CON EDISON DECLARES COMMON STOCK DIVIDEND

Rhea-AI Summary

On January 19, 2023, Consolidated Edison, Inc. (NYSE: ED) announced a quarterly dividend of 81 cents per share, marking an annualized increase of 8 cents from the previous $3.16. This represents the 49th consecutive annual dividend increase, the longest streak among S&P 500 utilities. The dividend is payable on March 15, 2023 to shareholders of record by February 15, 2023. Con Edison aims for a dividend payout ratio of 60% to 70% of adjusted earnings, highlighting its commitment to delivering shareholder returns amid the clean energy transition.

Positive

• Quarterly dividend increased to 81 cents per share, an annualized rise of 8 cents.
• 49 consecutive annual dividend increases, the longest among S&P 500 utilities.
• Commitment to a dividend payout ratio of 60% to 70% of adjusted earnings.

Negative

• None.

News Market Reaction – ED

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+1.42% Session move

In the trading session that priced this news, ED gained 1.42%, reflecting a mild positive market reaction.

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NEW YORK, Jan. 19, 2023 /PRNewswire/ -- Consolidated Edison, Inc. (Con Edison) (NYSE: ED) declared a quarterly dividend of 81 cents a share on its common stock, payable March 15, 2023 to stockholders of record as of February 15, 2023, an annualized increase of 8 cents over the previous annualized dividend of $3.16 a share.

"The 49th consecutive annual increase for stockholders, the longest period of consecutive annual dividend increases of any utility in the S&P 500 index, reflects our continued emphasis on providing a return to our investors while meeting the needs of our customers during the clean energy transition," said Robert Hoglund, Con Edison's senior vice president and chief financial officer. The company continues to target a dividend payout ratio of between 60% and 70% of its adjusted earnings.

This press release contains a forward-looking statement that reflects an expectation and not a fact. Actual results may differ materially from this expectation because of factors such as those identified in reports the company has filed with the Securities and Exchange Commission. Con Edison assumes no obligation to update forward-looking statements. This press release also refers to a financial measure, adjusted earnings, that is not determined in accordance with generally accepted accounting principles in the United States of America (GAAP). This non-GAAP financial measure should not be considered as an alternative to net income (which is an indicator of financial performance determined in accordance with GAAP) and may exclude from net income amounts that the company does not consider indicative of its ongoing financial performance.

Consolidated Edison, Inc. is one of the nation's largest investor-owned energy-delivery companies, with approximately $14 billion in annual revenues and $66 billion in assets. The company provides a wide range of energy-related products and services to its customers through the following subsidiaries: Consolidated Edison Company of New York, Inc. (CECONY), a regulated utility providing electric service in New York City and New York's Westchester County, gas service in Manhattan, the Bronx, parts of Queens and parts of Westchester, and steam service in Manhattan; Orange and Rockland Utilities, Inc. (O&R), a regulated utility serving customers in a 1,300-square-mile-area in southeastern New York State and northern New Jersey; Con Edison Clean Energy Businesses, Inc., which is held for sale; and Con Edison Transmission, Inc., which falls primarily under the oversight of the Federal Energy Regulatory Commission and through its subsidiaries invests in electric transmission projects supporting its parent company's effort to transition to clean, renewable energy. Con Edison Transmission manages, through joint ventures, both electric and gas assets while seeking to develop electric transmission projects that will bring clean, renewable electricity to customers, focusing on New York, New England, the Mid-Atlantic states and the Midwest.

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SOURCE Consolidated Edison, Inc.

FAQ

What is the dividend amount declared by Consolidated Edison (ED) for Q1 2023?

Consolidated Edison declared a dividend of 81 cents per share for Q1 2023.

When will the dividend for Consolidated Edison (ED) be paid?

The dividend will be paid on March 15, 2023.

When is the record date for Consolidated Edison’s (ED) dividend?

The record date for the dividend is February 15, 2023.

How many consecutive annual dividend increases has Consolidated Edison (ED) achieved?

Consolidated Edison has achieved 49 consecutive annual dividend increases.

What is the target dividend payout ratio for Consolidated Edison (ED)?

The target dividend payout ratio is between 60% and 70% of adjusted earnings.