Summary
Consolidated Edison, Inc. (Con Edison) reported a net income for common stock of $526 million ($1.53 per share) for the third quarter of 2023, compared to $613 million ($1.73 per share) in the prior year period. This decrease was primarily driven by the impact of the sale of the Clean Energy Businesses, higher interest expenses, and increased operations and maintenance activities, partially offset by electric and gas base rate increases and higher investment income. For the nine-month period, net income for common stock was $2,185 million ($6.27 per share), a significant increase from $1,470 million ($4.15 per share) in the prior year, largely due to a substantial gain from the sale of the Clean Energy Businesses. The company continues to invest in its regulated utility businesses, CECONY and O&R, focusing on reliability and clean energy goals. Despite a slight decrease in quarterly net income, the overall financial performance for the nine months remains strong, bolstered by strategic asset sales and regulatory rate adjustments. Con Edison also highlighted ongoing efforts to manage aged accounts receivable and adapt to evolving clean energy policies and climate change impacts, emphasizing resilience and sustainability.
Financial Highlights
42 data points| Revenue | $3.85B |
| Operating Expenses | $3.15B |
| Operating Income | $722.00M |
| Interest Expense | $259.00M |
| Net Income | $526.00M |
| EPS (Basic) | $1.53 |
| EPS (Diluted) | $1.52 |
| Shares Outstanding (Basic) | 345.00M |
| Shares Outstanding (Diluted) | 346.50M |
Key Highlights
- 1Third quarter 2023 net income for common stock was $526 million ($1.53 per share), a decrease from $613 million ($1.73 per share) in Q3 2022.
- 2Nine-month 2023 net income for common stock surged to $2,185 million ($6.27 per share) from $1,470 million ($4.15 per share) in the same period last year, largely due to the gain on the sale of Clean Energy Businesses.
- 3The sale of substantially all assets of the Clean Energy Businesses was completed on March 1, 2023.
- 4CECONY's electric operations saw a revenue increase of $146 million in Q3 2023 compared to Q3 2022, driven by electric base rate increases.
- 5Con Edison Transmission is advancing the Propel NY Energy transmission project, crucial for delivering offshore wind energy.
- 6The company is actively managing aged accounts receivable, which, despite regulatory mechanisms, has impacted liquidity.
- 7Con Edison is investing in infrastructure to meet clean energy goals and enhance system reliability, including upgrades for offshore wind integration and climate resilience.