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Jun 30, 2023
Edison Q2 2023 Earnings Report
Edison International reported an increase in net income and core EPS compared to the same quarter last year, driven by revenue from the escalation mechanism and higher interest income.
Key Takeaways
Edison International reported a second-quarter net income of $354 million, or $0.92 per share, compared to $241 million, or $0.63 per share, in the second quarter of last year. Core earnings were $388 million, or $1.01 per share, compared to $357 million, or $0.94 per share, in the second quarter of last year. The company reaffirmed its 2023 core EPS guidance of $4.55-$4.85 and introduced a core EPS growth rate target of 5%-7% for 2025-2028.
GAAP earnings per share were $0.92, while core EPS reached $1.01.
SCE has completed nearly 5,000 miles of covered conductor, reducing the probability of catastrophic wildfires by an estimated 85%.
2023 EPS guidance was reaffirmed at $4.55-$4.85.
A long-term core EPS growth rate target of 5%-7% was reiterated for 2021-2025, and a new target of 5%-7% was introduced for 2025-2028.
Forward Guidance
Edison International reaffirmed its earnings guidance range for 2023, targeting a core EPS between $4.55 and $4.85, and introduced a core EPS growth rate target of 5%-7% for 2025-2028, with a starting point of the midpoint of Edison International’s 2025 core EPS guidance of $5.50 to $5.90.
Positive Outlook
- Confidence in delivering on 2023 core EPS guidance.
- Targeting 5% to 7% EPS growth for 2025 through 2028.
- Potential for $7 EPS for 2028.
- Rate base growth driven by essential investments to advance California’s clean energy transition.
- SCE is strategically positioned to make substantial investments in the reliability, resiliency and readiness of the grid.
Challenges Ahead
- Ability of SCE to recover its costs through regulated rates.
- Ability of SCE to implement its Wildfire Mitigation Plan and capital program.
- Risks of regulatory or legislative restrictions that would limit SCE's ability to implement operational measures to mitigate wildfire risk.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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