Consolidated Edison (ED) Q3 2024 earnings summary

Executive summary

• Q3 2024 net income for common stock was $588 million ($1.70/share), up from $526 million ($1.53/share) in Q3 2023; adjusted EPS was $1.68, reflecting higher electric rate base at CECONY and new steam rate plan.

• For the first nine months of 2024, net income was $1,510 million ($4.37/share), down from $2,185 million ($6.27/share) in 2023 due to the prior-year Clean Energy Businesses sale gain; adjusted EPS rose to $4.42 from $4.07.

• Dividend of $0.83 per share declared in October 2024, marking 50 consecutive years of increases.

• Growth strategy centers on regulated energy delivery, infrastructure investment, and supporting New York’s clean energy transition.

• The sale of Clean Energy Businesses was completed in March 2023, with a final pre-tax gain of $835 million and a $30 million downward adjustment in 2024.

Financial highlights

• Q3 2024 total operating revenues were $4,092 million, up from $3,872 million in Q3 2023; YTD 2024 revenues were $11,587 million.

• Q3 2024 operating income was $862 million, up from $722 million; nine-month operating income was $2,193 million, down from $2,745 million year-over-year.

• Q3 2024 adjusted EPS increased to $1.68 from $1.62 in Q3 2023; YTD adjusted EPS rose to $4.42 from $4.07.

• Dividend payout ratio targeted at 55–65% of adjusted earnings.

• Cash flows from operating activities for the nine months ended September 30, 2024 were $2,304 million, up from $1,181 million in the prior year.

Outlook and guidance

• 2024 adjusted EPS guidance narrowed to $5.30–$5.40, at the upper half of the original range, reflecting strong regulated rate base growth and capital investments.

• $28 billion in capital investments forecasted from 2024–2028, targeting 6.4% annual rate base growth.

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

• CECONY and O&R expect electric usage to increase and gas/steam usage to decrease, reflecting clean energy policies.