Consolidated Edison Inc Stock Price, News & Analysis

Consolidated Edison (ED) reported net income of $613 million or $1.73 per share for Q3 2022, up from $538 million or $1.52 per share in Q3 2021. Adjusted earnings also rose to $579 million or $1.63 per share, compared to $499 million or $1.41 the previous year. Year-to-date, net income is $1,470 million, a 31% increase year-over-year. The company plans to sell its Clean Energy Businesses for $6,800 million, with intentions to repay $1,050 million of debt and potentially initiate a share repurchase program. Adjusted EPS guidance for 2022 has been slightly increased to $4.50-$4.60.

The Variety Boys & Girls Club of Queens hosted a mentoring session focused on green careers, featuring representatives from the New York Power Authority, Con Edison, and 174 Power Global. This initiative, part of an annual collaboration, aims to educate youth about electrified transportation and STEM opportunities. 174 Power Global donated $15,000 to support STEM programs. Notably, the East River Energy Storage Project, a significant 100MW initiative, will be developed by 174 Power Global. This project is expected to enhance local job opportunities in the green economy.

Consolidated Edison, Inc. (NYSE: ED) has declared a quarterly dividend of 79 cents per share on its common stock, payable on December 15, 2022, to shareholders of record by November 16, 2022.

As one of the largest investor-owned energy-delivery companies in the U.S., Con Edison boasts approximately $14 billion in annual revenues and $64 billion in assets. The company operates several subsidiaries providing a range of energy services across New York State, including regulated utilities and renewable energy projects.

Con Edison marks nearly a decade since Superstorm Sandy, highlighting significant investments in its energy systems to enhance resilience against climate change. Over the past ten years, improvements have prevented 1.1 million weather-related outages. The company has invested $1 billion in system fortifications and plans to invest $100 million more in Westchester County. Advanced weather response strategies include a fleet of new utility trucks and enhanced mutual aid contracts. Con Edison aims to strengthen infrastructure to withstand future climatic challenges.

Consolidated Edison, Inc. (NYSE:ED) announced plans to report its 3rd Quarter 2022 earnings on November 3, 2022, after market close. With approximately $14 billion in annual revenues and $64 billion in assets, Con Edison is one of the largest investor-owned energy delivery companies in the U.S. The company serves New York City and the surrounding regions, providing a range of energy services through its subsidiaries, including CECONY, O&R, and Con Edison Clean Energy Businesses.

Consolidated Edison (NYSE: ED) announced a $6.8 billion agreement to sell its Clean Energy Businesses to RWE Renewables Americas. The transaction, subject to regulatory approvals, is expected to close in the first half of 2023. In light of this deal, Con Edison will forgo its previously planned issuance of $850 million in common equity for 2022 and withdraw its equity guidance for 2023 and 2024. This strategic move aims to focus on core utility operations and bolster New York’s clean energy transition.

Consolidated Edison will host an Environmental, Social, and Governance presentation on November 29, 2022, from 9 a.m. to 10 a.m.. The event, led by Chairman and CEO Timothy Cawley, aims to discuss the company's path to a clean energy future. Initially scheduled for October, the presentation will provide insights into Con Edison's sustainability practices. The company, with annual revenues of approximately $14 billion and assets of $65 billion, is a leading energy-delivery provider in the U.S., serving various regions in New York.