Investor Relations: Sam Ramraj, (626) 302-2540
Media Relations: (626) 302-2255
News@sce.com
ROSEMEAD, Calif., Feb. 27, 2025 — Edison International (NYSE: EIX) today reported fourth-quarter net income of $340 million, or $0.88 per share, compared to net income of $378 million, or $0.99 per share, in the fourth quarter of last year. As adjusted, fourth-quarter core earnings were $405 million, or $1.05 per share, compared to core earnings of $490 million, or $1.28 per share, in the fourth quarter of last year.
Southern California Edison’s fourth-quarter 2024 core earnings per share (EPS) decreased year over year, primarily due to higher operation and maintenance expense and higher interest expense, partially offset by higher revenue authorized in Track 4 of SCE’s 2021 General Rate Case and an increase in the authorized rate of return resulting from the cost of capital adjustment mechanism.
Edison International Parent and Other’s fourth-quarter 2024 core loss per share increased year over year, primarily due to higher interest expense and gains on preferred stock repurchases in 2023.
“The catastrophic impact of the recent wildfires underscores the importance of grid resiliency and the actions SCE has taken to harden its system to support the communities it serves. SCE continues to execute its robust, risk-prioritized wildfire mitigation plan. We will continue to invest in SCE’s important work to make its system safer for its customers and communities,” said Pedro J. Pizarro, president and CEO of Edison International. “SCE continues to make progress as it works diligently on reconstruction after the Eaton and Palisades fires.”
Pizarro added, “We have been actively engaged in conversations with key stakeholders including other utilities, the Governor’s Office and legislative leaders to find solutions to support the safety of the community, effectively manage customer costs and reinforce confidence in California’s utilities. We believe policymakers will act to make the enhancements needed to strengthen the industry-leading AB 1054 regulatory framework.”
Full-Year Earnings
For 2024, Edison International reported net income of $1,284 million, or $3.33 per share, compared to $1,197 million, or $3.12 per share, for 2023. As adjusted, Edison International’s core earnings were $1,900 million, or $4.93 per share, compared to $1,825 million, or $4.76 per share, in 2023.
SCE’s full-year core EPS was higher, primarily due to higher revenue authorized in Track 4 of SCE’s 2021 General Rate Case and an increase in the authorized rate of return resulting from the cost of capital adjustment mechanism, partially offset by higher interest expense.
Edison International Parent and Other’s full-year loss per share increased primarily due to higher interest expense.
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.
Eaton Fire
For information on the Eaton Fire investigation and other information related to the fire, please see the Company's Form 10-K filed with the SEC today and the Section 315 Letter submitted to the CPUC on Feb. 6, 2025, which can be found posted in the section titled "Southern California Wildfires," at www.edisoninvestor.com.
2025 Earnings Guidance
The company’s revised earnings guidance range for 2025 includes the core earnings impact associated with the TKM settlement, as summarized in the following chart. See the presentation accompanying the company’s conference call for further information and assumptions.
| 2025 Earnings Guidance as of Feb. 27, 2025 |
||
| Low | High | |
| EIX Basic EPS | $5.94 | $6.34 |
| Less: Non-core Items | – | – |
| EIX Core EPS | $5.94 | $6.34 |
Edison International and Southern California Edison Declare Dividends
Today, the board of directors of Edison International declared a quarterly common stock dividend of $0.8275 per share, payable on April 30, 2025, to shareholders of record on April 7, 2025. 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 2024 Earnings Conference Call and Webcast Details
| When: | Thursday, Feb. 27, 1:30-2:30 p.m. (PST) |
| Telephone Numbers: | 1-888-673-9780 (U.S.) and 1-312-470-0178 (Int'l) — Passcode: Edison |
| Telephone Replay: | 1-800-685-6667 (U.S.) and 1-203-369-3864 (Int’l) — Passcode: 9413 |
| Telephone replay available through March 12 at 6 p.m. (PST) | |
| Webcast: | www.edisoninvestor.com |
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, 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 and Summary Financial Schedules
Edison International Reports Fourth-Quarter and Full-Year 2024 Results
