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![CONSOLIDATED EDISON INC [ED] reports annual net loss of $2.5 billion](/_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 $2.5 billion for year ended Dec 31, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the year was $14.7 billion
Based in NEW YORK, New York, CONSOLIDATED EDISON INC operates in the TRANSPORT sector.
The financial performance of the company for the 12 months ended December 31, 2023, showed a decrease in total operating revenues compared to the previous fiscal year. The total operating revenues for the current period were $14.663 million, a decline from $15.670 million in the same period in 2022 and $13.676 million in 2021.
Operating expenses also decreased in the current period, with a total of $12.332 million compared to $13.046 million in 2022 and $10.850 million in 2021. However, there was a significant gain on the sale of the Clean Energy Businesses, contributing $865 million to the operating income for the year. The operating income for the period was $3.196 million, an improvement from $2.624 million in 2022 but a decrease from $2.826 million in 2021.
Other income (deductions) also increased to $830 million this year compared to $326 million in 2022, mainly due to higher investment income and other income. Income before interest and income tax expense saw a substantial growth, reaching $4.026 million in 2023, up from $2.950 million in 2022 and $2.288 million in 2021.
Net income for the common stockholders significantly improved to $2.519 million for the current period, compared to $1.660 million in 2022 and $1.346 million in 2021. The earnings per common share, both basic and diluted, also showed an upward trend, with $7.25 and $7.21 respectively for 2023, marking an increase from $4.68 and $4.66 in 2022, and $3.86 and $3.85 in 2021.
The company's performance across different segments also varied. Electric operating revenues increased to $10.835 million, while Gas operating revenues were slightly lower at $3.127 million. Steam and Non-utility operating revenues also showed fluctuations.
Overall, the company's financial results for the current period reflected improvements in revenue generation and profitability compared to the previous years, driven by strategic decisions and revenue diversification.
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