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Sep 30, 2023
Edison Q3 2023 Earnings Report
Edison International reported mixed results for Q3 2023, with GAAP EPS declining and core EPS slightly decreasing year-over-year. The company reaffirmed its 2023 EPS guidance and long-term core EPS growth target.
Key Takeaways
Edison International reported a net income of $155 million, or $0.40 per share, for the third quarter of 2023, compared to a net loss of $128 million, or ($0.33) per share, in the third quarter of last year. Core earnings were $531 million, or $1.38 per share, compared to core earnings of $564 million, or $1.48 per share, in the third quarter of last year. The company reaffirmed its 2023 core EPS guidance of $4.55-$4.85 and reiterated its long-term core EPS growth target of 5%-7%.
GAAP earnings per share were $0.40; Core EPS was $1.38.
Edison International reaffirmed its 2023 EPS guidance of $4.55-$4.85.
The company reiterated its long-term core EPS growth rate target of 5%-7% for 2021-2025 and 5%-7% for 2025-2028.
A net after-tax charge of $323 million was recorded due to a revised best estimate of expected losses for 2017/2018 Wildfire/Mudslide Events.
Edison
Edison
Forward Guidance
Edison International reaffirmed its earnings guidance range for 2023.
Positive Outlook
- Reaffirmed 2023 core EPS guidance range.
- Ongoing commitment to delivering 5% to 7% core EPS growth through 2025 and 2028.
- Confidence in reaffirming 2023 core EPS guidance range.
- SCE's industry-leading, multi-layered wildfire mitigation practices differentiate the company.
- SCE has made tremendous progress since 2018, reducing its risk of losses from catastrophic wildfires by 85%.
Challenges Ahead
- Revised best estimate of expected losses for 2017/2018 Wildfire/Mudslide Events, resulting in net after-tax charge of $323 million.
- Southern California Edison’s third-quarter core earnings per share (EPS) decreased year over year, primarily due to higher interest expense.
- True-up recorded in the third quarter of last year related to the Customer Service Re-Platform (CSRP) decision.
- Edison International Parent and Other’s third-quarter core loss per share increased year over year, primarily due to higher interest expense.
- Higher than expected costs to settle claims.