Dividend Increases for 50th
Consecutive Year
NEW
YORK, Jan. 18, 2024 /PRNewswire/ -- Consolidated
Edison, Inc. (Con Edison) (NYSE: ED) declared a quarterly dividend
of 83 cents a share on its common
stock, payable March 15, 2024 to
stockholders of record as of February 14,
2024, an annualized increase of 8
cents over the previous annualized dividend of $3.24 a share.
"The 50th consecutive annual increase for stockholders, the
longest period of consecutive annual dividend increases of any
utility in the S&P 500 index, reflects our continued emphasis
on providing a return to our investors while meeting the needs of
our customers during the clean energy transition," said
Robert Hoglund, Con Edison's senior
vice president and chief financial officer. The company now plans
to target a dividend payout ratio of between 55% and 65% of its
adjusted earnings in anticipation of higher levels of future
capital investment and the associated funding needs.
This press release contains a forward-looking statement that
reflects an expectation and not a fact. Actual results may differ
materially from this expectation because of factors such as those
identified in reports the company has filed with the Securities and
Exchange Commission. Con Edison assumes no obligation to update
forward-looking statements. This press release also refers to
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) and may exclude
from net income amounts that the company does not consider
indicative of its ongoing financial performance.
Consolidated Edison, Inc. is one of the nation's largest
investor-owned energy-delivery companies, with approximately
$16 billion in annual revenues and
$64 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.
(CECONY), a regulated utility providing electric service in
New York City and New York's Westchester County, gas service in
Manhattan, the Bronx, parts of Queens and parts of Westchester, and steam service in Manhattan; Orange and Rockland Utilities, Inc. (O&R),
a regulated utility serving customers in a 1,300-square-mile-area
in southeastern New York State and
northern New Jersey; and Con
Edison Transmission, Inc., which falls primarily under the
oversight of the Federal Energy Regulatory Commission and manages,
through joint ventures, both electric and gas assets while seeking
to develop electric transmission projects that will bring clean,
renewable electricity to customers, focusing on New York, New England, the Mid-Atlantic states
and the Midwest.
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SOURCE Consolidated Edison, Inc.