Investor Relations: Sam Ramraj, (626) 302-2540
Media Contact: Jeff Monford, (626) 476-8120
ROSEMEAD, Calif., July 27, 2023 — Edison International (NYSE: EIX) today reported second-quarter net income of $354 million, or $0.92 per share, compared to net income of $241 million, or $0.63 per share, in the second quarter of last year. As adjusted, second-quarter core earnings were $388 million, or $1.01 per share, compared to core earnings of $357 million, or $0.94 per share, in the second quarter of last year.
Southern California Edison’s second-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 and higher interest income on balancing account undercollections, partially offset by higher interest expense.
Edison International Parent and Other’s second-quarter core loss per share increased year over year, primarily due to higher interest expense.
“SCE is strategically positioned to make substantial investments in the reliability, resiliency and readiness of the grid,” said Pedro J. Pizarro, president and CEO of Edison International. “The utility is also well prepared for the wildfire season and has now replaced nearly 5,000 circuit miles of bare wire with covered conductor. SCE will continue to make substantial investments in wildfire mitigation to address the remaining wildfire risk on the system.”
Pizarro added, “Driven by Edison International’s impressive performance through the first half of the year, we are confident in delivering on our 2023 core EPS guidance. Further, based on the strength of SCE’s investment opportunities, we are targeting 5% to 7% EPS growth for 2025 through 2028, which provides a path toward $7 EPS potential for 2028. Underpinning this is the rate base growth driven by the essential investments to advance California’s clean energy transition.”
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.
Long-Term Core EPS Growth Rate Guidance
The company reiterated its long-term core EPS growth rate target of 5%-7% for 2021-2025. In addition, the company introduced a core EPS growth rate target of 5%-7% for 2025-2028, with a starting point of the midpoint of Edison International’s 2025 core EPS guidance of $5.50 to $5.90.
2023 Earnings Guidance
The company reaffirmed 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 May 2, 2023 |
2023 Earnings Guidance as of July 27, 2023 |
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| Low | High | Low | High | |
| EIX Basic EPS | $4.27 | $4.57 | $4.18 | $4.48 |
| Less: Non-core Items* | (0.28) | (0.28) | (0.37) | (0.37) |
| EIX Core EPS | $4.55 | $4.85 | $4.55 | $4.85 |
* There were ($140) million, or ($0.37) per share of non-core items recorded for the six months ended June 30, 2023. Basic EIX EPS guidance only incorporates non-core items to June 30, 2023.
Second Quarter 2023 Earnings Conference Call and Webcast Details
| When: | Thursday, July 27, 1:30-2:30 p.m. (PDT) |
| Telephone Numbers: | 1-888-673-9780 (U.S.) and 1-312-470-0178 (Int'l) — Passcode: Edison |
| Telephone Replay: | 1-800-813-5534 (U.S.) and 1-203-369-3348 (Int’l) — Passcode: 6544 |
| Telephone replay available through Aug. 11 at 6 p.m. (PDT) | |
| 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 providing integrated sustainability and energy solutions to commercial, industrial and institutional customers.
Appendix and Summary Financial Schedules
