Con Edison Reports 2017 Earnings
February 15 2018 - 4:51PM
Consolidated Edison, Inc. (Con Edison) (NYSE:ED) today reported
2017 net income of $1,525 million or $4.97 a share compared with
$1,245 million or $4.15 a share in 2016. Adjusted earnings were
$1,264 million or $4.12 a share in 2017 compared with $1,198
million or $3.99 a share in 2016. Adjusted earnings for 2017
exclude the re-measurement of Con Edison's deferred tax assets and
liabilities upon enactment of the Tax Cuts and Jobs Act of 2017
(TCJA), the effects of the gain on the sale of a solar electric
production project and the net mark-to-market of Con Edison Clean
Energy Businesses, Inc. (the Clean Energy Businesses or the CEBs).
Adjusted earnings for 2016 exclude the effects of the gain on the
sale of the CEBs' retail electric supply business, the goodwill
impairment of the CEBs' energy service business and the net
mark-to-market of the CEBs.
For the fourth quarter of 2017, net income was $505 million or
$1.63 a share compared with $207 million or $0.68 a share in the
fourth quarter of 2016. Adjusted earnings were $247 million or
$0.80 a share in 2017 compared with $211 million or $0.69 a share
in 2016. Adjusted earnings for the fourth quarter of 2017 exclude
the re-measurement of Con Edison's deferred tax assets and
liabilities upon enactment of the TCJA and the net mark-to-market
effects of the Clean Energy Businesses. Adjusted earnings for the
fourth quarter of 2016 exclude the effects of the gain on the sale
of the CEBs' retail electric supply business, the goodwill
impairment of the CEBs' energy service business and the net
mark-to-market of the CEBs.
“The company’s performance was strong in 2017, and we continue
to be committed to safety, reliability, and improving the customer
experience,” said John McAvoy, Con Edison’s chairman and CEO. “We
are working every day to lead the way to a new energy future that
increasingly relies on clean, renewable resources. Our employees
also took on both new and unexpected challenges, including
performing heroically coming to the aid of hurricane victims in
Florida and Puerto Rico."
The following table is a reconciliation of Con Edison’s reported
earnings per share to adjusted earnings per share and reported net
income to adjusted earnings for the three months and the years
ended December 31, 2017 and 2016.
|
|
|
|
For the Three Months Ended |
For the Years Ended |
|
Earnings per Share |
Net Income (Millions of Dollars) |
Earnings per Share |
Net Income (Millions of Dollars) |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
Reported earnings per share (basic) and net income (GAAP
basis) |
$ |
1.63 |
|
$ |
0.68 |
|
$ |
505 |
|
$ |
207 |
|
$ |
4.97 |
|
$ |
4.15 |
|
$ |
1,525 |
|
$ |
1,245 |
|
Gain on sale of the
CEBs' retail electric supply business (a) |
|
— |
|
|
(0.03 |
) |
|
— |
|
|
(9 |
) |
|
— |
|
|
(0.19 |
) |
|
— |
|
|
(56 |
) |
Goodwill impairment
related to the CEBs' energy service business (b) |
|
— |
|
|
0.04 |
|
|
— |
|
|
12 |
|
|
— |
|
|
0.04 |
|
|
— |
|
|
12 |
|
Gain on sale of the
CEBs' solar electric production project |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(1 |
) |
|
— |
|
Enactment of the TCJA
(c) |
|
(0.84 |
) |
|
— |
|
|
(259 |
) |
|
— |
|
|
(0.85 |
) |
|
— |
|
|
(259 |
) |
|
— |
|
Net mark-to-market
effects of the CEBs (d) |
|
0.01 |
|
|
— |
|
|
1 |
|
|
1 |
|
|
— |
|
|
(0.01 |
) |
|
(1 |
) |
|
(3 |
) |
Adjusted
earnings per share and adjusted earnings (non-GAAP basis) |
$ |
0.80 |
|
$ |
0.69 |
|
$ |
247 |
|
$ |
211 |
|
$ |
4.12 |
|
$ |
3.99 |
|
$ |
1,264 |
|
$ |
1,198 |
|
- After taxes of $(48) million for the year ended
December 31, 2016, which includes an adjustment for the
apportionment of state income taxes.
- After taxes of $3 million for the three months and the year
ended December 31, 2016.
- Upon enactment of the TCJA, Con Edison re-measured its deferred
tax assets and liabilities based upon the 21 percent corporate
income tax rate under the TCJA. As a result, Con Edison decreased
its net deferred tax liabilities by $5,312 million, recognized $259
million (or $0.84 per share and $0.85 per share for the three
months and the year ended December 31, 2017, respectively) in
net income, decreased its regulatory asset for future income tax by
$1,250 million, decreased its regulatory asset for revenue taxes by
$90 million and accrued a regulatory liability for future income
tax of $3,713 million. The amounts recognized in net income were
$269 million (or $0.87 per share and $0.88 per share for the three
months and the year ended December 31, 2017, respectively),
$11 million (or $0.04 per share for the three months and the year
ended December 31, 2017), and $(21) million (or $(0.07)
per share for the three months and the year ended December 31,
2017) for the Clean Energy Businesses, Con Edison Transmission,
Inc., and the parent company, respectively.
- After taxes of $(2) million for the year ended December 31,
2016.
The company expects its adjusted earnings for the year 2018 to
be in the range of $4.15 to $4.35 per share. Adjusted earnings per
share exclude the Clean Energy Businesses' net mark-to-market
effects, the amount of which will not be determinable until year
end. The forecast reflects capital investments of $3,969 million
and operations and maintenance expenses of $3,095 million.
Con Edison plans to meet its 2018 capital requirements through
internally-generated funds and the issuance of securities. The
company's plans include the issuance of between $1,300 million and
$1,800 million of long-term debt at the utilities, and the issuance
of additional debt secured by its renewable electric production
projects. The plans also include the issuance of up to $450 million
of common equity in addition to equity under its dividend
reinvestment, employee stock purchase and long term incentive
plans. The plans do not reflect the provision to the utilities’
customers of any TCJA benefits that the New York State Public
Service Commission and the New Jersey Board of Public Utilities may
require to be provided.
The results of operations for the three months and the year
ended December 31, 2017, as compared with the 2016 periods,
reflect changes in rate plans and regulatory charges and the impact
of weather on steam revenues. The results of operations also
reflect income from renewable investments at the Clean Energy
Businesses and income from equity investments at Con Edison
Transmission, Inc. Operations and maintenance expenses for
Consolidated Edison Company of New York, Inc. (CECONY) for the
three months and the year ended December 31, 2017 primarily
reflect lower costs for pensions and other postretirement benefits.
In addition, the utilities' rate plans provide for revenues to
cover expected changes in certain operating costs including
depreciation, property taxes and other tax matters. See Attachments
B and C to this press release for the estimated effect on earnings
per share and net income for the 2017 periods compared to the 2016
periods resulting from these and other factors.
The Company's 2017 Annual Report on Form 10-K is being filed
with the Securities and Exchange Commission. Consolidated income
statements for 2017 and 2016 are attached to this press release
(Attachment A). A 2017 earnings release presentation will be
available at www.conedison.com (select "For Investors" and then
select "Press Releases").
This press release contains forward-looking statements that are
intended to qualify for the safe-harbor provisions of Section 27A
of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Forward-looking
statements are statements of future expectations and not facts.
Words such as “forecasts,” “expects,” “estimates,” “anticipates,”
“intends,” “believes,” “plans,” “will” and similar expressions
identify forward-looking statements. The forward-looking statements
reflect information available and assumptions at the time the
statements are made, and speak only as of that time. Actual results
or developments may differ materially from those included in the
forward-looking statements because of various factors such as those
identified in reports the company has filed with the Securities and
Exchange Commission, including that the company’s subsidiaries are
extensively regulated and are subject to penalties; its utility
subsidiaries’ rate plans may not provide a reasonable return; it
may be adversely affected by changes to the utility subsidiaries’
rate plans; the intentional misconduct of employees or contractors
could adversely affect it; the failure of, or damage to, its
subsidiaries’ facilities could adversely affect it; a cyber-attack
could adversely affect it; it is exposed to risks from the
environmental consequences of its subsidiaries’ operations; a
disruption in the wholesale energy markets or failure by an energy
supplier could adversely affect it; it has substantial unfunded
pension and other postretirement benefit liabilities; its ability
to pay dividends or interest depends on dividends from its
subsidiaries; it requires access to capital markets to satisfy
funding requirements; changes to tax laws could adversely affect
it; its strategies may not be effective to address changes in the
external business environment; and it also faces other risks that
are beyond its control.
This press release also contains a financial measure, adjusted
earnings, that is not determined in accordance with generally
accepted accounting principles in the United States of America
(GAAP). This non-GAAP financial measure should not be considered as
an alternative to net income, which is an indicator of financial
performance determined in accordance with GAAP. Adjusted earnings
excludes from net income the net mark-to-market changes in the fair
value of the derivative instruments the Clean Energy Businesses use
to economically hedge market price fluctuations in related
underlying physical transactions for the purchase or sale of
electricity and gas. Adjusted earnings may also exclude from net
income certain other items that the company does not consider
indicative of its ongoing financial performance. Management uses
this non-GAAP financial measure to facilitate the analysis of the
company's financial performance as compared to its internal budgets
and previous financial results. Management also uses this non-GAAP
financial measure to communicate to investors and others the
company’s expectations regarding its future earnings and dividends
on its common stock. Management believes that this non-GAAP
financial measure is also useful and meaningful to investors to
facilitate their analysis of the company's financial
performance.
Consolidated Edison, Inc. is one of the nation's largest
investor-owned energy-delivery companies, with approximately $12
billion in annual revenues and $48 billion in assets. The company
provides a wide range of energy-related products and services to
its customers through the following subsidiaries: Consolidated
Edison Company of New York, Inc., a regulated utility providing
electric, gas and steam service in New York City and Westchester
County, New York; Orange and Rockland Utilities, Inc., a regulated
utility serving customers in a 1,300-square-mile-area in
southeastern New York State and northern New Jersey; Con Edison
Clean Energy Businesses, Inc., which through its subsidiaries
develops, owns and operates renewable and energy infrastructure
projects and provides energy-related products and services to
wholesale and retail customers; and Con Edison Transmission, Inc.,
which through its subsidiaries invests in electric and natural gas
transmission projects.
CONSOLIDATED EDISON, INC. |
CONSOLIDATED INCOME STATEMENT |
|
|
|
|
|
|
For the Three Months Ended |
For the Years Ended |
|
December 31, |
December 31, |
|
2017 |
2016 |
2017 |
2016 |
|
(Unaudited) |
|
(Millions of Dollars/Except Share Data) |
OPERATING REVENUES |
|
|
|
|
Electric |
$ |
2,039 |
|
$ |
2,024 |
|
$ |
8,612 |
|
$ |
8,741 |
|
Gas |
|
540 |
|
|
446 |
|
|
2,133 |
|
|
1,692 |
|
Steam |
|
147 |
|
|
145 |
|
|
595 |
|
|
551 |
|
Non-utility |
|
235 |
|
|
92 |
|
|
693 |
|
|
1,091 |
|
TOTAL OPERATING REVENUES |
|
2,961 |
|
|
2,707 |
|
|
12,033 |
|
|
12,075 |
|
OPERATING EXPENSES |
|
|
|
|
Purchased
power |
|
348 |
|
|
392 |
|
|
1,601 |
|
|
2,439 |
|
Fuel |
|
47 |
|
|
39 |
|
|
216 |
|
|
172 |
|
Gas
purchased for resale |
|
224 |
|
|
158 |
|
|
808 |
|
|
477 |
|
Other
operations and maintenance |
|
898 |
|
|
821 |
|
|
3,303 |
|
|
3,269 |
|
Depreciation and amortization |
|
342 |
|
|
311 |
|
|
1,341 |
|
|
1,216 |
|
Taxes, other than income taxes |
|
558 |
|
|
508 |
|
|
2,155 |
|
|
2,031 |
|
TOTAL
OPERATING EXPENSES |
|
2,417 |
|
|
2,229 |
|
|
9,424 |
|
|
9,604 |
|
Gain on sale of retail electric supply business |
|
— |
|
|
— |
|
|
1 |
|
|
104 |
|
OPERATING
INCOME |
|
544 |
|
|
478 |
|
|
2,610 |
|
|
2,575 |
|
OTHER INCOME
(DEDUCTIONS) |
|
|
|
|
Investment income |
|
19 |
|
|
20 |
|
|
79 |
|
|
47 |
|
Other
income |
|
5 |
|
|
(13 |
) |
|
47 |
|
|
44 |
|
Allowance
for equity funds used during construction |
|
4 |
|
|
2 |
|
|
11 |
|
|
10 |
|
Other
deductions |
|
(10 |
) |
|
(6 |
) |
|
(21 |
) |
|
(37 |
) |
TOTAL OTHER INCOME |
|
18 |
|
|
3 |
|
|
116 |
|
|
64 |
|
INCOME
BEFORE INTEREST AND INCOME TAX EXPENSE |
|
562 |
|
|
481 |
|
|
2,726 |
|
|
2,639 |
|
INTEREST EXPENSE |
|
|
|
|
Interest
on long-term debt |
|
187 |
|
|
173 |
|
|
726 |
|
|
678 |
|
Other
interest |
|
— |
|
|
7 |
|
|
11 |
|
|
24 |
|
Allowance
for borrowed funds used during construction |
|
(2 |
) |
|
(2 |
) |
|
(8 |
) |
|
(6 |
) |
NET INTEREST EXPENSE |
|
185 |
|
|
178 |
|
|
729 |
|
|
696 |
|
INCOME BEFORE INCOME
TAX EXPENSE |
|
377 |
|
|
303 |
|
|
1,997 |
|
|
1,943 |
|
INCOME TAX EXPENSE |
|
(128 |
) |
|
96 |
|
|
472 |
|
|
698 |
|
NET INCOME |
$ |
505 |
|
$ |
207 |
|
$ |
1,525 |
|
$ |
1,245 |
|
Net income per common share — basic |
$ |
1.63 |
|
$ |
0.68 |
|
$ |
4.97 |
|
$ |
4.15 |
|
Net income per common share — diluted |
$ |
1.62 |
|
$ |
0.67 |
|
$ |
4.94 |
|
$ |
4.12 |
|
AVERAGE NUMBER OF
SHARES OUTSTANDING — BASIC(IN MILLIONS) |
|
310.1 |
|
|
304.8 |
|
|
307.1 |
|
|
300.4 |
|
AVERAGE NUMBER OF SHARES OUTSTANDING — DILUTED (IN
MILLIONS) |
|
311.8 |
|
|
306.2 |
|
|
308.8 |
|
|
301.9 |
|
|
|
|
|
Attachment B |
|
Variation
for the Three Months Ended December 31, 2017 vs. 2016 |
|
|
|
Earnings per Share |
Net Income (Millions ofDollars) |
|
CECONY (a) |
|
|
|
Changes in rate
plans and regulatory charges |
|
|
|
Timing of
recognition of electric annual revenues |
$ |
0.03 |
|
$ |
10 |
|
Reflects higher electric
net base revenues resulting from the timing of recognition of
annual revenues betweenquarters under the company's new electric
rate plan. |
Other rate
plan changes |
|
0.17 |
|
|
50 |
|
Reflects higher electric
net base revenues of $0.02 a share resulting from the increased
base rates under thecompany's new electric rate plan, higher gas
net base revenues of $0.06 a share, growth in the number of
gascustomers of $0.01 a share, incentives earned under the Earnings
Adjustment Mechanisms of $0.01 a share andthe Energy Efficiency
Portfolio Standard of $0.04 a share, a property tax refund
incentive of $0.01 a share, andlower retention of Transmission
Congestion Contract (TCC) auction proceeds of $(0.01) a share. |
Weather impact on
steam revenues |
|
0.01 |
|
|
2 |
|
|
Operations and
maintenance expenses |
|
0.06 |
|
|
18 |
|
Reflects lower pension and other postretirement benefits costs of
$0.07 a share. |
Depreciation,
property taxes and other tax matters |
|
(0.21 |
) |
|
(62 |
) |
Reflects higher
depreciation and amortization expense of $(0.05) a share, property
taxes of $(0.14) a share, andincome taxes of $(0.02) a share. |
Other |
|
— |
|
|
6 |
|
Includes the dilutive
effect of Con Edison's stock issuances. |
Total CECONY |
|
0.06 |
|
|
24 |
|
|
Orange and Rockland
Utilities, Inc. (O&R) (a) |
|
|
|
Changes in rate
plans and regulatory charges |
|
0.02 |
|
|
5 |
|
Reflects higher electric
and gas net base revenues of $0.01 a share. |
Other |
|
— |
|
|
1 |
|
Includes the dilutive effect of Con Edison's stock issuances. |
Total O&R |
|
0.02 |
|
|
6 |
|
|
Clean Energy
Businesses |
|
|
|
Operating revenues
less energy costs |
|
0.22 |
|
|
68 |
|
Reflects revenues from the
engineering, procurement and construction of Upton 2 and higher
revenues fromrenewable electric production projects. Includes
$(0.01) a share of net after-tax mark-to-market losses in
2017. |
Operations and
maintenance expenses |
|
(0.20 |
) |
|
(60 |
) |
Reflects Upton 2
engineering, procurement and construction costs and higher energy
service costs. |
Depreciation |
|
(0.02 |
) |
|
(4 |
) |
|
Other |
|
0.90 |
|
|
276 |
|
Includes
the effect of the TCJA of $0.87 a share and the dilutive effect of
Con Edison's stock issuances. Alsoincludes $0.03 a share of net
after-tax gain related to the sale of the retail electric supply
business in 2016 and$(0.04) a share of impairment of the energy
service business in December 2016. |
Total Clean Energy Businesses |
|
0.90 |
|
|
280 |
|
|
Con Edison Transmission, Inc. |
|
0.03 |
|
|
9 |
|
Includes the effect of the TCJA of $0.04 a share. Reflects income
from equity investments and the dilutive effect ofCon Edison's
stock issuances. |
Other, including parent company expenses |
|
(0.06 |
) |
|
(21 |
) |
Includes
the effect of the TCJA of $(0.07) a share. Reflects higher state
income tax benefits and the dilutive effect ofCon Edison's stock
issuances. |
Total
Reported (GAAP basis) |
$ |
0.95 |
|
$ |
298 |
|
|
Gain on
sale of the CEBs' retail electric supply business in 2016 |
|
0.03 |
|
|
9 |
|
|
Goodwill
impairment related to the CEBs' energy service business in
2016 |
|
(0.04 |
) |
|
(12 |
) |
|
Enactment
of the TCJA |
|
(0.84 |
) |
|
(259 |
) |
|
Net
mark-to-market effects of the CEBs |
|
0.01 |
|
|
— |
|
|
Total Adjusted (non-GAAP basis) |
$ |
0.11 |
|
$ |
36 |
|
|
|
|
|
|
- Under the revenue decoupling mechanisms in the Utilities’ New
York electric and gas rate plans and the weather-normalization
clause applicable to their gas businesses, revenues are generally
not affected by changes in delivery volumes from levels assumed
when rates were approved. In general, the Utilities recover on a
current basis the fuel, gas purchased for resale and purchased
power costs they incur in supplying energy to their full-service
customers. Accordingly, such costs do not generally affect Con
Edison’s results of operations.
|
|
|
|
|
|
|
|
|
Attachment C |
|
Variation
for the Years Ended December 31, 2017 vs. 2016 |
|
|
|
Earnings per Share |
Net Income (Millions ofDollars) |
|
CECONY (a) |
|
|
|
Changes in rate
plans and regulatory charges |
$ |
0.47 |
|
$ |
143 |
|
Reflects higher electric
net base revenues of $0.10 a share resulting from the increased
base rates under thecompany's new electric rate plan, higher gas
net base revenues of $0.21 a share, growth in the number of
gascustomers of $0.05 a share, incentives earned under the Earnings
Adjustment Mechanisms of $0.03 a share andthe Energy Efficiency
Portfolio Standard of $0.04 a share, a property tax refund
incentive of $0.01 a share, lowerretention of TCC auction proceeds
of $(0.03) a share, and an increase to the regulatory reserve
related to certaingas proceedings in 2016 of $0.03 a share. |
Weather impact on
steam revenues |
|
0.02 |
|
|
6 |
|
|
Operations and
maintenance expenses |
|
0.30 |
|
|
90 |
|
Reflects lower pension and
other postretirement benefits costs of $0.29 a share. |
Depreciation,
property taxes and other tax matters |
|
(0.57 |
) |
|
(170 |
) |
Reflects higher
depreciation and amortization expense of $(0.18) a share, property
taxes of $(0.27) a share, andincome taxes of $(0.12) a share. |
Other |
|
(0.15 |
) |
|
(21 |
) |
Includes the dilutive
effect of Con Edison's stock issuances. |
Total CECONY |
|
0.07 |
|
|
48 |
|
|
Orange and Rockland
Utilities, Inc. (O&R) (a) |
|
|
|
Changes in rate
plans and regulatory charges |
|
0.06 |
|
|
18 |
|
Reflects higher electric
and gas net base revenues of $0.01 and $0.04 a share,
respectively. |
Operations and
maintenance expenses |
|
(0.03 |
) |
|
(9 |
) |
Reflects higher pension
costs. |
Depreciation,
property taxes and other tax matters |
|
(0.03 |
) |
|
(6 |
) |
|
Other |
|
0.01 |
|
|
2 |
|
Includes the dilutive
effect of Con Edison's stock issuances. |
Total O&R |
|
0.01 |
|
|
5 |
|
|
Clean Energy
Businesses |
|
|
|
Operating revenues
less energy costs |
|
0.33 |
|
|
99 |
|
Reflects revenues from the
engineering, procurement and construction of Upton 2 and higher
revenues fromrenewable electric production projects, lower revenues
and energy costs resulting from the retail electric supplybusiness
that was sold in September 2016. Includes $0.01 a share net
after-tax mark-to market gains in 2016.Substantially all the
mark-to-market effects in the 2016 periods were related to the
retail electric business sold inSeptember 2016. |
Operations and
maintenance expenses |
|
(0.30 |
) |
|
(89 |
) |
Reflects Upton 2
engineering, procurement and construction costs and higher energy
service costs. |
Depreciation |
|
(0.06 |
) |
|
(19 |
) |
|
Net interest
expense |
|
(0.02 |
) |
|
(5 |
) |
|
Other |
|
0.74 |
|
|
228 |
|
Includes the effect of the TCJA of $0.88 a share and the dilutive
effect of Con Edison's stock issuances. Alsoincludes $0.19 a share
of net after-tax gain related to the sale of the retail electric
supply business in 2016 and$(0.04) a share of impairment of the
energy service business in December 2016. |
Total Clean Energy Businesses |
|
0.69 |
|
|
214 |
|
|
Con Edison Transmission, Inc. |
|
0.08 |
|
|
24 |
|
Includes the effect of the
TCJA of $0.04 a share. Reflects income from equity investments and
the dilutive effect ofCon Edison's stock issuances. |
Other, including parent company expenses |
|
(0.03 |
) |
|
(11 |
) |
Includes the effect of the TCJA of $(0.07) a share. Reflects higher
state income tax benefits and the dilutive effectof Con Edison's
stock issuances. |
Total
Reported (GAAP basis) |
$ |
0.82 |
|
$ |
280 |
|
|
Gain on sale
of the CEBs' retail electric supply business in 2016 |
|
0.19 |
|
|
56 |
|
|
Goodwill
impairment related to the CEBs' energy service business in
2016 |
|
(0.04 |
) |
|
(12 |
) |
|
Gain on sale
of the CEBs' solar electric production project |
|
— |
|
|
(1 |
) |
|
Enactment of
the TCJA |
|
(0.85 |
) |
|
(259 |
) |
|
Net
mark-to-market effects of the CEBs |
|
0.01 |
|
|
2 |
|
|
Total Adjusted (non-GAAP basis) |
$ |
0.13 |
|
$ |
66 |
|
|
|
|
|
|
- Under the revenue decoupling mechanisms in the Utilities’ New
York electric and gas rate plans and the weather-normalization
clause applicable to their gas businesses, revenues are generally
not affected by changes in delivery volumes from levels assumed
when rates were approved. In general, the Utilities recover on a
current basis the fuel, gas purchased for resale and purchased
power costs they incur in supplying energy to their full-service
customers. Accordingly, such costs do not generally affect Con
Edison’s results of operations.
|
|
Contact:Robert McGee212-460-4111
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