News Releases

Investor Relations: Sam Ramraj, (626) 302-2540
Media Relations: (626) 302-2255
News@sce.com

ROSEMEAD, Calif., Feb. 22, 2024 — Edison International (NYSE: EIX) today reported fourth-quarter net income of $378 million, or $0.99 per share, compared to net income of $415 million, or $1.09 per share, in the fourth quarter of last year. As adjusted, fourth-quarter core earnings were $490 million, or $1.28 per share, compared to core earnings of $437 million, or $1.15 per share, in the fourth quarter of last year.

Southern California Edison’s fourth-quarter 2023 core earnings per share (EPS) increased year over year, primarily due to higher revenue from the escalation mechanism set forth in the 2021 General Rate Case (GRC) final decision and lower operation and maintenance expenses, partially offset by higher interest expense.

Edison International Parent and Other’s fourth-quarter 2023 core loss per share decreased year over year, primarily due to gains on preferred stock repurchases.

“Delivering core EPS above the midpoint of our guidance range demonstrates our ability to successfully manage variability in the business,” said Pedro J. Pizarro, president and CEO of Edison International. “Our 2023 annual dividend increase of 5.8% reflects the board and management’s continued commitment to delivering on our EPS growth targets. Looking ahead, we reiterate the strong confidence we have in our long-term EPS growth targets of 5% to 7% for 2021 through 2025 and 2025 through 2028.”

Pizarro added, “SCE’s industry-leading covered conductor program continues to make tremendous progress. In just five years, SCE has installed more than 5,580 circuit miles of covered conductor. When combined with enhanced vegetation management, asset inspections and other programs, this has significantly reduced the need for Public Safety Power Shutoffs.”

Full-Year Earnings

For 2023, Edison International reported net income of $1,197 million, or $3.12 per share, compared to $612 million, or $1.61 per share, for 2022. As adjusted, Edison International’s core earnings were $1,825 million, or $4.76 per share, compared to $1,765 million, or $4.63 per share, in 2022.

SCE’s full-year core EPS was higher, primarily due to higher revenue from the escalation mechanism set forth in the 2021 GRC final decision and higher interest income on balancing account undercollections, partially offset by higher interest expense.

Edison International Parent and Other’s full-year loss per share increased primarily due to higher interest expense, partially offset by gains on preferred stock repurchases.

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.

2024 Earnings Guidance

The company announced 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.

Edison International and Southern California Edison Declare Dividends

Today, the board of directors of Edison International declared a quarterly common stock dividend of $0.78 per share, payable on April 30, 2024, to shareholders of record on March 28, 2024. It 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 2023 Earnings Conference Call and Webcast Details

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 providing integrated sustainability and energy solutions to commercial, industrial and institutional customers. 

Appendix and Summary Financial Schedules

Edison International Reports Fourth-Quarter and Full-Year 2023 Results