- Fourth-quarter 2024 GAAP EPS of $0.88; Core EPS of $1.05
- Full-year 2024 GAAP EPS of $3.33; Core EPS of $4.93
- TKM settlement approved, authorizing $1.6 billion of cost
recovery for pre-AB 1054 wildfire
- Revised 2025 Core EPS guidance of $5.94-$6.34 includes impact
of TKM settlement
- Continued confidence in delivering 5-7% Core EPS growth from
$5.84 (2025) to $6.74-$7.14 (2028)
Edison International (NYSE: EIX) today reported fourth-quarter
net income of $340 million, or $0.88 per share, compared to net
income of $378 million, or $0.99 per share, in the fourth quarter
of last year. As adjusted, fourth-quarter core earnings were $405
million, or $1.05 per share, compared to core earnings of $490
million, or $1.28 per share, in the fourth quarter of last
year.
Southern California Edison’s fourth-quarter 2024 core earnings
per share (EPS) decreased year over year, primarily due to higher
operation and maintenance expense and higher interest expense,
partially offset by 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.
Edison International Parent and Other’s fourth-quarter 2024 core
loss per share increased year over year, primarily due to higher
interest expense and gains on preferred stock repurchases in
2023.
“The catastrophic impact of the recent wildfires underscores the
importance of grid resiliency and the actions SCE has taken to
harden its system to support the communities it serves. SCE
continues to execute its robust, risk-prioritized wildfire
mitigation plan. We will continue to invest in SCE’s important work
to make its system safer for its customers and communities,” said
Pedro J. Pizarro, president and CEO of Edison International. “SCE
continues to make progress as it works diligently on reconstruction
after the Eaton and Palisades fires.”
Pizarro added, “We have been actively engaged in conversations
with key stakeholders including other utilities, the Governor’s
Office and legislative leaders to find solutions to support the
safety of the community, effectively manage customer costs and
reinforce confidence in California’s utilities. We believe
policymakers will act to make the enhancements needed to strengthen
the industry-leading AB 1054 regulatory framework.”
Full-Year Earnings
For 2024, Edison International reported net income of $1,284
million, or $3.33 per share, compared to $1,197 million, or $3.12
per share, for 2023. As adjusted, Edison International’s core
earnings were $1,900 million, or $4.93 per share, compared to
$1,825 million, or $4.76 per share, in 2023.
SCE’s full-year core EPS was higher, 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, partially offset by higher
interest expense.
Edison International Parent and Other’s full-year loss per share
increased primarily due to higher interest expense.
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.
Eaton Fire
For information on the Eaton Fire investigation and other
information related to the fire, please see the Company's Form 10-K
filed with the SEC today and the Section 315 Letter submitted to
the CPUC on Feb. 6, 2025, which can be found posted in the section
titled "Southern California Wildfires," at
www.edisoninvestor.com.
2025 Earnings Guidance
The company’s revised earnings guidance range for 2025 includes
the core earnings impact associated with the TKM settlement, as
summarized in the following chart. See the presentation
accompanying the company’s conference call for further information
and assumptions.
2025 Earnings Guidance
as of Feb. 27, 2025
Low
High
EIX Basic EPS
$
5.94
$
6.34
Less: Non-Core Items
-
-
EIX Core EPS
$
5.94
$
6.34
Edison International and Southern
California Edison Declare Dividends
Today, the board of directors of Edison International declared a
quarterly common stock dividend of $0.8275 per share, payable on
April 30, 2025, to shareholders of record on April 7, 2025. It also
declared dividends on preferred stock. Additionally, the board of
directors of Southern California Edison Company today declared
dividends on preference stock. For more information, please see the
related news release at www.edisoninvestor.com.
Fourth Quarter and Full-Year 2024
Earnings Conference Call and Webcast Details
When:
Thursday, Feb. 27, 1:30-2:30 p.m.
(PST)
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 March 12 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-K to the company’s investor relations
website. These materials are available at
www.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
Use of Non-GAAP Financial
Measures
Edison International’s earnings are prepared in accordance with
generally accepted accounting principles used in the United States
and represent the company’s earnings as reported to the Securities
and Exchange Commission. Our management uses core earnings and core
earnings per share (EPS) internally for financial planning and for
analysis of performance of Edison International and Southern
California Edison. We also use core earnings and core EPS when
communicating with analysts and investors regarding our earnings
results to facilitate comparisons of the Company’s performance from
period to period. Financial measures referred to as net income,
basic EPS, core earnings, or core EPS also apply to the description
of earnings or earnings per share.
Core earnings and core EPS are non-GAAP financial measures and
may not be comparable to those of other companies. Core earnings
and core EPS are defined as basic earnings and basic EPS excluding
income or loss from discontinued operations and income or loss from
significant discrete items that management does not consider
representative of ongoing earnings. Basic earnings and losses refer
to net income or losses attributable to Edison International
shareholders. Core earnings are reconciled to basic earnings in the
attached tables. The impact of participating securities (vested
awards that earn dividend equivalents that may participate in
undistributed earnings with common stock) for the principal
operating subsidiary is not material to the principal operating
subsidiary’s EPS and is therefore reflected in the results of the
Edison International holding company, which is included in Edison
International Parent and Other.
Safe Harbor Statement
Statements contained in this release about future performance,
including, without limitation, operating results, capital
expenditures, rate base growth, dividend policy, financial outlook,
and other statements that are not purely historical, are
forward-looking statements. These forward-looking statements
reflect our current expectations; however, such statements involve
risks and uncertainties. Actual results could differ materially
from current expectations. These forward-looking statements
represent our expectations only as of the date of this release, and
Edison International assumes no duty to update them to reflect new
information, events or circumstances. Important factors that could
cause different results include, but are not limited to the:
- ability of SCE to recover its costs through regulated rates,
timely or at all, including uninsured wildfire-related and debris
flow-related costs (including amounts paid for self-insured
retention and co-insurance), and costs incurred to mitigate the
risk of utility equipment causing future wildfires;
- the cybersecurity of Edison International's and SCE's critical
information technology systems for grid control and business,
employee and customer data, and the physical security of Edison
International's and SCE's critical assets and personnel;
- risks associated with the operation and maintenance of
electrical facilities, including worker, contractor, and public
safety issues, the risk of utility assets causing or contributing
to wildfires, failure, availability, efficiency, and output of
equipment and facilities, and availability and cost of spare
parts;
- impact of affordability of customer rates on SCE's ability to
execute its strategy, including the impact of affordability on
SCE’s ability to obtain regulatory approval of, or cost recovery
for, operations and maintenance expenses, proposed capital
investment projects, and increased costs due to supply chain
constraints, tariffs, inflation and rising interest rates;
- ability of SCE to update its grid infrastructure to maintain
system integrity and reliability, and meet electrification
needs;
- ability of SCE to implement its operational and strategic
plans, including its Wildfire Mitigation Plan and capital
investment program, including those related to project site
identification, public opposition, environmental mitigation,
construction, permitting, contractor performance, changes in the
California Independent System Operator's (“CAISO”) transmission
plans, and governmental approvals;
- risks of regulatory or legislative restrictions that would
limit SCE's ability to implement operational measures to mitigate
wildfire risk, including Public Safety Power Shutoff (“PSPS”) and
fast curve settings, when conditions warrant or would otherwise
limit SCE's operational practices relative to wildfire risk
mitigation;
- ability of SCE to obtain safety certifications from the Office
of Energy Infrastructure Safety of the California Natural Resources
Agency (“OEIS“);
- risk that California Assembly Bill 1054 (“AB 1054“) does not
effectively mitigate the significant exposure faced by California
investor-owned utilities related to liability for damages arising
from catastrophic wildfires where utility facilities are alleged to
be a substantial cause, including the longevity of the Wildfire
Insurance Fund and the California Public Utilities Commission
(“CPUC”) interpretation of and actions under AB 1054, including its
interpretation of the prudency standard clarified by AB 1054;
- ability of Edison International and SCE to effectively attract,
manage, develop and retain a skilled workforce, including its
contract workers;
- decisions and other actions by the CPUC, the Federal Energy
Regulatory Commission, and the United States Nuclear Regulatory
Commission and other governmental authorities, including decisions
and actions related to nationwide or statewide crisis, approval of
regulatory proceeding settlements, determinations of authorized
rates of return or return on equity, the recoverability of
wildfire-related and debris flow-related costs, issuance of SCE's
wildfire safety certification, wildfire mitigation efforts,
approval and implementation of electrification programs, and delays
in executive, regulatory and legislative actions;
- governmental, statutory, regulatory, or administrative changes
or initiatives affecting the electricity industry, including the
market structure rules applicable to each market adopted by the
North American Electric Reliability Corporation, CAISO, Western
Electricity Coordinating Council, and similar regulatory bodies in
adjoining regions, and changes in the United States' and
California's environmental priorities that lessen the importance
placed on greenhouse gas reduction and other climate related
priorities;
- potential for penalties or disallowances for non-compliance
with applicable laws and regulations, including fines, penalties
and disallowances related to wildfires where SCE's equipment is
alleged to be associated with ignition;
- extreme weather-related incidents (including events caused, or
exacerbated, by climate change), such as wildfires, debris flows,
flooding, droughts, high wind events and extreme heat events and
other natural disasters (such as earthquakes), which could cause,
among other things, worker and public safety issues, property
damage, outages and other operational issues (such as issues due to
damaged infrastructure), PSPS activations and unanticipated
costs;
- risks associated with the decommissioning of San Onofre,
including those related to worker and public safety, public
opposition, permitting, governmental approvals, on-site storage of
spent nuclear fuel and other radioactive material, delays,
contractual disputes, and cost overruns;
- risks associated with cost allocation resulting in higher rates
for utility bundled service customers because of possible customer
bypass or departure for other electricity providers such as
Community Choice Aggregators (“CCA,” which are cities, counties,
and certain other public agencies with the authority to generate
and/or purchase electricity for their local residents and
businesses) and Electric Service Providers (entities that offer
electric power and ancillary services to retail customers, other
than electrical corporations (like SCE) and CCAs);
- actions by credit rating agencies to downgrade Edison
International or SCE’s credit ratings or to place those ratings on
negative watch or negative outlook.
Other important factors are discussed under the headings
“Forward-Looking Statements”, “Risk Factors” and “Management’s
Discussion and Analysis” in Edison International’s Form 10-K and
other reports filed with the Securities and Exchange Commission,
which are available on our website: www.edisoninvestor.com. These
filings also provide additional information on historical and other
factual data contained in this release.
Fourth Quarter Reconciliation
of Basic Earnings Per Share to Core Earnings Per Share
Three Months Ended December
31,
Twelve Months Ended December
31,
2024
2023
Change
2024
2023
Change
Earnings (loss) per share
available to Edison International
SCE
$
1.11
$
1.16
$
(0.05
)
$
4.20
$
3.84
$
0.36
Edison International Parent and
Other
(0.23
)
(0.17
)
(0.06
)
(0.87
)
(0.72
)
(0.15
)
Edison International
0.88
0.99
(0.11
)
3.33
3.12
0.21
Less: Non-core items
SCE
(0.17
)
(0.29
)
0.12
(1.59
)
(1.73
)
0.14
Edison International Parent and
Other
—
—
—
(0.01
)
0.09
(0.10
)
Total non-core items
(0.17
)
(0.29
)
0.12
(1.60
)
(1.64
)
0.04
Core earnings (loss) per
share
SCE
1.28
1.45
(0.17
)
5.79
5.57
0.22
Edison International Parent and
Other
(0.23
)
(0.17
)
(0.06
)
(0.86
)
(0.81
)
(0.05
)
Edison International
$
1.05
$
1.28
$
(0.23
)
$
4.93
$
4.76
$
0.17
Note: Diluted earnings were $0.87 and $0.98 per share for the
three months ended December 31, 2024 and 2023, respectively.
Diluted earnings were $3.31 and $3.11 per share for the twelve
months ended December 31, 2024 and 2023, respectively.
Fourth Quarter Reconciliation
of Basic Earnings Per Share to Core Earnings (in millions)
Three Months Ended December
31,
Twelve Months Ended December
31,
(in millions)
2024
2023
Change
2024
2023
Change
Net Income (loss) available to
Edison International
SCE
$
429
$
445
$
(16
)
$
1,619
$
1,474
$
145
Edison International Parent and
Other
(89
)
(67
)
(22
)
(335
)
(277
)
(58
)
Edison International
340
378
(38
)
1,284
1,197
87
Less: Non-core items
SCE 1,2,3,4,5,6,7
(64
)
(112
)
48
(613
)
(661
)
48
Edison International Parent and
Other8
(1
)
—
(1
)
(3
)
33
(36
)
Total non-core items
(65
)
(112
)
47
(616
)
(628
)
12
Core earnings (losses)
SCE
493
557
(64
)
2,232
2,135
97
Edison International Parent and
Other
(88
)
(67
)
(21
)
(332
)
(310
)
(22
)
Edison International
$
405
$
490
$
(85
)
$
1,900
$
1,825
$
75
- Includes charges for 2017/2018 Wildfire/Mudslide Events claims
and expenses, net of FERC recoveries of $8 million ($6 million
after-tax) and $74 million ($53 million after-tax) for the three
months ended December 31, 2024 and 2023, $493 million ($355 million
after-tax) and $634 million ($457 million after-tax) for the twelve
months ended December 31, 2024 and 2023, respectively.
- Includes charges for Other Wildfire Events claims and expenses,
net of expected insurance and regulatory recoveries, of $38 million
($27 million after-tax) and $27 million ($19 million after-tax) for
the three months ended December 31, 2024 and 2023, $162 million
($117 million after-tax) and $34 million ($25 million after-tax)
for the twelve months ended December 31, 2024 and 2023,
respectively.
- Includes amortization of SCE's Wildfire Insurance Fund expenses
of $37 million ($27 million after tax) and $54 million ($39 million
after-tax) for the three months ended December 31, 2024 and 2023,
$146 million ($105 million after-tax) and $213 million ($153
million after-tax) for the twelve months ended December 31, 2024
and 2023, respectively.
- Includes severance costs, net of expected FERC recovery, of $6
million ($4 million after-tax) for the three months ended December
31, 2024 and $50 million ($36 million after-tax), for the twelve
months ended December 31, 2024.
- Includes a charge of $30 million ($21 million after-tax) for a
disallowance related to the 2021 NDCTP for the twelve months ended
December 31, 2023.
- Includes a charge related to customer cancellations of certain
ECS data services of $17 million ($12 million after-tax) for the
twelve months ended December 31, 2023.
- Includes an insurance recovery of $10 million ($7 million
after-tax) related to settlement of an employment litigation matter
for the twelve months ended December 31, 2023.
- Includes expected wildfire claims of $2 million ($1 million
after-tax) insured by EIS for the three months ended December 31,
2024, and expected wildfire claims of $4 million ($3 million
after-tax) insured by EIS and net earnings of $42 million ($33
million after-tax) related to customer revenues for an EIS
insurance contract offset by expected wildfire claims insured by
EIS for the twelve months ended December 31, 2024 and 2023,
respectively.
Consolidated Statements of
Income
Edison International
Year ended December 31,
(in millions, except per-share
amounts)
2024
2023
2022
Operating revenue
$
17,599
$
16,338
$
17,220
Purchased power and fuel
5,209
5,486
6,375
Operation and maintenance
5,172
4,138
4,724
Wildfire-related claims, net of
insurance recoveries
652
667
1,313
Wildfire Insurance Fund
expense
146
213
214
Depreciation and amortization
2,866
2,635
2,561
Property and other taxes
624
571
501
Impairment, net of other
operating income
—
1
49
Total operating
expenses
14,669
13,711
15,737
Operating income
2,930
2,627
1,483
Interest expense
(1,869
)
(1,612
)
(1,169
)
Other income, net
502
500
348
Income before income
taxes
1,563
1,515
662
Income tax expense
17
108
(162
)
Net income
1,546
1,407
824
Less: Preference stock dividend
requirements of SCE
175
123
107
Preferred stock dividend
requirements of Edison International
87
87
105
Net income available to Edison
International common shareholders
$
1,284
$
1,197
$
612
Basic earnings per
share:
Weighted average shares of common
stock outstanding
386
383
381
Basic earnings per common
share available to Edison International common shareholders
$
3.33
$
3.12
$
1.61
Diluted earnings per
share:
Weighted average shares of common
stock outstanding, including effect of dilutive securities
388
385
383
Diluted earnings per common
share available to Edison International common shareholders
$
3.31
$
3.11
$
1.60
Consolidated Balance
Sheets
Edison International
December 31,
(in millions)
2024
2023
ASSETS
Cash and cash equivalents
$
193
$
345
Receivables, less allowances of
$352 and $360 for uncollectible accounts at respective dates
2,169
2,016
Accrued unbilled revenue
848
742
Inventory
538
527
Prepaid expenses
103
112
Regulatory assets
2,748
2,524
Wildfire Insurance Fund
contributions
138
204
Other current assets
418
341
Total current assets
7,155
6,811
Nuclear decommissioning
trusts
4,286
4,173
Other investments
57
54
Total investments
4,343
4,227
Utility property, plant and
equipment, less accumulated depreciation and amortization of
$14,207 and $12,910 at respective dates
59,047
55,877
Nonutility property, plant and
equipment, less accumulated depreciation of $124 and $114 at
respective dates
207
207
Total property, plant and
equipment
59,254
56,084
Receivables, less allowances of
$43 and $4 for uncollectible accounts at respective dates
62
4
Regulatory assets (include $1,512
and $1,558 related to a Variable Interest Entity ("VIE") at
respective dates)
8,886
8,897
Wildfire Insurance Fund
contributions
1,878
1,951
Operating lease right-of-use
assets
1,180
1,221
Long-term insurance
receivables
418
501
Other long-term assets
2,403
2,062
Total other assets
14,827
14,636
Total assets
$
85,579
$
81,758
Consolidated Balance
Sheets
Edison International
December 31,
(in millions, except share
amounts)
2024
2023
LIABILITIES AND EQUITY
Short-term debt
$
998
$
1,077
Current portion of long-term
debt
2,049
2,697
Accounts payable
2,000
1,983
Wildfire-related claims
60
30
Accrued interest
422
390
Regulatory liabilities
1,347
763
Current portion of operating
lease liabilities
124
120
Other current liabilities
1,439
1,538
Total current
liabilities
8,439
8,598
Long-term debt (include
$1,468 and $1,515 related to a VIE at respective dates)
33,534
30,316
Deferred income taxes and
credits
7,180
6,672
Pensions and benefits
384
415
Asset retirement obligations
2,580
2,666
Regulatory liabilities
10,159
9,420
Operating lease liabilities
1,056
1,101
Wildfire-related claims
941
1,368
Other deferred credits and other
long-term liabilities
3,566
3,258
Total deferred credits and
other liabilities
25,866
24,900
Total liabilities
67,839
63,814
Preferred stock (50,000,000
shares authorized; 1,159,317 shares of Series A and 503,454 and
532,454 shares of Series B issued and outstanding at respective
dates)
1,645
1,673
Common stock, no par value
(800,000,000 shares authorized; 384,784,719 and 383,924,912 shares
issued and outstanding at respective dates)
6,353
6,338
Accumulated other comprehensive
loss
—
(9
)
Retained earnings
7,567
7,499
Total Edison International's
shareholders' equity
15,565
15,501
Noncontrolling interests –
preference stock of SCE
2,175
2,443
Total equity
17,740
17,944
Total liabilities and
equity
$
85,579
$
81,758
Consolidated Statements of
Cash Flows
Edison International
Years ended December 31,
(in millions)
2024
2023
2022
Cash flows from operating
activities:
Net income
$
1,546
$
1,407
$
824
Adjustments to reconcile to net
cash provided by operating activities:
Depreciation and amortization
2,939
2,721
2,633
Allowance for equity during
construction
(187
)
(157
)
(137
)
Impairment, net of other
operating income
—
1
49
Deferred income taxes
9
108
(177
)
Wildfire Insurance Fund
amortization expense
146
213
214
Other
81
57
80
Nuclear decommissioning
trusts
(174
)
(180
)
(123
)
Contributions to Wildfire
Insurance Fund
(95
)
(95
)
(95
)
Changes in operating assets and
liabilities:
Receivables
(278
)
(349
)
(252
)
Inventory
(14
)
(63
)
(58
)
Accounts payable
53
(408
)
367
Tax receivables and payables
(43
)
9
18
Other current assets and
liabilities
(42
)
185
207
Derivative assets and
liabilities, net
28
(174
)
115
Regulatory assets and
liabilities, net
1,219
576
(51
)
Wildfire-related insurance
receivable
83
(36
)
(390
)
Wildfire-related claims
(397
)
(410
)
(56
)
Other noncurrent assets and
liabilities
140
(4
)
48
Net cash provided by operating
activities
5,014
3,401
3,216
Cash flows from financing
activities:
Long-term debt issued, net of
discount and issuance costs of $44, $54, and $62 for the respective
years
5,256
5,121
5,971
Long-term debt repaid
(2,701
)
(2,498
)
(1,085
)
Short-term debt issued
—
1,076
1,000
Short-term debt repaid
(401
)
(2,407
)
(1,543
)
Common stock repurchased
(200
)
—
—
Preferred and preference stock
issued, net of issuance cost
345
542
—
Preferred and preference stock
repurchased and redeemed
(656
)
(289
)
—
Commercial paper borrowing
(repayments), net
308
1,102
(317
)
Dividends and distribution to
noncontrolling interests
(168
)
(117
)
(110
)
Common stock dividends paid
(1,198
)
(1,112
)
(1,050
)
Preferred stock dividends
paid
(88
)
(108
)
(99
)
Other
177
137
114
Net cash provided by financing
activities
674
1,447
2,881
Cash flows from investing
activities:
Capital expenditures
(5,707
)
(5,448
)
(5,778
)
Proceeds from sale of nuclear
decommissioning trust investments
5,019
4,597
4,177
Purchases of nuclear
decommissioning trust investments
(4,898
)
(4,417
)
(4,054
)
Other
50
35
81
Net cash used in investing
activities
(5,536
)
(5,233
)
(5,574
)
Net increase (decrease) in
cash, cash equivalents and restricted cash
152
(385
)
523
Cash, cash equivalents and
restricted cash at beginning of year
532
917
394
Cash, cash equivalents and
restricted cash at end of year
$
684
$
532
$
917
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250227106240/en/
Investor Relations: Sam Ramraj, (626) 302-2540 Media Relations:
(626) 302-2255 News@sce.com
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