On February 15, 2024, Consolidated Edison Inc (ED, Financial) released its 8-K filing, announcing a substantial increase in net income for the fiscal year 2023. The utility giant, which serves as a holding company for Consolidated Edison of New York and Orange & Rockland, reported a net income for common stock of $2,519 million or $7.25 a share, a notable rise from $1,660 million or $4.68 a share in 2022. Adjusted earnings, which exclude certain non-recurring items, stood at $1,762 million or $5.07 a share, compared with $1,620 million or $4.57 a share in the previous year.
Consolidated Edison Inc's performance in 2023 reflects the company's strategic focus on transitioning to a low-carbon future and maintaining its reputation for reliability. The company's chairman and CEO, Tim Cawley, highlighted the completion of the Reliable Clean City transmission line in Queens and the commencement of the Brooklyn Clean Energy Hub construction as key milestones. These initiatives are part of the company's broader strategy to invest in infrastructure that supports clean energy and climate resilience.
Financial Highlights and Strategic Investments
Senior Vice President and CFO Robert Hoglund emphasized the company's strong financial position, with no long-term debt at the parent company level following the strategic sale of its Clean Energy Businesses. This has resulted in a simplified balance sheet and positions the company to continue delivering stable earnings and returns. Looking ahead, Consolidated Edison Inc plans significant infrastructure investments to support customer needs and address the challenges of electrification and climate change. The company's history of successfully managing large electric projects bolsters confidence in its ability to meet these challenges.
For the upcoming years, Consolidated Edison Inc has outlined an aggressive capital investment plan, with $4,849 million earmarked for 2024 and $5,243 million for 2025. Over the longer term, from 2026 to 2028, the company anticipates investing an aggregate of $17,960 million. These investments will be funded through internally-generated funds, long-term debt, and common equity issuance, with specific plans for debt issuance in 2024 and 2025 and common equity issuance in 2025 and beyond.
Looking Forward
Consolidated Edison Inc's forward-looking guidance for 2024 sets the adjusted EPS in the range of $5.20 to $5.40. The company also forecasts a compounded annual adjusted EPS growth rate of 5% to 7% based on the 2024 guidance. These projections are based on current information and assumptions and are subject to approval by the New York State Public Service Commission.
The company's financial strength is underpinned by its substantial annual revenues and assets, totaling approximately $15 billion and $66 billion, respectively. As one of the nation's largest investor-owned energy-delivery companies, Consolidated Edison Inc continues to provide a wide range of energy-related products and services through its subsidiaries, focusing on the delivery of clean, renewable electricity and the management of both electric and gas assets.
Consolidated Edison Inc's 2023 earnings report demonstrates the company's resilience and strategic foresight in a rapidly evolving energy landscape. With a clear focus on clean energy and infrastructure resilience, the company is well-positioned to continue its trajectory of growth and value creation for shareholders and customers alike.
Explore the complete 8-K earnings release (here) from Consolidated Edison Inc for further details.