Summary
Consolidated Edison, Inc. (ED) reported solid financial results for the first quarter of 2021, with net income for common stock increasing to $419 million, or $1.23 per share, compared to $375 million, or $1.13 per share, in the prior year period. This growth was primarily driven by strong performance in the regulated utility segments (CECONY and O&R) and the Clean Energy Businesses, which benefited from higher revenues and improved net interest expense. Despite the ongoing impacts of the COVID-19 pandemic, the company demonstrated resilience. While managing increased allowances for uncollectible accounts, ED also benefited from CARES Act provisions and strategic investments in clean energy. Key capital expenditure plans are focused on infrastructure improvements and clean energy projects, funded through a combination of internally generated funds and debt issuance. The company reiterates its commitment to shareholder value through continued dividend growth.
Financial Highlights
42 data points| Revenue | $3.68B |
| Operating Expenses | $2.82B |
| Operating Income | $860.00M |
| Interest Expense | $227.00M |
| Net Income | $419.00M |
| EPS (Basic) | $1.23 |
| EPS (Diluted) | $1.22 |
| Shares Outstanding (Basic) | 342.20M |
| Shares Outstanding (Diluted) | 343.00M |
Key Highlights
- 1Net income for common stock increased to $419 million ($1.23/share) in Q1 2021 from $375 million ($1.13/share) in Q1 2020, driven by regulated utilities and clean energy businesses.
- 2CECONY's electric operations saw a significant increase in operating revenues, primarily due to higher purchased power and fuel expenses and an increase in revenues from the electric rate plan.
- 3Con Edison Transmission recorded a substantial pre-tax goodwill impairment loss of $172 million related to its investment in Stagecoach, negatively impacting its net income for the quarter.
- 4The company's Clean Energy Businesses saw a significant increase in operating revenues, driven by renewable electric production projects and wholesale revenues.
- 5Capital expenditures are expected to increase, notably for the 'Reliable Clean City' (RCC) projects, with funding planned through internally generated funds, debt, and equity issuances.
- 6The company continues to navigate the COVID-19 pandemic, with increased allowances for uncollectible accounts but also benefiting from CARES Act tax provisions.
- 7A strong commitment to dividend growth, supported by earnings growth from regulated utilities and contracted energy assets, remains a strategic focus.