CONSOLIDATED EDISON INC (ED)·Q4 2024 Earnings Summary

Executive Summary

• Q4 2024 revenue was $3.669B and GAAP EPS was $0.90; adjusted EPS was $0.98, with revenue up 6.5% YoY and EPS down versus Q3 seasonality .
• 2025 adjusted EPS guidance introduced at $5.50–$5.70 and a 6–7% five‑year adjusted EPS CAGR target; 2024 adjusted EPS finished at $5.40, the top end of prior guidance .
• Capex plan accelerates: $5.1B in 2025 and $8.1B in 2026; financing includes up to $1.35B common equity in 2025 (incl. ~$677M forward settled), and up to $1.75B utility debt in 2025 .
• Consensus estimates from S&P Global were unavailable at time of retrieval; third‑party commentary indicated Q4 revenue and EPS beat expectations, a potential positive stock catalyst pending call details .

What Went Well and What Went Wrong

What Went Well

• Achieved 2024 adjusted EPS of $5.40 (non‑GAAP), at the top end of guidance; 51st consecutive year of dividend increases (annualized to $3.40 as of Jan 2025) .
• CEO emphasized strong execution and infrastructure progress (key substations, two Reliable Clean City lines), positioning to meet electrification demand: “We support our customers’ adoption of clean energy technologies while delivering the most reliable electric service in the nation” .
• Rate base growth tailwinds at CECONY and O&R supported earnings; Q4 YoY EPS variance included +$0.06 from higher electric rate base and +$0.06 from the steam plan .

What Went Wrong

• Higher interest expense and regulatory/corporate costs weighed on Q4 EPS (−$0.07 and −$0.05, respectively, YoY); CET had lower investment income vs. prior year due to MVP AFUDC timing (−$0.05) .
• Q4 GAAP EPS declined YoY to $0.90 (from $0.97), and adjusted EPS to $0.98 (from $1.00), reflecting corporate and financing headwinds .
• Customer accounts receivable aging elevated (CECONY aged receivables $1.652B at 12/31/24), with management outlining collections actions to address the balance .

Financial Results

Headline Results vs prior periods and estimates

Notes: S&P Global consensus data was unavailable at time of query; third‑party publisher commentary indicated positive surprises, but we anchor primary numbers on company disclosures .

Segment/line breakdown – Q4 2024 operating revenues

Operating company breakdown – Q4 2024, quarterly view

Margins and expense context

KPIs related to electrification and programs

Guidance Changes

Earnings Call Themes & Trends

Note: A full Q4 2024 earnings call transcript was not available in our document set; themes below synthesize press releases/presentation commentary across quarters.

Management Commentary

• CEO Tim Cawley: “We support our customers’ adoption of clean energy technologies while delivering the most reliable electric service in the nation… We anticipate demand for electrification to grow steadily in 2025” .
• CFO Kirk Andrews: “Our 2024 financial performance was driven by strong execution within our utility rate plans… The successful execution of an equity forward transaction in the fourth quarter provides us greater pricing certainty for a meaningful portion of our estimated 2025 equity funding needs” .
• 2025 outlook: Adjusted EPS $5.50–$5.70; five‑year adjusted EPS CAGR target 6–7% on accelerating investment and rate base growth .

Q&A Highlights

A full Q4 2024 earnings call transcript was not available in our document corpus; below are notable clarifications from the earnings materials:

• Q4 YoY EPS drivers: +$0.06 higher electric rate base; +$0.06 steam plan; offset by −$0.07 higher interest and −$0.05 regulatory/corporate expenses .
• CET variance: lower MVP AFUDC investment income YoY (−$0.05); accretion of MVP basis difference excluded from adjusted EPS .
• Regulatory timeline: CECONY rate case filings (Jan 2025) with proposed ROE 10.10% and 48% equity ratio; typical timeline through Jan 2026 .
• Financing plan detail: 2025–2029 equity and debt issuance schedule to support ~$38B five‑year capital plan .

Estimates Context

• S&P Global consensus EPS and revenue estimates were unavailable at time of retrieval due to service limits; therefore “vs estimates” comparisons in the tables above are based on primary company figures and third‑party commentary when noted. Values from S&P Global could not be fetched and are not shown.
• External publisher commentary (Zacks/Nasdaq) indicated ED delivered Q4 revenue and EPS surprises (revenue +2.6% vs consensus, EPS +1.0%), consistent with a modest beat narrative; treat as directional until S&P Global consensus can be confirmed .

Key Takeaways for Investors

• 2024 closed strong at the top end of adjusted EPS guidance ($5.40), supported by rate base growth and disciplined execution, despite interest and regulatory cost headwinds .
• 2025 guidance ($5.50–$5.70) and 6–7% five‑year adjusted EPS CAGR target hinge on accelerated capex and regulatory approvals; monitor CECONY and O&R rate outcomes and the Proactive Planning proceeding .
• Funding plan is robust: forward equity executed, staged equity/debt issuance through 2029; equity needs are front‑loaded in 2025–2026, which may weigh on near‑term valuation multiples .
• Electrification/clean‑heat adoption metrics are inflecting (heat pumps +77% Q/Q, EV infrastructure build‑out), reinforcing long‑term load and investment visibility .
• Watch CET strategic alternatives (MVP, Honeoye) for potential portfolio re‑mix and earnings volatility; basis accretion excluded from adjusted EPS .
• Collections strategy addressing elevated aged receivables at CECONY is an execution item to improve working capital and reduce credit risk .
• Dividend cadence remains intact (51 years of increases; $0.85 quarterly), supported by regulated cash flows and rate base growth .

Citations:
Primary source Q4 press release and 8‑K with attachments . Prior quarter press releases for Q3 and Q2 . Equity offering press release . Presentation details on programs, capex, rate filings, and financing . External estimate commentary (Nasdaq/Zacks) .