- First Quarter 2021 GAAP EPS of $0.68; Core EPS of $0.79
- SCE continues to upgrade its infrastructure and invest in new technologies to prevent wildfires
ROSEMEAD, Calif., April 27, 2021 — Edison International (NYSE: EIX) today reported first quarter 2021 net income of $259 million, or $0.68 per share, compared to net income of $183 million, or $0.50 per share, in the first quarter 2020. As adjusted, first quarter 2021 core earnings were $301 million, or $0.79 per share, compared to core earnings of $228 million, or $0.63 per share, in the first quarter 2020.
Southern California Edison's (SCE) first quarter 2021 core earnings per share (EPS) increased year-over-year primarily due to lower expenses related to wildfire mitigation activities and employee benefits. Wildfire mitigation expenses were lower in the first quarter primarily because fewer remediations were identified through the inspection process. These were partially offset by the increase in shares outstanding mainly associated with the equity offering in May 2020.
Edison International Parent and Other's first quarter 2021 loss per share of $0.10 was unchanged compared to first quarter 2020.
“SCE continues to invest in its infrastructure and new technologies to reduce the risk of fires associated with electric infrastructure, increase accuracy in fire weather forecasting, enhance its operational practices, and improve its Public Safety Power Shutoff program,” said Pedro J. Pizarro, president and CEO of Edison International. “The utility is accelerating the pace of covered conductor deployment and by year-end expects to have hardened over 25% of all its overhead distribution infrastructure in high fire risk areas and substantially reduced the risk of wildfires associated with utility equipment.”
Pizarro added, “Looking ahead, a successful transition to a clean energy economy will place greater demands on electrical infrastructure and require significant incremental investments. As highlighted in SCE’s Pathway 2045 analysis, the least expensive way to achieve economywide decarbonization is through an equitable clean energy future with increasing amounts of carbon-free generation powering the further electrification of the economy.”
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.
2021 Earnings Guidance
Edison International will provide 2021 earnings guidance after a final decision has been adopted by the CPUC on the Southern California Edison 2021 GRC, consistent with the company's prior practice.
First Quarter 2021 Earnings Conference Call and Webcast Details
|When:||Tuesday, April 27, 2021, 1:30 p.m. (Pacific Time)|
|Telephone Numbers:||1-888-673-9780 (US) and 1-312-470-0178 (Int'l) - Passcode: Edison|
|Telephone Replay:||1-800-944-9092 (US) and 1-203-369-3943 (Int’l) - Passcode: 3495
Telephone replay available through May 11, 2021
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 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.