Investor Relations: Sam Ramraj, (626) 302-2540
Media Contact: Jeff Monford, (626) 476-8120
ROSEMEAD, Calif., July 28, 2022 — Edison International (NYSE: EIX) today reported second quarter 2022 net income of $241 million, or $0.63 per share, compared to net income of $318 million, or $0.84 per share, in the second quarter of 2021. As adjusted, second quarter 2022 core earnings were $357 million, or $0.94 per share, compared to core earnings of $356 million, or $0.94 per share, in the second quarter of 2021.
Southern California Edison’s (SCE) second quarter 2022 core earnings per share (EPS) increased year-over-year, primarily due to the adoption of the 2021 General Rate Case final decision in the third quarter of 2021, partially offset by higher operation and maintenance expenses.
Edison International Parent and Other's second quarter 2022 loss per share increased year-over-year primarily due to higher preferred dividends and unrealized losses on investment in 2022 compared to unrealized gains in 2021.
“SCE has made tremendous progress in wildfire mitigation, achieving a significant grid hardening milestone of replacing over 3,500 circuit miles of bare wire with covered conductor in just over three and a half years,” said Pedro J. Pizarro, president and CEO of Edison International. “Further, the utility plans to continue its current pace of installing about 1,200 miles per year of covered conductor for the next couple of years. I am confident that SCE’s covered conductor program has and will continue to substantially improve safety for customers.”
Pizarro added, “Investing in wildfire risk mitigation is a core component in adapting to climate change. We also have a continuing focus on sustainability, since this underlies the company’s strategy. I’m proud of the meaningful progress we make every year to advance our clean energy strategy and provide value to our stakeholders. One highlight is that SCE has the lowest system average rate among the large California IOUs, primarily due to more than a decade of committed focus on operational excellence and cost management.”
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.
2022 Earnings Guidance
The company reaffirmed its earnings guidance range for 2022 as summarized in the following chart. See the presentation accompanying the company’s conference call for further information and assumptions.
| 2022 Earnings Guidance as of May 3, 2022 |
2022 Earnings Guidance as of July 28, 2022 |
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| Low | High | Low | High | |
| EIX Basic EPS | $3.55 | $3.85 | $3.25 | $3.55 |
| Less: Non-core Items* | (0.85) | (0.85) | (1.15) | (1.15) |
| EIX Core EPS | $4.40 | $4.70 | $4.40 | $4.70 |
* There were ($439) million, or ($1.15) per share of non-core items recorded for the six months ended June 30, 2022, calculated based on an assumed weighted average share count for 2022. Basic EIX EPS guidance only incorporates non-core items to June 30, 2022.
Second Quarter 2022 Earnings Conference Call and Webcast Details
| When: | Thursday, July 28, 2022, 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: | 1-866-430-4723 (US) and 1-203-369-0925 (Int’l) - Passcode: 4276 |
| Telephone replay available through August 12, 2022 at 6:00 p.m. (Pacific Time) | |
| 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-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.
