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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 | |
---|---|---|---|---|---|---|---|---|
0.79 | 0.93% | 85.43 | 85.50 | 84.115 | 84.76 | 1,641,262 | 01:00:00 |
Edison International (NYSE: EIX) today reported second-quarter net income of $439 million, or $1.14 per share, compared to net income of $354 million, or $0.92 per share, in the second quarter of last year. As adjusted, second-quarter core earnings were $475 million, or $1.23 per share, compared to core earnings of $388 million, or $1.01 per share, in the second quarter of last year.
Southern California Edison’s second-quarter 2024 core earnings per share (EPS) increased year over year, primarily due to higher revenue authorized in Track 4 of SCE’s 2021 General Rate Case, an increase in the authorized rate of return resulting from the cost of capital adjustment mechanism, and recognition of previously unrecognized return on rate base related to wildfire restoration efforts. This was partially offset by higher interest expense.
Edison International Parent and Other’s second-quarter 2024 core loss per share was in line with the same period in the prior year.
"With a strong start to the first half of the year, we are confident in reaffirming our 2024 core EPS guidance of $4.75 to $5.05,” said Pedro J. Pizarro, president and CEO of Edison International. “Based on the progress in SCE’s 2025 General Rate Case, including many partial settlements, we are also confident in getting a strong outcome for customers. The funding authorized in the GRC to continue making investments in SCE’s grid is the linchpin for achieving our 2025 EPS guidance and delivering a 5% to 7% EPS CAGR through 2028.”
Pizarro added, “SCE’s latest 10-year load growth forecast calls for 35% higher load growth, far exceeding all prior internal and external forecasts. To prepare for this growth, SCE will need to significantly expand the electric system to ensure a reliable, resilient and ready grid. These substantial investments will provide us with opportunities for continued rate base growth.”
Edison International uses core earnings internally for financial planning and analysis of performance. Core earnings are also used when communicating with investors and analysts regarding Edison International’s earnings results to facilitate comparisons of the company’s performance from period to period. Please see the attached tables to reconcile core earnings to basic GAAP earnings.
Share Repurchase Program
On June 26, 2024, the Edison International Board of Directors authorized a stock repurchase program effective July 29, 2024, for repurchase of up to $200 million of its common stock until Dec. 31, 2025. The repurchase program will be used to offset dilution from common stock issued under the company’s long-term incentive compensation programs and will be funded using the company's working capital.
The timing and the amount of any repurchased common stock will be determined by Edison International's management based on their evaluation of market conditions and other factors. The repurchase program may be executed through various methods, including open market purchases, privately negotiated transactions, and other transactions in accordance with applicable securities laws. Any repurchased shares of common stock will be retired. The repurchase program does not obligate the company to acquire any particular amount of common stock, and it may be suspended or discontinued at any time in its discretion.
2024 Earnings Guidance
The company reaffirmed its earnings guidance range for 2024 as summarized in the following chart. See the presentation accompanying the company’s conference call for further information and assumptions.
2024 Earnings Guidance
2024 Earnings Guidance
as of Apr. 30, 2024
as of July 25, 2024
Low
High
Low
High
EIX Basic EPS
$
3.59
$
3.89
$
3.49
$
3.79
Less: Non-core Items*
(1.16
)
(1.16
)
(1.26
)
(1.26
)
EIX Core EPS
$
4.75
$
5.05
$
4.75
$
5.05
* There were ($485) million, or ($1.26) per share, of non-core items recorded for the six months ended June 30, 2024. Basic EIX EPS guidance only incorporates non-core items to June 30, 2024.
Second-Quarter 2024 Earnings Conference Call and Webcast Details
When:
Thursday, July 25, 1:30-2:30 p.m. (PDT)
Telephone Numbers:
1-888-673-9780 (U.S.) and 1-312-470-0178 (Int'l) — Passcode: Edison
Telephone Replay:
1-866-405-7293 (U.S.) and 1-203-369-0605 (Int’l) — Passcode: 8852
Telephone replay available through Aug. 7 at 6 p.m. (PDT)
Webcast:
edisoninvestor.com
Edison International has posted its earnings conference call prepared remarks by the CEO and CFO, the teleconference presentation and Form 10-Q to the company’s investor relations website. These materials are available at edisoninvestor.com.
About Edison International
Edison International (NYSE: EIX) is one of the nation’s largest electric utility holding companies, focused on 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 delivering electricity to 15 million people across Southern, Central and Coastal California. Edison International is also the parent company of Trio (formerly Edison Energy), a portfolio of nonregulated competitive businesses providing integrated sustainability and energy advisory services to large commercial, industrial and institutional organizations in North America and Europe.
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 is contained in Edison International and SCE’s most recent combined Annual Report on Form 10-K for the year ended December 31, 2023, and subsequent Quarterly Report(s) on Form 10-Q filed with the Securities and Exchange commission, including the "Risk Factors" sections. Readers are urged to read this entire release as well as the most recent Form 10-K and Form 10-Q (including information incorporated by reference), 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 titled "Presentations and Updates" 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.
Second Quarter Reconciliation of Basic Earnings Per Share to Core Earnings Per Share
Three months ended
Six months ended
June 30,
June 30,
2024
2023
Change
2024
2023
Change
Earnings (loss) per share available to Edison International
SCE
$
1.36
$
1.09
$
0.27
$
1.52
$
2.06
$
(0.54
)
Edison International Parent and Other
(0.22
)
(0.17
)
(0.05
)
(0.41
)
(0.33
)
(0.08
)
Edison International
1.14
0.92
0.22
1.11
1.73
(0.62
)
Less: Non-core items
SCE
(0.09
)
(0.14
)
0.05
(1.26
)
(0.46
)
(0.80
)
Edison International Parent and Other
—
0.05
(0.05
)
—
0.09
(0.09
)
Total non-core items
(0.09
)
(0.09
)
—
(1.26
)
(0.37
)
(0.89
)
Core earnings (loss) per share
SCE
1.45
1.23
0.22
2.78
2.52
0.26
Edison International Parent and Other
(0.22
)
(0.22
)
0.00
(0.41
)
(0.42
)
0.01
Edison International
$
1.23
$
1.01
$
0.22
$
2.37
$
2.10
$
0.27
Note: Diluted earnings were $1.13 and $0.92 per share for the three months ended June 30, 2024 and 2023, respectively. Diluted earnings were $1.11 and $1.73 per share for the six months ended June 30, 2024 and 2023, respectively.
Second Quarter Reconciliation of Basic Earnings Per Share to Core Earnings (in millions)
Three months ended
Six months ended
June 30,
June 30,
(in millions)
2024
2023
Change
2024
2023
Change
Net income (loss) available to Edison International
SCE
$
523
$
420
$
103
$
588
$
790
$
(202
)
Edison International Parent and Other
(84
)
(66
)
(18
)
(160
)
(126
)
(34
)
Edison International
439
354
85
428
664
(236
)
Less: Non-core items
SCE1,2,3,4,5,6
(36
)
(51
)
15
(484
)
(175
)
(309
)
Edison International Parent and Other7
—
17
(17
)
(1
)
35
(36
)
Total non-core items
(36
)
(34
)
(2
)
(485
)
(140
)
(345
)
Core earnings (loss)
SCE
559
471
88
1,072
965
107
Edison International Parent and Other
(84
)
(83
)
(1
)
(159
)
(161
)
2
Edison International
$
475
$
388
$
87
$
913
$
804
$
109
1
Includes charges for 2017/2018 Wildfire/Mudslide Events claims and expenses, net of recoveries of $11 million ($8 million after-tax) and $12 million ($8 million after-tax) for the three months ended June 30, 2024 and 2023, respectively, and $478 million ($344 million after-tax) and $102 million ($73 million after-tax) for the six months ended June 30, 2024 and 2023, respectively.
2Includes charges for Other Wildfires claims and related legal expenses, net of expected insurance and regulatory recoveries of $2 million ($2 million after-tax) and $121 million ($87 million after-tax) for the three and six months ended June 30, 2024, respectively.
3Includes amortization of SCE's Wildfire Insurance Fund expenses of $37 million ($26 million after-tax) and $53 million ($38 million after-tax) for the three months ended June 30, 2024 and 2023, respectively, and $73 million ($52 million after-tax) and $105 million ($76 million after-tax) for the six months ended June 30, 2024 and 2023, respectively.
4Includes a charge $30 million ($21 million after-tax) for a probable disallowance related to the reasonableness review of recorded San Onofre Units 2 and 3 decommissioning costs in the 2021 NDCTP for the six months ended June 30, 2023.
5Includes an insurance recovery of $10 million ($7 million after-tax) related to settlement of an employment litigation matter for the three and six months ended June 30, 2023.
6Includes a charge related to customer cancellations of certain ECS data services of $17 million ($12 million after-tax) for the three and six months ended June 30, 2023.
7Includes expected wildfire claims of $1 million ($1 million after-tax) insured by EIS for the six months ended June 30, 2024, and customer revenues of $22 million ($18 million after-tax) and $44 million ($35 million after-tax) related to an EIS insurance contract for the six months ended June 30, 2024 and 2023, respectively.
Consolidated Statements of Income
Edison International
Three months ended
Six months ended
June 30,
June 30,
(in millions, except per-share amounts)
2024
2023
2024
2023
Operating revenue
$
4,336
$
3,964
$
8,414
$
7,930
Purchased power and fuel
1,234
1,147
2,242
2,465
Operation and maintenance
1,285
1,241
2,602
2,325
Wildfire-related claims, net of insurance recoveries
—
—
615
96
Wildfire Insurance Fund expense
37
53
73
105
Depreciation and amortization
726
650
1,428
1,306
Property and other taxes
154
149
309
289
Total operating expenses
3,436
3,240
7,269
6,586
Operating income
900
724
1,145
1,344
Interest expense
(480
)
(392
)
(924
)
(753
)
Other income, net
148
128
286
247
Income before income taxes
568
460
507
838
Income tax expense (benefit)
59
51
(54
)
64
Net income
509
409
561
774
Less: Net income attributable to noncontrolling interests - preference stock of SCE
49
29
90
58
Preferred stock dividend requirements of Edison International
21
26
43
52
Net income available to Edison International common shareholders
$
439
354
$
428
664
Basic earnings per share:
Weighted average shares of common stock outstanding
385
383
385
383
Basic earnings per common share available to Edison International common shareholders
$
1.14
0.92
$
1.11
$
1.73
Diluted earnings per share:
Weighted average shares of common stock outstanding, including effect of dilutive securities
388
385
387
385
Diluted earnings per common share available to Edison International common shareholders
$
1.13
0.92
$
1.11
$
1.73
Consolidated Balance Sheets
Edison International
June 30,
December 31,
(in millions)
2024
2023
ASSETS
Cash and cash equivalents
$
465
$
345
Receivables, less allowances of $335 and $360 for uncollectible accounts at respective dates
2,020
2,016
Accrued unbilled revenue
1,007
742
Inventory
534
527
Prepaid expenses
103
112
Regulatory assets
3,910
2,524
Wildfire Insurance Fund contributions
138
204
Other current assets
335
341
Total current assets
8,512
6,811
Nuclear decommissioning trusts
4,292
4,173
Other investments
71
54
Total investments
4,363
4,227
Utility property, plant and equipment, less accumulated depreciation and amortization of $13,587 and $12,910 at respective dates
57,144
55,877
Nonutility property, plant and equipment, less accumulated depreciation of $119 and $114 at respective dates
205
207
Total property, plant and equipment
57,349
56,084
Regulatory assets (include $1,535 and $1,558 related to Variable Interest Entities "VIEs" at respective dates)
8,658
8,897
Wildfire Insurance Fund contributions
1,948
1,951
Operating lease right-of-use assets
1,201
1,221
Long-term insurance receivables
496
501
Other long-term assets
2,291
2,066
Total long-term assets
14,594
14,636
Total assets
$
84,818
$
81,758
Consolidated Balance Sheets
Edison International
June 30,
December 31,
(in millions, except share amounts)
2024
2023
LIABILITIES AND EQUITY
Short-term debt
$
1,505
$
1,077
Current portion of long-term debt
1,698
2,697
Accounts payable
1,892
1,983
Wildfire-related claims
31
30
Customer deposits
443
390
Regulatory liabilities
1,193
763
Current portion of operating lease liabilities
125
120
Other current liabilities
1,387
1,538
Total current liabilities
8,274
8,598
Long-term debt (include $1,492 and $1,515 related to VIEs at respective dates)
33,099
30,316
Deferred income taxes and credits
6,863
6,672
Pensions and benefits
406
415
Asset retirement obligations
2,668
2,666
Regulatory liabilities
9,900
9,420
Operating lease liabilities
1,076
1,101
Wildfire-related claims
1,219
1,368
Other deferred credits and other long-term liabilities
3,445
3,258
Total deferred credits and other liabilities
25,577
24,900
Total liabilities
66,950
63,814
Preferred stock (50,000,000 shares authorized; 1,159,317 and 1,159,317 shares of Series A and 503,454 and 532,454 shares of Series B issued and outstanding at respective dates)
1,645
1,673
Common stock, no par value (800,000,000 shares authorized; 386,099,652 and 383,924,912 shares issued and outstanding at respective dates)
6,461
6,338
Accumulated other comprehensive loss
(8
)
(9
)
Retained earnings
7,326
7,499
Total Edison International's shareholders' equity
15,424
15,501
Noncontrolling interests – preference stock of SCE
2,444
2,443
Total equity
17,868
17,944
Total liabilities and equity
$
84,818
$
81,758
Consolidated Statements of Cash Flows
Edison International
Six months ended June 30,
(in millions)
2024
2023
Cash flows from operating activities:
Net income
$
561
$
774
Adjustments to reconcile to net cash provided by operating activities:
Depreciation and amortization
1,454
1,371
Allowance for equity during construction
(96
)
(75
)
Deferred income taxes
(52
)
63
Wildfire Insurance Fund amortization expense
73
105
Other
21
30
Nuclear decommissioning trusts
(41
)
(60
)
Changes in operating assets and liabilities:
Receivables
(66
)
(46
)
Inventory
(10
)
(44
)
Accounts payable
101
(415
)
Other current assets and liabilities
(444
)
(107
)
Derivative assets and liabilities, net
(25
)
(151
)
Regulatory assets and liabilities, net
(106
)
(366
)
Wildfire-related claims
(148
)
(428
)
Other noncurrent assets and liabilities
150
61
Net cash provided by operating activities
1,372
712
Cash flows from financing activities:
Long-term debt issued, net of discount and issuance costs of $34 and $43 for the respective periods
4,216
4,133
Long-term debt repaid
(1,725
)
(1,466
)
Short-term debt issued
—
675
Short-term debt repaid
(396
)
(1,730
)
Common stock issued
12
13
Preferred and preference stock issued, net of issuance cost
345
—
Preferred or preference stock repurchased or redeemed
(378
)
—
Commercial paper borrowing, net of repayments
114
198
Dividends and distribution to noncontrolling interests
(88
)
(58
)
Common stock dividends paid
(595
)
(555
)
Preferred stock dividends paid
(45
)
(52
)
Other
105
61
Net cash provided by financing activities
1,565
1,219
Cash flows from investing activities:
Capital expenditures
(2,700
)
(2,711
)
Proceeds from sale of nuclear decommissioning trust investments
2,477
1,967
Purchases of nuclear decommissioning trust investments
(2,455
)
(1,907
)
Other
8
1
Net cash used in investing activities
(2,670
)
(2,650
)
Net increase (decrease) in cash, cash equivalents and restricted cash
267
(719
)
Cash, cash equivalents and restricted cash at beginning of period
532
917
Cash, cash equivalents and restricted cash at end of period
$
799
$
198
View source version on businesswire.com: https://www.businesswire.com/news/home/20240725152018/en/
Investor Relations: Sam Ramraj, (626) 302-2540 Media Relations: (626) 302-2255 News@sce.com
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