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

ROSEMEAD, Calif., July 25, 2024 — Edison International (NYSE: EIX) today reported second-quarter net income of $439 million, or $1.14 per share, compared to net income of $354 million, or $0.92 per share, in the second quarter of last year. As adjusted, second-quarter core earnings were $475 million, or $1.23 per share, compared to core earnings of $388 million, or $1.01 per share, in the second quarter of last year.

Southern California Edison’s second-quarter 2024 core earnings per share (EPS) increased year over year, primarily due to higher revenue authorized in Track 4 of SCE’s 2021 General Rate Case, an increase in the authorized rate of return resulting from the cost of capital adjustment mechanism, and recognition of previously unrecognized return on rate base related to wildfire restoration efforts. This was partially offset by higher interest expense.

Edison International Parent and Other’s second-quarter 2024 core loss per share was in line with the same period in the prior year.

"With a strong start to the first half of the year, we are confident in reaffirming our 2024 core EPS guidance of $4.75 to $5.05,” said Pedro J. Pizarro, president and CEO of Edison International. “Based on the progress in SCE’s 2025 General Rate Case, including many partial settlements, we are also confident in getting a strong outcome for customers. The funding authorized in the GRC to continue making investments in SCE’s grid is the linchpin for achieving our 2025 EPS guidance and delivering a 5% to 7% EPS CAGR through 2028.”

Pizarro added, “SCE’s latest 10-year load growth forecast calls for 35% higher load growth, far exceeding all prior internal and external forecasts. To prepare for this growth, SCE will need to significantly expand the electric system to ensure a reliable, resilient and ready grid. These substantial investments will provide us with opportunities for continued rate base growth.”

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.

Share Repurchase Program

On June 26, 2024, the Edison International Board of Directors authorized a stock repurchase program effective July 29, 2024, for repurchase of up to $200 million of its common stock until Dec. 31, 2025. The repurchase program will be used to offset dilution from common stock issued under the company’s long-term incentive compensation programs and will be funded using the company's working capital.

The timing and the amount of any repurchased common stock will be determined by Edison International's management based on their evaluation of market conditions and other factors. The repurchase program may be executed through various methods, including open market purchases, privately negotiated transactions, and other transactions in accordance with applicable securities laws. Any repurchased shares of common stock will be retired. The repurchase program does not obligate the company to acquire any particular amount of common stock, and it may be suspended or discontinued at any time in its discretion.

2024 Earnings Guidance

The company reaffirmed 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.

  2024 Earnings Guidance
as of Apr. 30, 2024
2024 Earnings Guidance
as of July 25, 2024
  Low High Low High
EIX Basic EPS $3.59 $3.89 $3.49 $3.79
Less: Non-core Items* (1.16) (1.16) (1.26) (1.26)
EIX Core EPS $4.75 $5.05 $4.75 $5.05
 

* There were ($485) million, or ($1.26) per share, of non-core items recorded for the six months ended June 30, 2024. Basic EIX EPS guidance only incorporates non-core items to June 30, 2024.

Second-Quarter 2024 Earnings Conference Call and Webcast Details

When: Thursday, July 25, 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: 1-866-405-7293 (U.S.) and 1-203-369-0605 (Int’l) — Passcode: 8852
  Telephone replay available through Aug. 7 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 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 Second-Quarter 2024 Results