Consolidated Edison Inc. (ED) has released its fourth-quarter results, projecting that its adjusted earnings per share will fall within a $5.20 to $5.40 range for 2024. Surveys conducted by Thomson Reuters show an expected average from analysts of $5.29 earnings per share for the company's 2024 fiscal year. It's important to note that these estimates normally exclude any unique or special items.
Additionally, Consolidated Edison forecasts a compounded annual growth rate (CAGR) of its adjusted earnings per share between 5% - 7% over a five-year period, using its 2024 adjusted earnings per share guidance as a baseline.
In terms of capital investments, the company has earmarked $4.849 billion and $5.243 billion for 2024 and 2025, respectively. A more comprehensive strategy covering 2026 through to 2028 reveals plans for cumulative capital investments amounting to $17.960 billion.
The funding for these capital requirements from 2024 through to 2028 will mainly rely on internally generated funds and the issuance of long-term debt and common equity. This will encompass the release of up to $3.250 billion worth of long-term debt in 2024 and up to $1.000 billion in 2025, which will be used to renew maturing securities at both the Consolidated Edison Company of New York, Inc. and Orange and Rockland Utilities, Inc.
The financial plan also includes the issuance of an aggregate of approximately $6.000 billion in long-term debt from 2026 to 2028. These funds will be directed towards the renewal of maturing securities at various utility companies during this period.
