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NEW YORK - Consolidated Edison, Inc. (NYSE:ED) reported fourth-quarter earnings that surpassed analyst expectations, with shares inching up 0.3% in response to the news.
The utility company posted adjusted earnings per share of $0.98 for the quarter, beating the analyst consensus of $0.95. Revenue came in at $3.67 billion, also exceeding estimates of $3.59 billion and marking a 2.2% increase YoY.
For the full year 2024, Con Edison reported adjusted earnings of $5.40 per share, up from $5.07 in 2023. The company’s net income for common stock was $1.82 billion, or $5.26 per share, compared to $2.52 billion, or $7.25 per share, in the previous year.
Looking ahead, Con Edison provided guidance for fiscal year 2025, projecting adjusted earnings per share in the range of $5.50 to $5.70. This outlook is largely in line with the analyst consensus of $5.63 per share.
Tim Cawley, Chairman and CEO of Con Edison, commented on the results: "The effective implementation of our strategy yielded strong results in 2024. We support our customers’ adoption of clean energy technologies while delivering the most reliable electric service in the nation."
The company also outlined its capital investment plans, expecting to invest $5.12 billion in 2025 and $8.07 billion in 2026. For the period from 2027 through 2029, Con Edison plans aggregate capital investments of $24.47 billion.
Con Edison forecasts a five-year compounded annual adjusted earnings per share growth rate of 6% to 7% based on its 2025 guidance, signaling confidence in its long-term growth prospects.
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