Consolidated Edison Inc (ED) Reports Q3 2023 Earnings: Net Income Drops but Nine-Month Earnings ...
Consolidated Edison Inc (NYSE:ED) reports Q3 2023 net income of $526 million, down from $613 million in Q3 2022.
Adjusted earnings for Q3 2023 were $561 million, slightly lower than $579 million in Q3 2022.
Net income for the first nine months of 2023 was $2,185 million, a significant increase from $1,470 million in the same period of 2022.
Adjusted earnings for the first nine months of 2023 were $1,416 million, up from $1,329 million in the same period of 2022.
On November 2, 2023, Consolidated Edison Inc (NYSE:ED) released its third-quarter earnings report for 2023. The company reported a net income for common stock of $526 million or $1.53 per share, compared to $613 million or $1.73 per share in the third quarter of 2022. Adjusted earnings (non-GAAP) were $561 million or $1.62 per share in the 2023 period, compared to $579 million or $1.63 per share in the 2022 period.
Financial Performance and Achievements
Despite the decrease in net income for the third quarter, Consolidated Edison Inc (NYSE:ED) reported a significant increase in net income for the first nine months of 2023. The company's net income for common stock was $2,185 million or $6.27 per share, compared to $1,470 million or $4.15 per share in the first nine months of 2022. Adjusted earnings for the first nine months of 2023 were $1,416 million or $4.07 per share, compared to $1,329 million or $3.75 per share in the same period of 2022.
CEO Tim Cawley commented on the company's performance, stating,
Con Edison continued to execute on our strategy of investing in the transition to clean energy while keeping our commitment to provide reliable service to our customers."
Financial Outlook
For the year of 2023, Consolidated Edison Inc (NYSE:ED) expects its adjusted earnings per share to be in the range of $5.00 to $5.10 per share, an increase from the previous forecast of $4.85 to $5.00 per share.
Investments and Debt Issuance
In October 2023, Consolidated Edison Inc (NYSE:ED) increased the amount of long-term debt it plans to issue at Consolidated Edison Company of New York, Inc. (CECONY) and Orange and Rockland Utilities, Inc. (O&R) from up to $1,400 million to up to $2,100 million, of which $500 million was issued in the first nine months of 2023.
Company Overview
Consolidated Edison, Inc. is one of the nation's largest investor-owned energy-delivery companies, with approximately $16 billion in annual revenues and $64 billion in assets. The company provides a wide range of energy-related products and services to its customers through its subsidiaries.
Explore the complete 8-K earnings release (here) from Consolidated Edison Inc for further details.
This article first appeared on GuruFocus.
