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Mar 31, 2024
Edison Q1 2024 Earnings Report
Edison International reported a net loss and core earnings per share increased.
Key Takeaways
Edison International reported a first-quarter net loss of $11 million, or $0.03 per share. Core earnings were $438 million, or $1.13 per share. The company affirmed its 2024 core EPS guidance of $4.75-$5.05 and reiterated long-term core EPS growth rate targets of 5%-7% for 2021-2025 and 5%-7% for 2025-2028.
First-quarter GAAP loss per share was $0.03; core EPS was $1.13.
Strong regulatory progress was achieved with the receipt of the CEMA proposed decision and submission of GRC rebuttal testimony.
The best estimate of expected losses for 2017/2018 Wildfire/Mudslide Events was revised, resulting in a net after-tax charge of $333 million; the Woolsey application is on track for Q3.
2024 core EPS guidance of $4.75-$5.05 was affirmed.
Forward Guidance
The company affirmed its earnings guidance range for 2024.
Positive Outlook
- Affirms 2024 core EPS guidance of $4.75-$5.05
- Reiterates long-term core EPS growth rate targets of 5%-7% for 2021-2025
- Reiterates long-term core EPS growth rate targets of 5%-7% for 2025-2028
- Confident in delivering on long-term EPS growth targets
- Intends to seek full recovery of all eligible costs
Challenges Ahead
- Revised best estimate of expected losses for 2017/2018 Wildfire/Mudslide Events, resulting in net after-tax charge of $333 million
- Wildfires are now a national issue
- Litigation outcomes outside of California are impacting the costs to resolve claims everywhere
- Settlement outcomes during the quarter exceeded previously estimated values
Historical Earnings Impact
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Avg. Return Before/After Earnings
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