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CON EDISON REPORTS 2024 EARNINGS
CONConcentra Group Holdings Parent, Inc.(CON) Prnewswire· Prnewswire·2025-02-20 21:36

Financial Performance - Consolidated Edison reported a net income of 1,820millionor1,820 million or 5.26 per share for 2024, a decrease from 2,519millionor2,519 million or 7.25 per share in 2023 [1] - Adjusted earnings for 2024 were 1,868millionor1,868 million or 5.40 per share, compared to 1,762millionor1,762 million or 5.07 per share in 2023 [1] - For Q4 2024, net income was 310millionor310 million or 0.90 per share, down from 335millionor335 million or 0.97 per share in Q4 2023 [2] Strategic Initiatives - The company is focused on supporting clean energy technologies and enhancing electric service reliability, with significant capital investments planned for grid infrastructure [3] - Con Edison anticipates steady growth in demand for electrification in 2025, driven by new construction and clean heat requirements [3] Future Guidance - For 2025, Con Edison expects adjusted earnings per share to be in the range of 5.50to5.50 to 5.70, excluding certain impacts related to its equity investments [3] - The company projects a five-year compounded annual adjusted earnings per share growth rate of 6% to 7% based on its 2025 guidance [3] Capital Investment Plans - Con Edison plans to invest 5,122millionin2025and5,122 million in 2025 and 8,067 million in 2026, with a total of 24,469millionexpectedfrom2027to2029[4]−Thecompanyintendstofinancethesecapitalrequirementsthroughinternally−generatedfundsandtheissuanceoflong−termdebtandcommonequity[4]RevenueandExpenses−Totaloperatingrevenuesfor2024were24,469 million expected from 2027 to 2029 [4] - The company intends to finance these capital requirements through internally-generated funds and the issuance of long-term debt and common equity [4] Revenue and Expenses - Total operating revenues for 2024 were 15,256 million, an increase from 14,663millionin2023,withelectricrevenuesrisingto14,663 million in 2023, with electric revenues rising to 11,568 million [14] - Total operating expenses for 2024 were 12,524million,comparedto12,524 million, compared to 12,332 million in 2023, with notable increases in purchased power and maintenance costs [14] Impact of Clean Energy Businesses Sale - The sale of Con Edison's Clean Energy Businesses in 2023 had significant impacts on earnings, with adjustments reflecting losses and gains related to this transaction [11][19] - The company recorded a loss of $62 million related to the sale for the year ended December 31, 2024 [14]