![CONSOLIDATED EDISON INC [ED] reports quarterly net loss of $720 million](/_next/image?url=https%3A%2F%2F10kinfo-appdata.s3.us-west-2.amazonaws.com%2Fedgar0105%2FCompanyLogos%2FUS%2FED.png&w=1200&q=75)
CONSOLIDATED EDISON INC [ED] has reported a net loss of $720 million for quarter ended Dec 31, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the quarter was $4.3 billion
Based in NEW YORK, New York, CONSOLIDATED EDISON INC operates in the TRANSPORT sector.
In the recent quarterly financial report, the company generated total operating revenues of $4,280 million, showing a slight decrease compared to the same period last year when it reported operating revenues of $4,403 million.
The total operating expenses for the current period amounted to $3,239 million, lower than the $3,519 million reported in the previous year. The decrease in operating expenses contributed to the operating income of $1,011 million for the quarter, down from $1,739 million in the same period last year.
Other income and deductions were also observed, with a total of $182 million in the current period compared to $196 million in the previous year.
The company reported a net income of $720 million for the quarter, a decline from $1,430 million in the corresponding period last year. The decrease in net income is primarily attributed to lower operating revenues and higher expenses.
Earnings per share for basic and diluted amounts were reported at $2.08 in the current quarter, down from $4.06 and $4.05, respectively, in the previous year's period.
The company's performance across its different operating segments varied. In the Electric division, total operating revenues were $2,636 million, up from $2,538 million last year. Gas division reported total operating revenues of $1,356 million, a decrease from $1,430 million in the previous year.
In terms of operating expenses, the company saw fluctuations across different segments. For instance, operating costs in the Gas division decreased significantly from $468 million to $267 million. However, other operations and maintenance costs remained relatively stable at $888 million compared to $896 million in the previous year.
Overall, the company's financial performance in the current quarter reflects a mixed outcome across its operating segments, with a notable decline in net income compared to the same period last year. Further analysis and strategic decisions may be required to improve future financial results.
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