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Edison International (EIX) Beats on Q2 Earnings, Lags Sales
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Edison International (EIX - Free Report) reported second-quarter 2018 earnings per share (EPS) of 84 cents from continuing operations, beating the Zacks Consensus Estimate of 82 cents by 2.4%. The bottom line declined by a penny from the year-ago quarter’s tally.
Total Revenues
Edison International's second-quarter 2018 revenues were $2,815 million, missing the Zacks Consensus Estimate of $2,955 million by 4.7%. The figure was also down 5.1% from the year-ago quarter’s tally of $2,965 million.
Edison International Price, Consensus and EPS Surprise
In the reported quarter, total operating expenses declined 4% to $2,395 million, primarily on account of a fall in purchased power and fuel expenses, in depreciation and amortization charges as well as in impairment and other charges.
Operating income was $420 million in the reported quarter, down 10.6% from the year-ago quarter’s figure of $470 million.
Interest expenses were $180 million in the quarter, up from $159 million in the prior-year quarter.
Segment Results
Southern California Edison’s (SCE) second-quarter core earnings were 91 cents compared with 94 cents a year ago. The bottom line fell due to higher operation and maintenance expenses related to wildfire insurance as well as higher net financing costs.
Parent and other segments reported core loss of 6 cents, compared with the year-ago quarter’s earnings of 9 cents.
Financial Update
As of Jun 30, 2018, cash and cash equivalents were $99 million, down from $1,091 million as of Dec 31, 2017. Long-term debt was $13.8 billion, higher than $11.6 billion as of Dec 31, 2017.
Net cash from operating activities as of Jun 30, 2018 was $1,217 million compared with $1,438 million a year ago. Total capital expenditure amounted to $2,159 million as of Jun 30, 2018, up $1,759 million in the year-ago period.
Guidance
After the final decision from California Public Utilities Commission on Southern California Edison 2018 GRC, the company will issue 2018 earnings guidance.
DTE Energy (DTE - Free Report) reported second-quarter 2018 operating EPS of $1.36, which outpaced the Zacks Consensus Estimate of $1.11 by 22.5%.
American Electric Power Co., Inc (AEP - Free Report) reported second-quarter 2018 adjusted EPS of $1.01, beating the Zacks Consensus Estimate of 88 cents by 14.8%.
NextEra Energy, Inc (NEE - Free Report) reported second-quarter 2018 adjusted earnings of $2.11 per share, beating the Zacks Consensus Estimate of $2.07 by 1.93%.
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Zacks names 5 companies poised to ride a medical breakthrough that is targeting cures for leukemia, AIDS, muscular dystrophy, hemophilia, and other conditions.
New products in this field are already generating substantial revenue and even more wondrous treatments are in the pipeline. Early investors could realize exceptional profits.
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Edison International (EIX) Beats on Q2 Earnings, Lags Sales
Edison International (EIX - Free Report) reported second-quarter 2018 earnings per share (EPS) of 84 cents from continuing operations, beating the Zacks Consensus Estimate of 82 cents by 2.4%. The bottom line declined by a penny from the year-ago quarter’s tally.
Total Revenues
Edison International's second-quarter 2018 revenues were $2,815 million, missing the Zacks Consensus Estimate of $2,955 million by 4.7%. The figure was also down 5.1% from the year-ago quarter’s tally of $2,965 million.
Edison International Price, Consensus and EPS Surprise
Edison International Price, Consensus and EPS Surprise | Edison International Quote
Operational Highlights
In the reported quarter, total operating expenses declined 4% to $2,395 million, primarily on account of a fall in purchased power and fuel expenses, in depreciation and amortization charges as well as in impairment and other charges.
Operating income was $420 million in the reported quarter, down 10.6% from the year-ago quarter’s figure of $470 million.
Interest expenses were $180 million in the quarter, up from $159 million in the prior-year quarter.
Segment Results
Southern California Edison’s (SCE) second-quarter core earnings were 91 cents compared with 94 cents a year ago. The bottom line fell due to higher operation and maintenance expenses related to wildfire insurance as well as higher net financing costs.
Parent and other segments reported core loss of 6 cents, compared with the year-ago quarter’s earnings of 9 cents.
Financial Update
As of Jun 30, 2018, cash and cash equivalents were $99 million, down from $1,091 million as of Dec 31, 2017. Long-term debt was $13.8 billion, higher than $11.6 billion as of Dec 31, 2017.
Net cash from operating activities as of Jun 30, 2018 was $1,217 million compared with $1,438 million a year ago. Total capital expenditure amounted to $2,159 million as of Jun 30, 2018, up $1,759 million in the year-ago period.
Guidance
After the final decision from California Public Utilities Commission on Southern California Edison 2018 GRC, the company will issue 2018 earnings guidance.
Zacks Rank
Edison International carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Utility Releases
DTE Energy (DTE - Free Report) reported second-quarter 2018 operating EPS of $1.36, which outpaced the Zacks Consensus Estimate of $1.11 by 22.5%.
American Electric Power Co., Inc (AEP - Free Report) reported second-quarter 2018 adjusted EPS of $1.01, beating the Zacks Consensus Estimate of 88 cents by 14.8%.
NextEra Energy, Inc (NEE - Free Report) reported second-quarter 2018 adjusted earnings of $2.11 per share, beating the Zacks Consensus Estimate of $2.07 by 1.93%.
5 Medical Stocks to Buy Now
Zacks names 5 companies poised to ride a medical breakthrough that is targeting cures for leukemia, AIDS, muscular dystrophy, hemophilia, and other conditions.
New products in this field are already generating substantial revenue and even more wondrous treatments are in the pipeline. Early investors could realize exceptional profits.
Click here to see the 5 stocks >>