Consolidated Edison (ED) Q2 2024 earnings summary

Executive summary

• Q2 2024 net income was $202 million ($0.58/share), down from $226 million ($0.65/share) in Q2 2023; adjusted EPS was $0.59, with YTD adjusted EPS at $2.73, up from $2.45 YTD 2023.

• CECONY contributed 92% of Q2 net income, with O&R and Con Edison Transmission providing smaller shares.

• The company completed the sale of its Clean Energy Businesses in 2023, with a $30 million downward adjustment to the gain in 2024.

• CECONY reached a new four-year collective bargaining agreement covering 7,300 employees in June 2024.

• Dividend of $0.83 per share declared, marking 50 consecutive years of increases.

Financial highlights

• Q2 2024 operating revenues were $3.22 billion, up from $2.94 billion in Q2 2023; six-month revenues were $7.50 billion, up from $7.35 billion year-over-year.

• Q2 2024 net income for common stock was $202 million (GAAP), compared to $226 million in Q2 2023.

• Adjusted EPS excludes impacts from the Clean Energy Businesses sale and HLBV accounting.

• YTD 2024 net income for common stock was $922 million (GAAP), down from $1,658 million YTD 2023, mainly due to the 2023 Clean Energy Businesses sale.

• Q2 2024 results reflect higher utility rate base and the expensing of incremental customer billing system costs after NYSPSC denied capitalization above the $421 million cap.

Outlook and guidance

• 2024 adjusted EPS guidance range reaffirmed at $5.20–$5.40.

• Targeting 6.4% annual regulated rate base growth through 2028, supported by $28 billion in planned capital investments (2024–2028).

• No common equity issuance planned for 2024, except for employee and reinvestment plans.

• Management expects electric volumes to grow as customers transition from fossil fuels, supporting future investment opportunities.

• CECONY and O&R are adjusting forecasts for gas and steam demand downward, reflecting state and local clean energy policies.