Investor Relations: Sam Ramraj, (626) 302-2540
Media Relations: (626) 302-2255
News@sce.com
ROSEMEAD, Calif., Oct. 29, 2024 — Edison International (NYSE: EIX) today reported third-quarter net income of $516 million, or $1.33 per share, compared to net income of $155 million, or $0.40 per share, in the third quarter of last year. As adjusted, third-quarter core earnings were $582 million, or $1.51 per share, compared to core earnings of $531 million, or $1.38 per share, in the third quarter of last year.
Southern California Edison’s third-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 and an increase in the authorized rate of return resulting from the cost of capital adjustment mechanism. This was partially offset by higher interest expense.
Edison International Parent and Other’s third quarter core loss per share was in line with the same period last year.
“With strong year-to-date performance, we are confident in narrowing our 2024 core EPS guidance,” said Pedro J. Pizarro, president and CEO of Edison International. “Our team has achieved remarkable success over the last several years managing unprecedented climate challenges, making our operations more resilient and positioning us strongly for the growth ahead.”
Pizarro added, “SCE continues to demonstrate its ability to navigate the regulatory landscape and is in the final stages of two key proceedings, which will solidify our financial outlook through 2028. Capital investment enabled by SCE’s General Rate Case is the driver for the growth and customer benefits necessary to ensure the grid is reliable, resilient and ready to achieve the 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.
2024 Earnings Guidance
The company narrowed 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 July 25, 2024 |
2024 Earnings Guidance as of Oct. 29, 2024 |
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Low | High | Low | High | |
EIX Basic EPS | $3.49 | $3.79 | $3.37 | $3.57 |
Less: Non-core Items* | (1.26) | (1.26) | (1.43) | (1.43) |
EIX Core EPS | $4.75 | $5.05 | $4.80 | $5.00 |
* There were ($551) million, or ($1.43) per share, of non-core items recorded for the nine months ending Sept. 30, 2024. Basic EIX EPS guidance only incorporates non-core items to Sept. 30, 2024.
Third-Quarter 2024 Earnings Conference Call and Webcast Details
When: | Tuesday, Oct. 29, 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: | 1-800-685-6667 (U.S.) and 1-203-369-3864 (Int’l) — Passcode: 9413 |
Telephone replay available through Nov. 11 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-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.