Investor Relations: Sam Ramraj, (626) 302-2540
Media Relations: (626) 302-2255

ROSEMEAD, Calif., Nov. 1, 2023 — Edison International (NYSE: EIX) today reported third-quarter net income of $155 million, or $0.40 per share, compared to net loss of $128 million, or ($0.33) per share, in the third quarter of last year. As adjusted, third-quarter core earnings were $531 million, or $1.38 per share, compared to core earnings of $564 million, or $1.48 per share, in the third quarter of last year.

Southern California Edison’s third-quarter core earnings per share (EPS) decreased year over year, primarily due to higher interest expense and a true-up recorded in the third quarter of last year related to the Customer Service Re-Platform (CSRP) decision. The true-up recognized previously unrecognized return on rate base related to the CSRP project. This reduction was partially offset by higher revenue from the escalation mechanism set forth in the 2021 General Rate Case final decision.

Edison International Parent and Other’s third-quarter core loss per share increased year over year, primarily due to higher interest expense.

“We are pleased with our performance year to date and, combined with the outlook for the fourth quarter, we are confident in reaffirming our 2023 core EPS guidance range,” said Pedro J. Pizarro, president and CEO of Edison International. “I also reaffirm our ongoing commitment to delivering 5% to 7% core EPS growth through 2025 and 2028, which does not factor in several potential upsides.”

Pizarro added, “SCE’s industry-leading, multi-layered wildfire mitigation practices differentiate the company as climate change-driven wildfire risk affects utilities across the nation. Against this backdrop, SCE has made tremendous progress since 2018, reducing its risk of losses from catastrophic wildfires by 85%. Additionally, with their deep experience and achievements, my SCE colleagues are sharing mitigation strategies with utilities across the country.”

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.

Revision to Best Estimate of Losses for 2017/2018 Wildfire/Mudslide Events

Each reporting period, management reviews its loss estimates for remaining alleged and potential claims related to the 2017/2018 Wildfire/Mudslide Events. Management’s third quarter 2023 review included a review of information obtained from settling claims in the 2017/2018 Wildfire/Mudslide Events litigations through the third quarter of 2023, including higher than expected costs to settle claims. Management’s review also included a review of third-party expert information obtained in the third quarter of 2023 regarding the nature of claims remaining in the 2017/2018 Wildfire/Mudslide Events litigations. As a result of management's third quarter 2023 review, a $475 million increase in estimated losses for the 2017/2018 Wildfire/Mudslide Events as of September 30, 2023 was recorded. As a result, SCE recorded expected recoveries through FERC electric rates of $27 million against the charge. The resulting net charge to earnings was $448 million ($323 million after-tax).

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 July 27, 2023
2023 Earnings Guidance
as of Nov. 1, 2023
  Low High Low High
EIX Basic EPS $4.18 $4.48 $3.21 $3.51
Less: Non-core Items* (0.37) (0.37) (1.34) (1.34)
EIX Core EPS $4.55 $4.85 $4.55 $4.85

* There were ($516) million, or ($1.34) per share, of non-core items recorded for the nine months ended Sept. 30, 2023. Basic EIX EPS guidance only incorporates non-core items to Sept. 30, 2023.

Third Quarter 2023 Earnings Conference Call and Webcast Details

When: Wednesday, Nov. 1, 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: 1-866-510-4834 (U.S.) and 1-203-369-1942  (Int’l) — Passcode: 1650
  Telephone replay available through Nov. 16 at 6 p.m. (PDT)

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

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 Third Quarter 2023 Results