Con Edison Q3 Earnings: $3.6B Revenue, $1.1B Net Income

TL;DR

Con Ed Q3: $3.6B revenue, $1.1B net income. Stable operations.

AI Summary

Consolidated Edison Inc. reported its third-quarter 2024 results, with total revenues of $3.6 billion for the nine months ended September 30, 2024. The company's net income attributable to common shareholders was $1.1 billion for the same period. Consolidated Edison Inc. is a major utility company serving New York City and Westchester County.

Why It Matters

This report provides insight into the financial performance of a major utility provider, impacting the cost of energy for millions of customers in the New York metropolitan area.

Risk Assessment

Risk Level: low — The filing is a routine quarterly report for a well-established utility company with a history of stable operations.

Key Numbers

• $3.6B — Total Revenues (Nine months ended September 30, 2024)
• $1.1B — Net Income (Nine months ended September 30, 2024)

Key Players & Entities

• CONSOLIDATED EDISON INC (company) — Filer
• CONSOLIDATED EDISON CO OF NEW YORK INC (company) — Subsidiary
• $3.6 billion (dollar_amount) — Total revenues for the nine months ended September 30, 2024
• $1.1 billion (dollar_amount) — Net income attributable to common shareholders for the nine months ended September 30, 2024
• 20240930 (date) — End of reporting period

FAQ

Filing Documents

• ed-20240930.htm (10-Q) — 3278KB
• ed-20240930xex31111.htm (EX-31.1(1)) — 9KB
• ed-20240930xex31121.htm (EX-31.1(2)) — 9KB
• ed-20240930xex31211.htm (EX-31.2(1)) — 9KB
• ed-20240930xex31221.htm (EX-31.2(2)) — 9KB
• ed-20240930xex32111.htm (EX-32.1(1)) — 3KB
• ed-20240930xex32121.htm (EX-32.1(2)) — 3KB
• ed-20240930xex32211.htm (EX-32.2(1)) — 3KB
• ed-20240930xex32221.htm (EX-32.2(2)) — 3KB
• 0001047862-24-000064.txt ( ) — 15493KB
• ed-20240930.xsd (EX-101.SCH) — 99KB
• ed-20240930_cal.xml (EX-101.CAL) — 125KB
• ed-20240930_def.xml (EX-101.DEF) — 785KB
• ed-20240930_lab.xml (EX-101.LAB) — 980KB
• ed-20240930_pre.xml (EX-101.PRE) — 933KB
• ed-20240930_htm.xml (XML) — 2590KB

—Financial Information

PART I—Financial Information

Financial Statements (Unaudited)

ITEM 1 Financial Statements (Unaudited) Con Edison Consolidated Income Statement 7 Consolidated Statement of Comprehensive Income 8 Consolidated Statement of Cash Flows 9 Consolidated Balance Sheet 11 Consolidated Statement of Equity 13 CECONY Consolidated Income Statement 14 Consolidated Statement of Comprehensive Income 15 Consolidated Statement of Cash Flows 16 Consolidated Balance Sheet 17 Consolidated Statement of Shareholder's Equity 19 Notes to the Financial Statements (Unaudited) 20

Management's Discussion and Analysis of Financial Condition and Results of Operations

ITEM 2 Management's Discussion and Analysis of Financial Condition and Results of Operations 48

Quantitative and Qualitative Disclosures About Market Risk

ITEM 3 Quantitative and Qualitative Disclosures About Market Risk 81

Controls and Procedures

ITEM 4 Controls and Procedures 81

—Other Information

PART II—Other Information 82

Legal Proceedings

ITEM 1 Legal Proceedings 82

Risk Factors

ITEM 1A Risk Factors 82

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This report contains forward-looking statements that are intended to qualify for the safe-harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are statements of future expectations and not facts. Words such as "forecasts," "expects," "estimates," "anticipates," "intends," "believes," "plans," "will," "target," "guidance," "potential," "goal," "consider" and similar expressions identify forward-looking statements. The forward-looking statements reflect information available and assumptions at the time the statements are made, and accordingly speak only as of that time. Actual results or developments might differ materially from those included in the forward-looking statements because of various factors such as those identified in reports the Companies have filed with the Securities and Exchange Commission, including, but not limited to: the Companies are extensively regulated and are subject to substantial penalties; the Utilities' rate plans may not provide a reasonable return; the Companies may be adversely affected by changes to the Utilities' rate plans; the failure of, or damage to, the Companies' facilities could adversely affect the Companies; a cyber attack could adversely affect the Companies; the failure of processes and systems, the failure to retain and attract employees and contractors, and their negative performance could adversely affect the Companies; the Companies are exposed to risks from the environmental consequences of their operations, including increased costs related to climate change; Con Edison's ability to pay dividends or interest depends on dividends from its subsidiaries; changes to tax laws could adversely affect the Companies; the Companies require access to capital markets to satisfy funding requirements; a disruption in the wholesale energy markets, increased commodity costs or

View Full Filing

View this 10-Q filing on SEC EDGAR