Fri Nov 08 11:30:00 UTC 2024: ## Con Edison Reports Strong Third Quarter Earnings, Raises 2024 Guidance
**NEW YORK, Nov. 7, 2024** – Consolidated Edison, Inc. (Con Edison) announced today that it has reported strong third-quarter earnings, exceeding expectations and leading the company to revise its 2024 adjusted earnings per share (EPS) guidance upwards.
The company reported net income for common stock of $588 million, or $1.70 per share, compared to $526 million, or $1.53 per share, in the third quarter of 2023. Adjusted earnings, excluding certain non-recurring items, were $583 million, or $1.68 per share, compared to $561 million, or $1.62 per share, in the same period last year.
Con Edison’s strong performance was driven by continued investments in clean energy infrastructure and energy-efficient solutions for customers. The company highlighted its efforts to ease electric demand during the hot New York summer, helping to ensure reliable power for its millions of customers. Con Edison also noted its role in facilitating the transition to electric vehicles by making it easier to install EV chargers and providing incentives for heat pump installations.
“Core to our growth strategy is our continued investment in clean energy infrastructure and energy-efficient solutions for our customers,” said Tim Cawley, Con Edison’s chairman and CEO. “As New Yorkers transition to electrification of building space heating and transportation, we’ve made it easier to install EV chargers and continue to provide incentives for heat pump installation. We have delivered infrastructure investments to build the grid of the future while providing industry-leading reliability to millions of customers.”
Con Edison has narrowed its 2024 adjusted EPS guidance to the upper half of its original range, expecting adjusted EPS to be between $5.30 and $5.40 per share. This revision reflects the company’s strong financial performance and positive outlook for the remainder of the year.
“As a result of our solid third quarter results and financial performance year to date as well as our outlook for the balance of the year, we are narrowing and revising our 2024 adjusted EPS guidance to the upper half of our original range,” said Kirk Andrews, senior vice president and CFO of Con Edison. “We continue to expect solid rate base growth as we continue to make investments to both enable New York’s clean energy transition and upgrade our infrastructure to improve its resilience in the face of climate change.”
Con Edison remains committed to its mission of providing reliable and sustainable energy to its customers while supporting New York’s transition to a cleaner energy future.
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