ROSEMEAD, Calif., May 2, 2023 — Edison International (NYSE: EIX) today reported first-quarter net income of $310 million, or $0.81 per share, compared to net income of $84 million, or $0.22 per share, in the first quarter of 2022. As adjusted, first-quarter core earnings were $416 million, or $1.09 per share, compared to core earnings of $407 million, or $1.07 per share, in the first quarter of 2022.
Southern California Edison’s first-quarter core earnings per share (EPS) increased year over year, primarily due to revenue from the escalation mechanism set forth in the 2021 General Rate Case final decision, partially offset by higher net interest expense.
Edison International Parent and Other’s first-quarter core loss per share increased year over year, primarily due to higher interest expense.
“We are pleased with our start to the year and are confident in affirming our 2023 core EPS guidance range,” said Pedro J. Pizarro, president and CEO of Edison International. “We continue to see a number of positives for the company in the near term and long term, which make us excited for the company’s future.”
Pizarro added, “In the near term, SCE continues its diligent execution of its Wildfire Mitigation Plan and has reduced the probability of losses from catastrophic wildfires by 75% to 80% compared to pre-2018 levels, predominantly from grid hardening measures that allow the utility to mitigate risk while keeping electricity flowing to customers. In the long term, transportation electrification is a key driver of SCE’s investment in the grid and for enabling customer affordability. We are already seeing customers start to embrace and adopt electric vehicles today — including operators of medium- and heavy-duty vehicle fleets.”
Edison International uses core earnings internally for financial planning and for 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 for a reconciliation of core earnings to basic GAAP earnings.
2023 Financing Plan
In March, Edison International Parent accomplished a significant portion of its 2023 financing plan by issuing $500 million of junior subordinated notes, due in 2053, which provide approximately $250 million of equity content, as viewed by rating agencies. The transaction was in line with company expectations and was significantly oversubscribed. The company expects to raise any additional equity this year through its internal programs, which are estimated to generate approximately $100 million. The total expected equity content is consistent with the $300 million to $400 million of equity content identified in the company’s 2023 financing plan.
2023 Earnings Guidance
The company affirmed its earnings guidance range for 2023 as summarized in the following chart. See the presentation accompanying the company’s conference call for further information and assumptions.
|2023 Earnings Guidance
as of Feb. 23, 2023
|2023 Earnings Guidance
as of May 2, 2023
|EIX Basic EPS||$4.55||$4.85||$4.27||$4.57|
|Less: Non-core Items*||-||-||(0.28)||(0.28)|
|EIX Core EPS||$4.55||$4.85||$4.55||$4.85|
* There were ($106) million, or ($0.28) per share of non-core items recorded for the three months ended March 31, 2023. Basic EIX EPS guidance only incorporates non-core items to March 31, 2023.
First Quarter 2023 Earnings Conference Call and Webcast Details
|When:||Tuesday, May 2, 2023, 1:30-2:30 p.m. (Pacific Time)|
|Telephone Numbers:||1-888-673-9780 (U.S.) and 1-312-470-0178 (Int'l) — Passcode: Edison|
|Telephone Replay:||1-866-405-7290 (U.S.) and 1-203-369-0603 (Int’l) — Passcode: 7345|
|Telephone replay available through May 17, 2023, at 6 p.m. (Pacific Time)|
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 LLC, a global energy advisory firm engaged in the business of providing integrated decarbonization and energy solutions to commercial, industrial and institutional customers.