Con Edison(US:ED)2025-08-07 20:45Financial Performance - Consolidated Edison reported Q2 2025 net income of $246 million or $0.68 per share, up from $202 million or $0.58 per share in Q2 2024, representing a 21.8% increase in net income [1]. - For the first half of 2025, net income reached $1,038 million or $2.93 per share, compared to $922 million or $2.67 per share in the same period of 2024, marking a 12.6% increase [2]. - Adjusted earnings for Q2 2025 were $240 million or $0.67 per share, compared to $203 million or $0.59 per share in Q2 2024, reflecting a 18.2% increase [1]. - The adjusted earnings per share for the first half of 2025 were $1,032 million or $2.91, up from $945 million or $2.73 in the first half of 2024, indicating a 9.2% increase [2]. - The company experienced a $44 million increase in net income for common stock in Q2 2025 compared to Q2 2024, with a reported earnings per share increase of $0.10 [17]. - Total reported net income on a GAAP basis was $116 million, while the adjusted non-GAAP basis net income was $87 million [21]. Guidance and Investments - The company reaffirmed its 2025 adjusted earnings per share guidance in the range of $5.50 to $5.70, excluding certain impacts from investments and accounting adjustments [3]. - Consolidated Edison secured approval to invest $440 million in five key projects aimed at advancing building and transportation electrification, indicating strong regulatory support [3]. - Consolidated Edison continues to focus on disciplined investments in infrastructure to enhance grid resilience and capitalize on the trends of electrification and electric vehicle adoption [3]. Operational Challenges - The company faced higher operation and maintenance expenses, which were partially offset by lower stock-based compensation, impacting overall earnings [17]. - The impact of the May 2024 NYSPSC order resulted in a $37 million loss, affecting earnings per share by $0.11 [21]. - Other expenses, including parent company costs, resulted in a total impact of $20 million on net income [21]. Segment Performance - CECONY reported a net income of $87 million, translating to earnings per share of $0.18 for the six months ended June 30, 2025 [21]. - Higher electric and gas rate bases contributed $31 million and $13 million respectively to CECONY's net income [21]. - O&R's total net income was $13 million, with electric and gas base rate increases contributing $11 million and $7 million respectively [21]. - Con Edison Transmission experienced a total loss of $4 million, primarily due to an income tax adjustment related to its equity investment in MVP [21]. - The sale and transfer of the Clean Energy Businesses had a negative impact of $23 million on net income [21]. Project Updates - Major transmission projects in Brooklyn and Staten Island were completed, enhancing long-term reliability for customers and providing stable returns for investors [3]. - The deferred project Broken Bow II was classified as held for sale at December 31, 2024, with the sale completed in January 2025 [22]. - The company continues to recover fuel and purchased power costs on a current basis, which do not generally affect operational results [21].