of 2023[33](index=33&type=chunk) [Notes to the Financial Statements (Unaudited)](index=20&type=section&id=Notes%20to%20the%20Financial%20Statements%20(Unaudited)) These notes detail accounting policies, regulatory updates including new rate plans, the Clean Energy Businesses sale, capitalization changes, and COVID-19 related customer arrears - On March 1, 2023, Con Edison completed the sale of substantially all assets of the Clean Energy Businesses This transaction is a key event impacting the financial statements[41](index=41&type=chunk)[61](index=61&type=chunk) - In July 2023, the NYSPSC approved a joint proposal for CECONY's electric and gas rate plans for the three-year period from January 2023 through December 2025, reflecting a **9.25%** return on common equity[67](index=67&type=chunk) - CECONY issued **$500 million** of **5.20%** debentures due 2033 in February 2023 Con Edison initiated a **$1 billion** accelerated share repurchase program in March 2023, which was completed in the second quarter[102](index=102&type=chunk)[103](index=103&type=chunk)[104](index=104&type=chunk) - The company details various COVID-19 arrears assistance programs, including the issuance of **$343.2 million** in net credits by CECONY and **$2.6 million** by O&R in the first six months of 2023 to reduce customer accounts receivable balances[85](index=85&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=57&type=section&id=ITEM%202%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q2 and H1 2023 financial results, highlighting Con Edison's gain from asset sale, CECONY's rate-driven growth, and challenges like customer arrears | Period | Con Edison Net Income for Common Stock (Millions $) | Con Edison EPS | CECONY Net Income for Common Stock (Millions $) | | :--- | :--- | :--- | :--- | | **Q2 2023** | 226 | $0.65 | 189 | | **Q2 2022** | 255 | $0.72 | 170 | | **H1 2023** | 1,658 | $4.74 | 793 | | **H1 2022** | 857 | $2.42 | 645 | - The significant increase in Con Edison's H1 2023 earnings was primarily driven by the gain on the sale of the Clean Energy Businesses, which contributed **$804 million** after-tax, or **$2.30** per share[263](index=263&type=chunk)[269](index=269&type=chunk) - CECONY's earnings growth in H1 2023 was mainly due to electric and gas base rate increases, contributing **$0.20** and **$0.17** per share, respectively[269](index=269&type=chunk) - A key operational challenge is the high level of aged customer accounts receivable, which stood at **$1,031 million** for CECONY as of June 30, 2023, compared to **$408 million** pre-pandemic Regulatory mechanisms are in place to manage the recovery of these balances[247](index=247&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=91&type=section&id=ITEM%203%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company details its primary market risks, including interest rate, commodity price, and investment risks, and outlines mitigation strategies - The company's primary market risks are identified as interest rate risk, commodity price risk, and investment risk[424](index=424&type=chunk) - A **10%** increase in interest rates on variable-rate debt would increase annual interest expense by an estimated **$12 million**[425](index=425&type=chunk) - A **10%** decline in market prices would decrease the fair value of commodity derivative instruments by **$172 million**, but this is expected to be largely offset by lower physical energy costs[428](index=428&type=chunk) [Controls and Procedures](index=91&type=section&id=ITEM%204%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures are effective, with no material changes to internal control over financial reporting - Management concluded that the company's disclosure controls and procedures were effective as of the end of the quarterly period[435](index=435&type=chunk) - There were no changes in internal control over financial reporting during the quarter that materially affected, or are reasonably likely to materially affect, these controls[436](index=436&type=chunk) [PART II—Other Information](index=92&type=section&id=PART%20II%E2%80%94Other%20Information) This section covers legal proceedings, risk factors, equity security sales, and a list of exhibits [Legal Proceedings](index=92&type=section&id=ITEM%201%20Legal%20Proceedings) Information on legal proceedings is incorporated by reference from various notes to the financial statements and the MD&A section - Information regarding legal proceedings is incorporated by reference from other sections of the report, including Notes B, G, and H of the financial statements and the MD&A[437](index=437&type=chunk) [Risk Factors](index=92&type=section&id=ITEM%201A%20Risk%20Factors) There were no material changes to the company's risk factors compared to those disclosed in its Annual Report on Form 10-K for the year ended December 31, 2022 - There were no material changes in the company's risk factors from those disclosed in the most recent Form 10-K[438](index=438&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=92&type=section&id=ITEM%202%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section details Con Edison's completed **$1 billion** accelerated share repurchase program initiated in March 2023 - In March 2023, Con Edison initiated a **$1 billion** accelerated share repurchase (ASR) program[439](index=439&type=chunk) - The final settlement of the ASR contracts occurred in Q2 2023, with dealers delivering an additional **1,812,497** shares to Con Edison The entire **$1 billion** repurchase authorization was completed by June 30, 2023[440](index=440&type=chunk)[441](index=441&type=chunk)[443](index=443&type=chunk) [Exhibits](index=93&type=section&id=ITEM%206%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including CEO/CFO certifications and Con Edison's 2023 Long Term Incentive Plan - The report includes standard exhibits such as CEO and CFO certifications under Rule 13a-14(a) and Section 1350 for both Con Edison and CECONY[445](index=445&type=chunk)[446](index=446&type=chunk) - Con Edison filed its 2023 Long Term Incentive Plan as Exhibit 10.1[445](index=445&type=chunk)