Edison International Reports Strong Q3 Earnings

ROSEMEAD, Calif. – Edison International (NYSE: EIX) reported third-quarter earnings that exceeded analyst expectations, bolstered by increased authorized revenue and a higher rate of return at its Southern California Edison utility subsidiary. The company has also revised its full-year 2024 earnings guidance.

The electric utility holding company posted adjusted earnings of $1.51 per share for the quarter, surpassing the analyst consensus of $1.40 per share. Revenue increased to $5.2 billion, outpacing projections of $5.01 billion.

Southern California Edison’s core earnings rose year-over-year, largely due to increased revenue authorized in its 2021 General Rate Case and a higher authorized rate of return, although this was partially mitigated by rising interest expenses.

“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.

The company has revised its 2024 core earnings per share guidance to $4.80-$5.00, from a previous estimate of $4.75-$5.05. The midpoint of the new range aligns with the analyst consensus of $4.94 per share.

Edison International reaffirmed its long-term core EPS growth targets of 5%-7% for both 2021-2025 and 2025-2028.

The company also reported advancements in addressing legacy wildfire issues, including reaching a settlement agreement related to the Thomas, Koenigstein, and Montecito fires, as well as filing a cost recovery application for the Woolsey Fire with California regulators.

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