NEW YORK, Dec. 3, 2024 /PRNewswire/ -- Consolidated Edison, Inc. (Con Edison) (NYSE: ED) today announced the public offering of 7,000,000 of its common shares. In connection with the forward sale agreement described below, the forward counterparty (as defined below) has agreed to borrow from third parties and sell such shares to J.P. Morgan Securities LLC, which is acting as the underwriter in connection with the offering. The underwriter may offer the common shares in transactions on the New York Stock Exc ...

Group 1 - Consolidated Edison, Inc. is a monopoly utility provider for electrical and natural gas distribution in New York City [1] - The company's share price has decreased nearly 5% in the past month [1]

Core Insights - Consolidated Edison, Inc. reported third-quarter 2024 adjusted earnings of $1.68 per share, exceeding the Zacks Consensus Estimate of $1.56 by 7.7% and increasing 3.7% from $1.62 per share in the prior-year quarter [1][2] - The company's total operating revenues reached $4.09 billion, surpassing the Zacks Consensus Estimate of $4.02 billion by 1.9% and reflecting a 5.7% increase from $3.87 billion in the year-ago quarter, driven by higher gas and electric revenues [3][4] - Operating income for the third quarter rose 19.4% year over year to $862 million [6] Revenue Breakdown - Electric revenues totaled $3.67 billion, marking a 5.8% increase from $3.47 billion in the year-ago quarter [3] - Gas revenues amounted to $373 million, up 5.7% from $353 million in the prior-year quarter [4] - Steam revenues remained stable at $49 million, while non-utility revenues were consistent at $1 million [4] Operating Expenses - Total operating expenses increased 2.6% year over year to $3.23 billion, with other operations and maintenance expenses rising 5.7% [5] - Depreciation and amortization expenses increased by 7.4%, while taxes other than income taxes rose by 7% [5] - Purchase power costs decreased by 6.7%, fuel expenses dropped by 20.6%, and the cost of gas purchased for resale fell by 8.2% [5] Financial Position - As of September 30, 2024, cash and temporary cash investments were $0.09 billion, down from $1.19 billion at the end of 2023 [7] - Long-term debt increased to $23.44 billion from $21.93 billion at the end of 2023 [7] - Cash from operating activities amounted to $2.30 billion, compared to $1.18 billion in the prior year [7] Guidance - Consolidated Edison updated its 2024 guidance, now expecting adjusted earnings per share in the range of $5.30-$5.40, which is narrower than the previous guidance of $5.20-$5.40 [8] - The Zacks Consensus Estimate for earnings is set at $5.31 per share, slightly above the lower end of the new guided range [8] Market Position - Consolidated Edison currently holds a Zacks Rank 3 (Hold) [9]

Consolidated Edison (ED) reported $4.09 billion in revenue for the quarter ended September 2024, representing a year-over-year increase of 5.7%. EPS of $1.68 for the same period compares to $1.62 a year ago.The reported revenue represents a surprise of +1.85% over the Zacks Consensus Estimate of $4.02 billion. With the consensus EPS estimate being $1.56, the EPS surprise was +7.69%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wal ...

Exhibit 99.1 FOR IMMEDIATE RELEASE Contact: Allan Drury November 7, 2024 212-460-4111 Media Relations Consolidated Edison, Inc. 212 460 4111 (24 hours) 4 Irving Place New York, NY 10003 www.conEdison.com CON EDISON REPORTS 2024 THIRD QUARTER EARNINGS NEW YORK - Consolidated Edison, Inc. (Con Edison) (NYSE: ED) today reported 2024 third quarter net income for common stock of $588 million or $1.70 a share compared with $526 million or $1.53 a share in the 2023 third quarter. Adjusted earnings (non-GAAP) were ...

Financial Performance - Total operating revenues for the three months ended September 2024 were $4,092 million, an increase of 5.7% compared to $3,872 million for the same period in 2023[19]. - Net income for the three months ended September 2024 was $588 million, representing a 11.8% increase from $526 million in the prior year[21]. - Operating income for the nine months ended September 2024 was $2,193 million, a decrease of 20.1% from $2,745 million for the same period in 2023[19]. - Total operating revenues for the three months ended September 30, 2024, increased to $3,762 million, up from $3,590 million in the same period of 2023, representing a growth of 4.8%[33]. - Net income for the nine months ended September 30, 2024, was $1,417 million, compared to $1,308 million for the same period in 2023, reflecting an increase of 8.4%[35]. - Operating income for the three months ended September 30, 2024, rose to $803 million, a 18.3% increase from $679 million in the prior year[33]. - Total operating income for Con Edison increased to $862 million for the three months ended September 30, 2024, compared to $722 million in 2023, reflecting a 19.4% growth[132]. - The total operating income for CECONY for the nine months ended September 30, 2024, was $2,107 million, up from $1,750 million in 2023, indicating a 20.4% increase[134]. Cash Flow and Investments - Net cash flows from operating activities for the nine months ended September 2024 were $2,304 million, significantly higher than $1,181 million for the same period in 2023[23]. - Cash flows from operating activities for the nine months ended September 30, 2024, were $2,087 million, compared to $1,221 million in the same period in 2023, marking a significant increase of 70.7%[38]. - The balance of cash and temporary cash investments at the end of the period was $33 million, a decrease from $1,138 million at the beginning of the period[41]. - The company’s cash and temporary cash investments decreased from $1,189 million in December 31, 2023 to $93 million as of September 30, 2024, a decline of approximately 92%[27]. Assets and Liabilities - Total current assets decreased from $6,537 million in December 31, 2023 to $6,080 million as of September 30, 2024, a decline of approximately 7%[27]. - Total assets rose to $68,645 million as of September 30, 2024, up from $66,331 million at the end of 2023, marking an increase of approximately 3.5%[27]. - Long-term debt increased from $21,927 million in December 31, 2023 to $23,438 million as of September 30, 2024, representing an increase of about 6.9%[29]. - The company’s total liabilities increased from $45,111 million in December 31, 2023 to $46,309 million as of September 30, 2024, reflecting an increase of about 2.7%[29]. - Total current liabilities decreased to $5,218 million as of September 30, 2024, from $5,694 million as of December 31, 2023, a reduction of approximately 8.4%[44]. - Total liabilities and shareholder's equity increased to $63,849 million as of September 30, 2024, from $61,600 million as of December 31, 2023, representing a growth of approximately 3.6%[44]. Shareholder Equity - Common shareholders' equity increased to $21,898 million as of September 30, 2024, compared to $21,158 million at the end of 2023, reflecting a growth of approximately 3.5%[29]. - Shareholder's equity rose to $19,873 million as of September 30, 2024, compared to $19,146 million as of December 31, 2023, an increase of approximately 3.8%[46]. Regulatory and Compliance - CECONY's regulatory assets totaled $5,541 million, an increase from $4,888 million in 2023, while regulatory liabilities were $5,180 million, down from $5,473 million[73]. - CECONY is cooperating with the NYSDPS investigation regarding non-conforming welds on gas and steam mains, with no significant operational impact anticipated[69]. - CECONY's management is unable to estimate potential losses related to the investigation of welds and the income tax regulatory asset understatement[70]. Environmental and Remediation Costs - Environmental remediation costs for Con Edison were $1,093 million in 2024, slightly down from $1,105 million in 2023, while CECONY's costs were $1,009 million, down from $1,022 million[75]. - Environmental investigation and remediation costs incurred for the three months ended September 30, 2024, were $12 million for Con Edison and CECONY, compared to $1 million for the same period in 2023, indicating a significant increase in remediation activities[98]. Taxation - Con Edison's income tax expense for the three months ended September 30, 2024, was $133 million, down from $144 million in 2023, primarily due to non-recurring state income taxes in 2023[109]. - CECONY's income tax expense for the same period increased to $119 million from $109 million, attributed to higher income before income tax expense[110]. - The effective tax rate for CECONY was 17% for the nine months ended September 30, 2024, compared to 16% for the same period in 2023[113]. Debt and Financing - The company reported a total of $1,525 million in long-term debt issuance during the nine months ended September 2024, compared to $500 million in the same period of 2023[23]. - CECONY issued $400 million of 5.375% debentures due in 2034 and $1,000 million of 5.7% debentures due in 2054 in May 2024[78]. - CECONY entered into a 364-Day Revolving Credit Agreement in March 2024, allowing loans up to $500 million, expiring in March 2025[82]. Miscellaneous - The company completed the sale of all stock of the Clean Energy Businesses on March 1, 2023, which may impact future investment strategies[48]. - The carrying value of Con Edison Transmission's investment in the Mountain Valley Pipeline was $165 million as of September 30, 2024, with cash contributions amounting to $530 million[53]. - The estimated aggregate undiscounted potential liability for the investigation and remediation of coal tar and/or other environmental contaminants for Con Edison and CECONY could reach up to $3,440 million and $3,295 million, respectively[99].

Wall Street expects a year-over-year decline in earnings on higher revenues when Consolidated Edison (ED) reports results for the quarter ended September 2024. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.The earnings report, which is expected to be released on November 7, 2024, might help the stock move higher if these key numbers are better ...

Group 1 - Consolidated Edison, Inc. (Con Edison) plans to report its 3rd Quarter 2024 earnings on November 7, 2024 after the market closes [1] - Con Edison is one of the largest investor-owned energy-delivery companies in the U.S., with approximately $15 billion in annual revenues for year-end 2023 and $68 billion in assets as of June 30, 2024 [2] - The company provides a variety of energy-related products and services through its subsidiaries, including electric, gas, and steam services in New York City and surrounding areas [2]

Consolidated Edison, Inc. Clean Energy Webinar Summary Company Overview - Consolidated Edison, Inc. (NYSE:ED) is one of the largest investor-owned utilities in the U.S., providing electric, gas, and steam services to millions in New York and surrounding areas [5][6][7] - The company operates the largest steam system in the U.S. and has been continuously traded on the New York Stock Exchange for over 200 years [5] Core Strategies and Goals - Con Edison is focused on achieving a clean energy future in alignment with New York State's Climate Leadership and Community Protection Act (CLCPA), which mandates a 40% reduction in emissions by 2030 and net-zero emissions by 2050 [17][18] - The company emphasizes operational excellence, safety, and customer trust, with a commitment to diversity, equity, and inclusion [6][7] Reliability and Infrastructure - Con Edison is ranked as the most reliable energy company in the U.S., with its electric delivery system being nine times more reliable than the national average [8] - The company plans to invest approximately $28 billion in infrastructure over the next five years to support the clean energy transition and enhance reliability [72] Clean Energy Commitment - The clean energy commitment includes five main pillars: building a future-ready grid, empowering customers, reimagining the gas system, reducing the company's carbon footprint, and partnering with stakeholders for equitable benefits [14][15] - Investments will focus on renewable energy sources, energy storage solutions, and electrification of heating and transportation [12][14] Climate Change Mitigation - Con Edison is actively working on climate resilience, with a planned investment of $1.3 billion over the next five years to fortify the grid against climate impacts [36][38] - The company is also focused on decarbonizing its steam production and aims for zero direct greenhouse gas emissions from its operations by 2050 [55][56] Customer Engagement and Electrification - The company supports the installation of electric vehicle (EV) charging infrastructure and has budgeted over $800 million for infrastructure incentives [43] - Con Edison has seen significant customer adoption of clean energy alternatives, with projections indicating that 90% of vehicles could be electric by 2035 [41][42] Financial Health and Investment - Con Edison maintains a strong financial foundation, with no long-term parent company debt and a consistent record of dividend increases for 50 consecutive years [70][72] - The company is committed to transparent financial practices and aims to attract capital for ongoing investments in clean energy and infrastructure [68][70] Community and Stakeholder Engagement - Con Edison is dedicated to ensuring that disadvantaged communities benefit from the clean energy transition, with a goal of 35% to 40% of benefits accruing to these communities [18][65] - The company has invested in training programs for diverse students to prepare them for careers in the clean energy sector [62] Conclusion - Con Edison is positioned as a leader in the transition to a clean energy future, with a comprehensive strategy that encompasses reliability, customer engagement, climate resilience, and community involvement [75][77]

Jeremy Szafron joins Kitco News as an anchor and producer from Kitco's Vancouver bureau. Jeremy is a seasoned journalist with a diverse background covering entertainment, current affairs and finance. Jeremy began his career in 2006 as a Journalist at CTV (Canada's largest network), initially engaging audiences as an entertainment reporter before pivoting to business reporting focusing on mining and small-caps. His macro-financial and market trends analysis made him a sought-after commentator on CTV Morning ...