Con Edison(US:ED)2024-11-07 21:38Financial 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].