On August 1, 2024, Consolidated Edison Inc (ED, Financial) released its 8-K filing for the second quarter of 2024. Consolidated Edison Inc (ED), a holding company for Consolidated Edison of New York (CECONY) and Orange & Rockland (O&R), provides steam, natural gas, and electricity to customers in southeastern New York—including New York City—and small parts of New Jersey.
Quarterly Performance and Challenges
For the second quarter of 2024, Consolidated Edison Inc (ED, Financial) reported a net income for common stock of $202 million, or $0.58 per share, compared to $226 million, or $0.65 per share, in the same period of 2023. Adjusted earnings were $203 million, or $0.59 per share, down from $210 million, or $0.61 per share, in the second quarter of 2023. These figures fell short of analyst estimates, which projected earnings per share of $0.59 and revenue of $4,055.29 million.
Financial Achievements and Industry Context
Despite the challenges, Consolidated Edison Inc (ED, Financial) continues to deliver strong financial results. The company reaffirmed its 2024 adjusted earnings per share guidance range of $5.20 to $5.40. This is significant for a regulated utility company, as it underscores the stability and predictability of its earnings, which are crucial for investor confidence and long-term planning.
Income Statement Highlights
| Metric | Q2 2024 | Q2 2023 |
|---|---|---|
| Net Income for Common Stock (GAAP) | $202 million | $226 million |
| Adjusted Earnings (Non-GAAP) | $203 million | $210 million |
| Earnings per Share (GAAP) | $0.58 | $0.65 |
| Adjusted Earnings per Share (Non-GAAP) | $0.59 | $0.61 |
Commentary and Analysis
"We are proud that our regulator’s annual report on utility performance once again showed that we provide customers with the most reliable electric service in the state," said Tim Cawley, the chairman and CEO of Con Edison. "This is a tribute to our robust strategic investments, the dedication of our crews, and valuable engagement with our customers."
Despite the positive outlook, the company faced some challenges, including the impact of the denial of their request to capitalize incremental costs for the new customer billing and information system. This decision negatively affected their earnings by $0.11 per share.
Balance Sheet and Cash Flow Highlights
Consolidated Edison Inc (ED, Financial) continues to maintain a strong balance sheet with significant investments in infrastructure to support clean energy initiatives. The company's cash flow remains robust, enabling it to fund ongoing projects and return value to shareholders through dividends.
Conclusion
While Consolidated Edison Inc (ED, Financial) missed analyst estimates for the second quarter of 2024, the company remains confident in its long-term outlook. The reaffirmation of its annual earnings guidance and continued investment in infrastructure highlight its commitment to providing reliable service and achieving sustainable growth.
For more detailed financial information, please refer to the full 8-K filing.
Explore the complete 8-K earnings release (here) from Consolidated Edison Inc for further details.
