Con Edison(US:ED)2025-05-01 20:43Financial 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]