The company said it recorded a net loss of $442.2 million ($1.26 per share loss) in 2023, compared with net income of $1.40 billion ($4.05 per share) in 2022. The company said that excluding after-tax offshore wind impairment charges of $1.95 billion and other items, its non-GAAP earnings were $1.52 billion ($4.34 per share).

1. 01

   The company said it recorded a net loss of $442.2 million ($1.26 per share loss) in 2023, compared with net income of $1.40 billion ($4.05 per share) in 2022. The company said that excluding after-tax offshore wind impairment charges of $1.95 billion and other items, its non-GAAP earnings were $1.52 billion ($4.34 per share).

2. 02

   The company said it expects non-GAAP earnings for 2024 to be between $4.50 and $4.67 per share. The outlook excludes the impact of the planned sale of 50% interests in 3 jointly owned offshore wind projects and related transaction costs. The company also projected long-term EPS growth from its regulated utility businesses through 2028 of 5 to 7%.

3. 03

   The company said it signed an agreement on February 13, 2024 to sell its existing 50% interests in the South Fork Wind and Revolution Wind projects to Global Infrastructure Partners. The company said it expects to receive about $1.1 billion in cash proceeds at closing and expects the deal to close in mid-2024.

4. 04

   The company said cash flow from operating activities was $1.65 billion in 2023, compared with $2.40 billion in 2022. It said investments in property, plant and equipment totaled $4.34 billion in 2023 and $3.44 billion in 2022. The company said it issued $5.20 billion of new long-term debt and repaid $2.01 billion of long-term debt in 2023.

Key figures

Fiscal year ended December 31, 2023

Revenue

$11.9B

Operating income

$2.4B

Net income

−$435M

EPS

−$1.26

Operating cash flow

$1.6B

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.