Edison International ( (EIX) ) has realeased its Q3 earnings. Here is a breakdown of the information Edison International presented to its investors.
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Edison International is one of the largest electric utility holding companies in the United States, primarily providing clean and reliable energy through its subsidiaries, including Southern California Edison, which serves electricity to approximately 15 million people in Southern, Central, and Coastal California.
In its third-quarter 2024 earnings report, Edison International revealed significant progress on several fronts, including a notable increase in both GAAP and core earnings per share compared to the previous year. The company also highlighted progress in resolving legacy wildfire issues with key settlements and filed cost recovery applications for the Woolsey Fire.
The financial results for the third quarter of 2024 showed a net income of $516 million, or $1.33 per share, a substantial increase from $155 million, or $0.40 per share, the previous year. Core earnings per share were reported at $1.51, up from $1.38 in the same period last year. The company narrowed its 2024 core EPS guidance to a range of $4.80-$5.00 and reiterated its long-term core EPS growth rate targets of 5%-7%.
The increase in core earnings was attributed to higher revenue from Southern California Edison’s 2021 General Rate Case and an authorized rate of return adjustment, which were partially offset by higher interest expenses. Edison International also maintained a steady course in its financial outlook, bolstered by capital investments aimed at enhancing grid reliability and supporting clean energy transitions.
Looking forward, Edison International’s management remains optimistic about achieving strong growth and resilience through strategic initiatives and regulatory proceedings. The company expects to continue capital investments that will ensure sustainable growth and customer benefits, aligning with its long-term vision for energy transition and grid reliability.
