Edison International (EIX - Free Report) reported fourth-quarter 2020 adjusted earnings of $1.19 per share, which missed the Zacks Consensus Estimate of $1.23 by 3.3%. The bottom line however improved 20.2% from the year-ago quarter’s earnings figure.
Excluding adjustments, the company recorded earnings of $1.39 per share from continuing operations compared with 40 cents generated in fourth-quarter 2019.
For 2020, the company recorded adjusted earnings of $4.52 per share, which came in lower than 2019’s $4.70. The full-year earnings also lagged the Zacks Consensus Estimate of $4.55.
Total Revenues
Edison International's fourth-quarter revenues totaled $3,157 million, which surpassed the Zacks Consensus Estimate of $3,078 million by 2.6%. Also, the top line rose 6.3% from the year-ago quarter’s $2,970 million.
For 2020, the company recorded revenues of $13.58 billion, which came in higher than 2019’s $12.35 billion. The full-year revenues also beat the Zacks Consensus Estimate of $13.47 billion.
Operational Highlights
In the reported quarter, total operating expenses dropped 11.9% year over year to $2,363 million.
Operation and maintenance costs declined 5.6% year over year, whereas expense associated with wildfire related claims plunged 90%. Meanwhile, purchased power and fuel costs rose 12.9%, whereas depreciation and amortization expenses increased 7.2%.
Operating income amounted to $794 million in the fourth quarter of 2020, compared with $287 million in the year-ago quarter.
Segment Results
Southern California Edison’s (SCE) fourth-quarter adjusted earnings were $1.30 per share compared with $1.08 a year ago.
The Parent and Other segment incurred an adjusted loss of 11 cents per share compared with the year-ago quarter’s loss of 9 cents.
Financial Update
As of Dec 31, 2020, Edison International's cash and cash equivalents amounted to $87 million compared with $68 million as of Dec 31, 2019.
Long-term debt was $19.63 billion, higher than the 2019-end level of $17.87 billion.
Net cash inflow from operating activities during 2020 was $1,263 million against cash outflow of $307 million in the prior-year.
Total capital expenditures totaled $5,484 million at the end of 2020, up from $4,877 million a year ago.
2021 Guidance
Edison International announced that it will provide 2021 earnings guidance after a final decision has been adopted by the CPUC on the Southern California Edison 2021 GRC,
Zacks Rank
Edison International currently 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
Xcel Energy Inc. (XEL - Free Report) posted fourth-quarter 2020 operating earnings of 54 cents per share, in line with the Zacks Consensus Estimate.
NextEra Energy, Inc. (NEE - Free Report) reported fourth-quarter 2020 adjusted earnings of 40 cents per share, which beat the Zacks Consensus Estimate of 39 cents by 2.6%.
CMS Energy Corp. (CMS - Free Report) reported fourth-quarter 2020 adjusted earnings per share of 56 cents, which surpassed the Zacks Consensus Estimate of 55 cents by 1.8%.
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Edison International (EIX - Free Report) reported fourth-quarter 2020 adjusted earnings of $1.19 per share, which missed the Zacks Consensus Estimate of $1.23 by 3.3%. The bottom line however improved 20.2% from the year-ago quarter’s earnings figure.
Excluding adjustments, the company recorded earnings of $1.39 per share from continuing operations compared with 40 cents generated in fourth-quarter 2019.
For 2020, the company recorded adjusted earnings of $4.52 per share, which came in lower than 2019’s $4.70. The full-year earnings also lagged the Zacks Consensus Estimate of $4.55.
Total Revenues
Edison International's fourth-quarter revenues totaled $3,157 million, which surpassed the Zacks Consensus Estimate of $3,078 million by 2.6%. Also, the top line rose 6.3% from the year-ago quarter’s $2,970 million.
For 2020, the company recorded revenues of $13.58 billion, which came in higher than 2019’s $12.35 billion. The full-year revenues also beat the Zacks Consensus Estimate of $13.47 billion.
Operational Highlights
In the reported quarter, total operating expenses dropped 11.9% year over year to $2,363 million.
Operation and maintenance costs declined 5.6% year over year, whereas expense associated with wildfire related claims plunged 90%. Meanwhile, purchased power and fuel costs rose 12.9%, whereas depreciation and amortization expenses increased 7.2%.
Operating income amounted to $794 million in the fourth quarter of 2020, compared with $287 million in the year-ago quarter.
Segment Results
Southern California Edison’s (SCE) fourth-quarter adjusted earnings were $1.30 per share compared with $1.08 a year ago.
The Parent and Other segment incurred an adjusted loss of 11 cents per share compared with the year-ago quarter’s loss of 9 cents.
Financial Update
As of Dec 31, 2020, Edison International's cash and cash equivalents amounted to $87 million compared with $68 million as of Dec 31, 2019.
Long-term debt was $19.63 billion, higher than the 2019-end level of $17.87 billion.
Net cash inflow from operating activities during 2020 was $1,263 million against cash outflow of $307 million in the prior-year.
Total capital expenditures totaled $5,484 million at the end of 2020, up from $4,877 million a year ago.
2021 Guidance
Edison International announced that it will provide 2021 earnings guidance after a final decision has been adopted by the CPUC on the Southern California Edison 2021 GRC,
Zacks Rank
Edison International currently 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
Xcel Energy Inc. (XEL - Free Report) posted fourth-quarter 2020 operating earnings of 54 cents per share, in line with the Zacks Consensus Estimate.
NextEra Energy, Inc. (NEE - Free Report) reported fourth-quarter 2020 adjusted earnings of 40 cents per share, which beat the Zacks Consensus Estimate of 39 cents by 2.6%.
CMS Energy Corp. (CMS - Free Report) reported fourth-quarter 2020 adjusted earnings per share of 56 cents, which surpassed the Zacks Consensus Estimate of 55 cents by 1.8%.
Just Released: Zacks’ 7 Best Stocks for Today
Experts extracted 7 stocks from the list of 220 Zacks Rank #1 Strong Buys that has beaten the market more than 2X over with a stunning average gain of +24.9% per year.
These 7 were selected because of their superior potential for immediate breakout.
See these time-sensitive tickers now >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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