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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Edison International | NYSE:EIX | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 74.94 | 40 | 14:19:21 |
Edison International (NYSE: EIX) today reported fourth quarter 2021 net income of $523 million, or $1.38 per share, compared to net income of $526 million, or $1.39 per share, in the fourth quarter of 2020. As adjusted, fourth quarter 2021 core earnings were $440 million, or $1.16 per share, compared to core earnings of $451 million, or $1.19 per share, in the fourth quarter of 2020.
Southern California Edison’s (SCE) fourth quarter 2021 core earnings per share (EPS) increased year-over-year primarily due to higher revenue from the 2021 General Rate Case (GRC) final decision and income tax benefits from the settlement of 2007 – 2012 California tax audits, partially offset by higher operation and maintenance expenses and higher net financing costs.
Edison International Parent and Other's fourth quarter 2021 loss per share increased year-over-year primarily due to higher preferred dividends as a result of preferred equity issuances in 2021.
“We delivered solid 2021 results with EPS exceeding the guidance range. Additionally, SCE continues to significantly reduce wildfire risk and the utility’s ongoing and planned mitigation actions give us increased confidence of further risk reduction,” said Pedro J. Pizarro, president and CEO of Edison International.
Pizarro added, “SCE sees substantial investment opportunities over the next several years to bolster grid safety and resiliency. Furthermore, with one of the strongest electrification profiles in the industry, SCE is accelerating economywide electrification with investments in transportation and building electrification to help meet California’s climate goals. All these initiatives give us high confidence in achieving EPS growth of 5 to 7% from 2021 to 2025. Combined with the 4%+ current dividend yield, we see strong potential for double-digit total return for EIX shares — before potential P/E multiple expansion to recognize significant utility and government risk reduction progress to-date and yet ahead.”
Full-Year Earnings
For 2021, Edison International reported net income of $759 million, or $2.00 per share, compared to $739 million, or $1.98 per share, for 2020. As adjusted, Edison International's core earnings were $1,741 million, or $4.59 per share, compared to $1,686 million, or $4.52 per share, in 2020.
SCE's full-year core EPS was higher due to higher revenue from the 2021 GRC final decision, higher FERC revenue and income tax benefits from the settlement of 2007 – 2012 California tax audits, partially offset by lower insurance benefits and higher property taxes.
Edison International Parent and Other’s full-year loss per share increased primarily due to higher preferred dividends as a result of preferred equity issuances in 2021.
Edison International uses core earnings, which is a non-GAAP financial measure that adjusts for significant discrete items that management does not consider representative of ongoing earnings. Edison International management believes that core earnings provide more meaningful comparisons of performance from period to period. Please see the attached tables for a reconciliation of core earnings to basic GAAP earnings.
2022 Earnings Guidance
The company announced its earnings guidance range for 2022 as summarized in the following chart. See pages 12 and 13 of the presentation accompanying the company’s conference call for further information and assumptions.
2022 Earnings Guidance
as of February 24, 2022
Low
High
EIX Basic EPS
$
4.40
$
4.70
Less: Non-core Items
—
—
EIX Core EPS
$
4.40
$
4.70
Edison International and Southern California Edison Declare Dividends
Today, the Board of Directors of Edison International declared a quarterly common stock dividend of $0.70 per share, payable on April 30, 2022, to shareholders of record on March 31, 2022. They also declared dividends on preferred stock. Additionally, the Board of Directors of Southern California Edison Company today declared dividends on preference stock. For more information, please see the related news release at www.edisoninvestor.com.
Fourth Quarter and Full-Year 2021 Earnings Conference Call and Webcast Details
When:
Thursday, February 24, 2022, 1:30 p.m. (Pacific Time)
Telephone Numbers:
1-888-673-9780 (US) and 1-312-470-0178 (Int'l) - Passcode: Edison
Telephone Replay:
1-800-835-8067 (US) and 1-203-369-3354 (Int’l) - Passcode: 3482
Telephone replay available through March 10, 2022
Webcast:
www.edisoninvestor.com
Edison International has posted its earnings conference call prepared remarks by the CEO and CFO, the teleconference presentation, and Form 10-K to the company's investor relations website. These materials are available at www.edisoninvestor.com.
About Edison International
Edison International (NYSE: EIX) is one of the nation’s largest electric utility holding companies, providing clean and reliable energy and energy services through its independent companies. Headquartered in Rosemead, California, Edison International is the parent company of Southern California Edison Company, a utility that delivers electricity to 15 million people across Southern, Central and Coastal California. Edison International is also the parent company of Edison Energy, a global energy advisory company delivering comprehensive, data-driven energy solutions to commercial and industrial users to meet their cost, sustainability and risk goals.
Appendix
Use of Non-GAAP Financial Measures
Edison International’s earnings are prepared in accordance with generally accepted accounting principles used in the United States and represent the company’s earnings as reported to the Securities and Exchange Commission. Our management uses core earnings and core earnings per share (EPS) internally for financial planning and for analysis of performance of Edison International and Southern California Edison. We also use core earnings and core EPS when communicating with analysts and investors regarding our earnings results to facilitate comparisons of the Company’s performance from period to period. Financial measures referred to as net income, basic EPS, core earnings, or core EPS also apply to the description of earnings or earnings per share.
Core earnings and core EPS are non-GAAP financial measures and may not be comparable to those of other companies. Core earnings and core EPS are defined as basic earnings and basic EPS excluding income or loss from discontinued operations and income or loss from significant discrete items that management does not consider representative of ongoing earnings. Basic earnings and losses refer to net income or losses attributable to Edison International shareholders. Core earnings are reconciled to basic earnings in the attached tables. The impact of participating securities (vested awards that earn dividend equivalents that may participate in undistributed earnings with common stock) for the principal operating subsidiary is not material to the principal operating subsidiary’s EPS and is therefore reflected in the results of the Edison International holding company, which is included in Edison International Parent and Other.
Safe Harbor Statement
Statements contained in this presentation about future performance, including, without limitation, operating results, capital expenditures, rate base growth, dividend policy, financial outlook, and other statements that are not purely historical, are forward-looking statements. These forward-looking statements reflect our current expectations; however, such statements involve risks and uncertainties. Actual results could differ materially from current expectations. These forward-looking statements represent our expectations only as of the date of this presentation, and Edison International assumes no duty to update them to reflect new information, events or circumstances. Important factors that could cause different results include, but are not limited to the:
Additional information about risks and uncertainties, including more detail about the factors described in this report, is contained throughout this report and in the 2021 Form 10-K, including the "Risk Factors" section. Readers are urged to read this entire report, including information incorporated by reference, as well as the 2021 Form 10-K, and carefully consider the risks, uncertainties, and other factors that affect Edison International's and SCE's businesses. Edison International and SCE post or provide direct links (i) to certain SCE and other parties' regulatory filings and documents with the CPUC and the FERC and certain agency rulings and notices in open proceedings in a section titled "SCE Regulatory Highlights," (ii) to certain documents and information related to Southern California wildfires which may be of interest to investors in a section titled "Southern California Wildfires," and (iii) to presentations, documents and other information that may be of interest to investors in a section title "Presentations" at www.edisoninvestor.com in order to publicly disseminate such information.
These forward-looking statements represent our expectations only as of the date of this news release, and Edison International assumes no duty to update them to reflect new information, events or circumstances. Readers should review future reports filed by Edison International and SCE with the SEC.
Fourth Quarter and Full-Year Reconciliation of Basic Earnings Per Share to Core Earnings Per Share
Three months ended
Twelve months ended
December 31,
December 31,
2021
2020
Change
2021
2020
Change
Earnings (loss) per share attributable to Edison International
SCE
$
1.21
$
1.25
$
(0.04
)
$
2.18
$
2.17
$
0.01
Edison International Parent and Other
0.17
0.14
0.03
(0.18
)
(0.19
)
0.01
Edison International
1.38
1.39
(0.01
)
2.00
1.98
0.02
Less: Non-core items
SCE
(0.13
)
(0.05
)
(0.08
)
(2.94
)
(2.72
)
(0.22
)
Edison International Parent and Other
0.35
0.25
0.10
0.35
0.18
0.17
Total non-core items
0.22
0.20
0.02
(2.59
)
(2.54
)
(0.05
)
Core earnings (losses)
SCE
1.34
1.30
0.04
5.12
4.89
0.23
Edison International Parent and Other
(0.18
)
(0.11
)
(0.07
)
(0.53
)
(0.37
)
(0.16
)
Edison International
$
1.16
$
1.19
$
(0.03
)
$
4.59
$
4.52
$
0.07
Note: Diluted earnings were $1.37 and $1.39 per share for the three months ended December 31, 2021 and 2020, respectively, and $2.00 and $1.98 per share for the twelve months ended December 31, 2021 and 2020, respectively.
Fourth Quarter and Full-Year Reconciliation of Basic Earnings Per Share to Core Earnings (in millions)
Three months ended
Twelve months ended
December 31,
December 31,
(in millions)
2021
2020
Change
2021
2020
Change
Net income (loss) attributable to Edison International
SCE
$
458
$
474
$
(16
)
$
829
$
810
$
19
Edison International Parent and Other
65
52
13
(70
)
(71
)
1
Edison International
523
526
(3
)
759
739
20
Less: Non-core items
SCE1,2,3,4,6
(49
)
(21
)
(28
)
(1,114
)
(1,015
)
(99
)
Edison International Parent and Other3,5,7,8,9
132
96
36
132
68
64
Total non-core items
83
75
8
(982
)
(947
)
(35
)
Core earnings (losses)
SCE
507
495
12
1,943
1,825
118
Edison International Parent and Other
(67
)
(44
)
(23
)
(202
)
(139
)
(63
)
Edison International
$
440
$
451
$
(11
)
$
1,741
$
1,686
$
55
1
Includes amortization of SCE’s Wildfire Insurance Fund expenses of $54 million ($39 million after-tax) and $215 million ($155 million after-tax) for the quarter and year-ended December 31, 2021, respectively and $84 million ($61 million after-tax) and $336 million ($242 million after-tax) for the quarter and year-ended December 31, 2020, respectively.
2
Includes charges of $14 million ($10 million after-tax) and $1.2 billion ($919 million after-tax) for the quarter and year-ended December 31, 2021, respectively and $13 million ($10 million after-tax) and $1.2 billion ($899 million after-tax) for the quarter and year-ended December 31, 2020, respectively for SCE's 2017/2018 Wildfire/Mudslide Events claims and expenses, net of recoveries.
3
Includes an income tax benefit of $18 million and an income tax expense of $3 million recorded in the first quarter of 2020 for SCE and Edison International Parent and Other, respectively, due to re-measurement of uncertain tax positions related to the 2010 – 2012 California state tax filings currently under audit.
4
Includes gains of $10 million ($7 million after-tax) recorded in the second quarter of 2021 and $70 million ($50 million after-tax) and $150 million ($108 million after-tax) for the quarter and year-ended December 31, 2020, respectively for SCE's sale of San Onofre nuclear fuel.
5
Includes an impairment charge of $34 million ($25 million after-tax) recorded in the second quarter of 2020 for Edison International Parent and Other related to Edison Energy's goodwill.
6
Includes an impairment charge of $79 million ($47 million after-tax) recorded in the third quarter of 2021 related to disallowed historical capital expenditures in SCE's 2021 GRC final decision.
7
Includes an income tax benefit of $115 million for Edison International Parent and Other recorded in the fourth quarter of 2021 related to the settlement of the 2007 – 2012 California tax audits with the California Franchise Tax Board.
8
Includes a gain of $132 million ($96 million after-tax) recorded in the fourth quarter of 2020 for Edison International Parent and Other's sale of an investment in a lease of a hydroelectric power plant in Vidalia, Louisiana.
9
Includes earnings of $24 million ($17 million after-tax) for Edison International Parent and Other recorded in the fourth quarter of 2021 related to customer revenues for EIS insurance contract.
Consolidated Statements of Income
Edison International
Three months ended
Twelve months ended
December 31,
December 31,
(in millions, except per-share amounts)
2021
2020
2021
2020
Total operating revenue
$
3,331
$
3,157
$
14,905
$
13,578
Purchased power and fuel
1,156
1,119
5,540
4,932
Operation and maintenance
828
724
3,645
3,609
Wildfire-related claims, net of insurance recoveries
—
25
1,276
1,328
Wildfire Insurance Fund expense
54
84
215
336
Depreciation and amortization
561
504
2,218
1,967
Property and other taxes
109
110
465
438
Impairment and other expense (income)
2
(70
)
71
(116
)
Gain on sale of lease interest and other operating income
—
(133
)
(2
)
(133
)
Total operating expenses
2,710
2,363
13,428
12,361
Operating income
621
794
1,477
1,217
Interest expense
(231
)
(226
)
(925
)
(902
)
Other income
42
34
237
251
Income before income taxes
432
602
789
566
Income tax (benefit) expense
(139
)
50
(136
)
(305
)
Net income
571
552
925
871
Preferred and preference stock dividend requirements of SCE
26
26
106
132
Preferred stock dividend requirement of Edison International
22
—
60
—
Net income attributable to Edison International common shareholders
$
523
$
526
$
759
$
739
Basic earnings per share:
Weighted average shares of common stock outstanding
380
378
380
373
Basic earnings per common share attributable to Edison International common shareholders
$
1.38
$
1.39
$
2.00
$
1.98
Diluted earnings per share:
Weighted average shares of common stock outstanding, including effect of dilutive securities
381
379
380
374
Diluted earnings per common share attributable to Edison International common shareholders
$
1.37
$
1.39
$
2.00
$
1.98
Consolidated Balance Sheets
Edison International
December 31,
December 31,
(in millions)
2021
2020
ASSETS
Cash and cash equivalents
$
390
$
87
Receivables, less allowances of $193 and $188 for uncollectible accounts at respective dates
1,398
1,130
Accrued unbilled revenue
794
521
Insurance receivable
—
708
Inventory
420
405
Prepaid expenses
258
281
Regulatory assets
1,778
1,314
Wildfire Insurance Fund contributions
204
323
Other current assets
249
292
Total current assets
5,491
5,061
Nuclear decommissioning trusts
4,870
4,833
Marketable securities
12
—
Other investments
39
53
Total investments
4,921
4,886
Utility property, plant and equipment, less accumulated depreciation and amortization of $11,407 and $10,681 at respective dates
50,497
47,653
Nonutility property, plant and equipment, less accumulated depreciation of $98 and $94 at respective dates
203
186
Total property, plant and equipment
50,700
47,839
Receivables, less allowances of $116 uncollectible accounts at December 31, 2021
122
—
Regulatory assets (includes $325 at December 31, 2021 related to Variable Interest Entities "VIEs")
7,660
7,120
Wildfire Insurance Fund contributions
2,359
2,443
Operating lease right-of-use assets
1,932
1,088
Long-term insurance receivable
75
75
Other long-term assets
1,485
860
Total long-term assets
13,633
11,586
Total assets
$
74,745
$
69,372
Consolidated Balance Sheets
Edison International
December 31,
December 31,
(in millions, except share amounts)
2021
2020
LIABILITIES AND EQUITY
Short-term debt
$
2,354
$
2,398
Current portion of long-term debt
1,077
1,029
Accounts payable
2,002
1,980
Wildfire-related claims
131
2,231
Customer deposits
193
243
Regulatory liabilities
603
569
Current portion of operating lease liabilities
582
215
Other current liabilities
1,667
1,612
Total current liabilities
8,609
10,277
Long-term debt (Includes $314 at December 31, 2021 related to VIEs)
24,170
19,632
Deferred income taxes and credits
5,740
5,368
Pensions and benefits
496
563
Asset retirement obligations
2,772
2,930
Regulatory liabilities
8,981
8,589
Operating lease liabilities
1,350
873
Wildfire-related claims
1,733
2,281
Other deferred credits and other long-term liabilities
3,105
2,910
Total deferred credits and other liabilities
24,177
23,514
Total liabilities
56,956
53,423
Commitments and contingencies
Preferred stock (50,000,000 shares authorized; 1,250,000 shares of Series A and 750,000 shares of Series B issued and outstanding at December 31, 2021)
1,977
—
Common stock, no par value (800,000,000 shares authorized; 380,378,145 and 378,907,147 shares issued and outstanding at respective dates)
6,071
5,962
Accumulated other comprehensive loss
(54
)
(69
)
Retained earnings
7,894
8,155
Total Edison International's shareholders' equity
15,888
14,048
Noncontrolling interests – preference stock of SCE
1,901
1,901
Total equity
17,789
15,949
Total liabilities and equity
$
74,745
$
69,372
Consolidated Statements of Cash Flows
Edison International
Year ended December 31,
(in millions)
2021
2020
2019
Cash flows from operating activities:
Net income
$
925
$
871
$
1,405
Adjustments to reconcile to net cash provided by operating activities:
Depreciation and amortization
2,288
2,029
1,803
Allowance for equity during construction
(118
)
(121
)
(101
)
Impairment and other expense (income)
71
(116
)
184
Gain on sale of lease interest and other operating income
(2
)
(133
)
(5
)
Deferred income taxes
43
(296
)
(284
)
Wildfire Insurance Fund amortization expense
215
336
152
Other
40
36
34
Nuclear decommissioning trusts
(256
)
(197
)
(106
)
Proceeds from Morongo Transmission LLC
400
—
—
Contributions to Wildfire Insurance Fund
(95
)
(95
)
(2,457
)
Changes in operating assets and liabilities:
Receivables
(514
)
(283
)
(76
)
Inventory
(21
)
(43
)
(83
)
Accounts payable
138
87
288
Tax receivables and payables
13
113
88
Other current assets and liabilities
(333
)
4
(13
)
Regulatory assets and liabilities, net
(720
)
(1,799
)
(1,278
)
Wildfire-related insurance receivable
708
932
285
Wildfire-related claims
(2,648
)
(56
)
(101
)
Other noncurrent assets and liabilities
(123
)
(6
)
(42
)
Net cash provided by (used in) operating activities
11
1,263
(307
)
Cash flows from financing activities:
Long-term debt issued or remarketed, plus premium and net of discount and issuance costs of $(43), $23 and $(4) for the respective years
5,412
3,073
3,696
Long-term debt repaid or repurchased
(1,037
)
(1,099
)
(82
)
Short-term debt issued
2,654
2,994
1,750
Short-term debt repaid
(2,255
)
(1,126
)
(1,750
)
Common stock issued
32
912
2,391
Preferred stock issued, net
1,977
—
—
Preferred and preference stock redeemed
—
(308
)
—
Commercial paper (repayments) borrowing, net
(254
)
304
(172
)
Dividends and distribution to noncontrolling interests
(106
)
(118
)
(121
)
Common stock dividends paid
(988
)
(928
)
(810
)
Preferred stock dividends paid
(35
)
—
—
Other
45
23
1
Net cash provided by financing activities
5,445
3,727
4,903
Cash flows from investing activities:
Capital expenditures
(5,505
)
(5,484
)
(4,877
)
Proceeds from sale of nuclear decommissioning trust investments
3,961
5,927
4,389
Purchases of nuclear decommissioning trust investments
(3,705
)
(5,730
)
(4,283
)
Other
98
316
93
Net cash used in investing activities
(5,151
)
(4,971
)
(4,678
)
Net increase (decrease) in cash, cash equivalents and restricted cash
305
19
(82
)
Cash, cash equivalents and restricted cash at beginning of year
89
70
152
Cash, cash equivalents and restricted cash at end of year
$
394
$
89
$
70
View source version on businesswire.com: https://www.businesswire.com/news/home/20220224005848/en/
Investor Relations: Sam Ramraj, (626) 302-2540 Media Contact: Jeff Monford, (626) 476-8120
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