CONSOLIDATED EDISON Reports Second Quarter FY2023 Earnings Results on June 30, 2023
August 14, 2023
🌥️Earnings Overview
On June 30, 2023, CONSOLIDATED EDISON ($NYSE:ED) reported its earnings results for the second quarter of fiscal year 2023 with total revenue of USD 2944.0 million, a decrease of 13.8% compared to the same period in the prior year. Net income also declined 11.4% year-on-year to USD 226.0 million.
Stock Price
The stock opened at $93.0 and closed at $90.3, representing a drop of 3.2% from the previous closing price of 93.3. Overall, CONSOLIDATED EDISON‘s second quarter FY2023 earnings report was a mixed bag with declining earnings offset by improved customer satisfaction and progress on environmental goals. It will be interesting to see how the company performs in subsequent quarters. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Consolidated Edison. More…
| Total Revenues | Net Income | Net Margin |
| 15.54k | 2.46k | 11.1% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Consolidated Edison. More…
| Operations | Investing | Financing |
| 3.14k | -995 | -1.43k |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Consolidated Edison. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 63.77k | 42.97k | 60.48 |
Key Ratios Snapshot
Some of the financial key ratios for Consolidated Edison are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 8.2% | -1.6% | 25.9% |
| FCF Margin | ROE | ROA |
| -8.5% | 12.1% | 3.9% |
Analysis
At GoodWhale, we have conducted a thorough analysis of CONSOLIDATED EDISON‘s financials. Based on our assessment, we rate CONSOLIDATED EDISON as a medium risk investment in terms of financial and business aspects. In order to help our users make informed investment decisions, we have also identified three risk warnings in the CONSOLIDATED EDISON income sheet, cashflow statement, and non-financial aspects. These risk warnings can be seen when you become a registered user on our website. We strongly advise our users to take this information into consideration when deciding whether to invest in CONSOLIDATED EDISON or not. More…
Peers
Consolidated Edison Inc is one of the leading energy companies in the United States. It is a holding company that engages in the business of energy through its subsidiaries. The Company’s segments include Consolidated Edison Company of New York, Inc. (CECONY), which delivers electricity, gas, and steam to customers in New York City and Westchester County; Orange and Rockland Utilities, Inc. (O&R), which delivers electricity and gas to customers in New York and Pennsylvania; Con Edison Clean Energy Businesses, Inc., which develops, owns, and operates renewable energy generation facilities and provides energy services; and Con Edison Transmission, Inc., which consists of electric transmission facilities. The Company’s competitors include Avangrid Inc, New Jersey Resources Corp, Exelon Corp.
– Avangrid Inc ($NYSE:AGR)
Avangrid is a leading energy services and delivery company with operations in 23 states. The company has a market cap of 15.34B as of 2022 and a Return on Equity of 3.84%. Avangrid’s operations include electric and gas utilities, renewable energy generation, and energy storage. The company’s electric utilities serve approximately 3.3 million customers in New York and New England. Gas utilities serve approximately 1.1 million customers in New York and New England. Renewable energy generation assets include approximately 9,000 MW of operating capacity, including solar, wind, and biomass.
– New Jersey Resources Corp ($NYSE:NJR)
New Jersey Resources is a publicly traded energy services holding company with operations in natural gas distribution, retail energy services, and midstream operations. Its principal subsidiary is New Jersey Natural Gas Company, which delivers safe, reliable, and affordable natural gas to over 500,000 residential, commercial, and industrial customers in Central and Northern New Jersey. The company also owns and operates two interstate natural gas pipelines, as well as a liquefied natural gas storage facility. In addition, through its subsidiaries, New Jersey Resources provides energy services to customers in the United States and Canada.
– Exelon Corp ($NASDAQ:EXC)
Exelon Corporation is an American energy company headquartered in the Chase Tower in the Loop area of Chicago, Illinois, United States, and is the largest U.S. utility holding company by revenue. The company was created in October 2000 by the merger of PECO Energy Company and Unicom Corp. It is now a Fortune 100 company and the largest operator of nuclear power plants in the United States. Exelon operates regulated utilities in Illinois, Maryland, New Jersey and Pennsylvania through its Exelon Utilities subsidiaries. Exelon has operations and business activities in 47 states, the District of Columbia and Canada.
Summary
Investors in Consolidated Edison are likely disappointed with the company’s second quarter earnings results for FY2023, with total revenue declining by 13.8% year-over-year and net income dropping 11.4%. As a result, the stock price dropped on the same day, suggesting a bearish sentiment among traders. Going forward, it will be important to keep an eye on the company’s progress and how it adjusts its strategies to address the current challenges. Investors should also consider any macroeconomic influences that may be impacting the company’s performance and outlook.
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