Investor Relations: Sam Ramraj, (626) 302-2540
Media Contact: Jeff Monford, (626) 476-8120
ROSEMEAD, Calif., Feb. 23, 2023 — Edison International (NYSE: EIX) today reported fourth quarter 2022 net income of $415 million, or $1.09 per share, compared to net income of $523 million, or $1.38 per share, in the fourth quarter of 2021. As adjusted, fourth quarter 2022 core earnings were $437 million, or $1.15 per share, compared to core earnings of $440 million, or $1.16 per share, in the fourth quarter of 2021.
Southern California Edison’s fourth quarter 2022 core earnings per share (EPS) increased year over year, primarily due to higher California Public Utilities Commission (CPUC)-related revenue due to the escalation mechanism as set forth in the 2021 General Rate Case (GRC) final decision, partially offset by higher depreciation expense from increased plant balance and higher net interest expense related to higher rates.
Edison International Parent and Other’s fourth quarter 2022 core loss per share increased year over year, primarily due to higher interest expense and higher corporate expense.
“Edison International posted strong results for 2022, with core EPS in the upper end of our initial guidance range,” said Pedro J. Pizarro, president and CEO of Edison International. “SCE continued its tremendous progress in making its communities safer by reducing wildfire risk. SCE’s approach is differentiated by the speed of its infrastructure hardening, and the utility recently completed its 4,400th mile of covered conductor.”
Pizarro added, “The support for economywide electrification continues to grow nationally and here in California. Rapid electrification expansion sharpens the continued need to make significant grid investments that support California’s leading role in building a carbon-free economy.”
For 2022, Edison International reported net income of $612 million, or $1.61 per share, compared to $759 million, or $2.00 per share, for 2021. As adjusted, Edison International’s core earnings were $1,765 million, or $4.63 per share, compared to $1,741 million, or $4.59 per share, in 2021.
SCE’s full-year core EPS was higher, primarily due to higher CPUC-related revenue due to the escalation mechanism as set forth in the 2021 GRC final decision along with return on rate base approved in applications related to wildfire mitigation capital expenditures and the Customer Service Re-Platform project. These were partially offset by higher operating and maintenance expenses, higher depreciation expense from increased plant balance and higher interest expense.
Edison International Parent and Other’s full-year loss per share increased primarily due to higher preferred dividends.
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 Earnings Guidance
The company announced its earnings guidance range for 2023 as summarized in the following chart. See page 14 of the presentation accompanying the company’s conference call for further information and assumptions.
|2023 Earnings Guidance
as of Feb. 23, 2023
|EIX Basic EPS||$4.55||$4.85|
|Less: Non-core Items||–||–|
|EIX Core EPS||$4.55||$4.85|
Edison International and Southern California Edison Declare Dividends
Today, the board of directors of Edison International declared a quarterly common stock dividend of $0.7375 per share, payable on April 30, 2023, to shareholders of record on March 31, 2023. 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 2022 Earnings Conference Call and Webcast Details
|When:||Thursday, Feb. 23, 2023, 1:30-2:30 p.m. (Pacific Time)|
|Telephone Numbers:||1-888-673-9780 (US) and 1-312-470-0178 (Int'l) - Passcode: Edison|
|Telephone Replay:||1-800-839-1334 (US) and 1-203-369-3831 (Int’l) - Passcode: 3491|
|Telephone replay available through March 10, 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-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 LLC, a global energy advisory firm engaged in the business of providing integrated decarbonization and energy solutions to commercial, industrial and institutional customers.
Appendix and Summary Financial Schedules
Edison International Reports Fourth Quarter and Full-Year 2022 Results