Edison International (EIX - Free Report) reported third-quarter 2022 adjusted earnings of $1.48 per share, which came in line with the Zacks Consensus Estimate. However, the bottom declined 12.4% from $1.69 in the year-ago quarter.
The company recorded a GAAP loss of 33 cents per share compared with the 90 cents reported in the third quarter of 2021.
Total Revenues
Edison International's third-quarter revenues totaled $5,228 million, which surpassed the Zacks Consensus Estimate of $4,988 million by 4.8%. However, the top line declined 1.3% from the year-ago quarter’s $5,299 million.
Operational Highlights
In the reported quarter, total operating expenses decreased 2.9% year over year to $5,272 million.
Purchased power and fuel costs rose 19%, while depreciation and amortization expenses increased 23.2%.
Operation and maintenance costs decreased 19.9% year over year, whereas property and other taxes increased 13.3% from the prior-year quarter figure.
The operating loss amounted to $44 million in the third quarter of 2022 compared with the operating loss of $128 million in the year-ago quarter.
Segment Results
Southern California Edison’s (“SCE”) third-quarter adjusted earnings were $1.63 per share compared with $1.84 in the year-ago quarter. The decrease in SCE’s core earnings can be attributed to higher revenues from the 2021 General Rate Case final decision.
Edison International Parent and Other incurred a loss of 15 cents per share, in line with the year-ago quarter’s loss.
Financial Update
As of Sep 30, 2022, Edison International's cash and cash equivalents amounted to $232 million compared with $390 million as of Dec 31, 2021.
The long-term debt was $25.15 billion as of Sep 30, 2022, higher than the 2021-end level of $24.18 billion.
Net cash flow from operating activities for the nine months ended Sep 30, 2022 was $2,112 million compared to the cash outflow of $416 million in the prior-year period.
Total capital expenditures summed at $4,206 million for the nine months ended Sep 30, 2022, up from $3,948 million in the year-ago period.
2022 Guidance
The company narrowed its 2022 guidance. EIX now expects adjusted earnings in the range of $4.48-$4.68 compared with the prior guided range of $4.40-$4.70 per share.
The Zacks Consensus Estimate for earnings is currently pegged at $4.49 per share, which is toward the lower end of the company’s guided range.
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.
Recent Utility Releases
Public Service Enterprise Group Incorporated (PEG - Free Report) , or PSEG, reported third-quarter 2022 adjusted operating earnings of 86 cents per share, which beat the Zacks Consensus Estimate of 84 cents by 2.4%.
Operating revenues came in at $2,272 million in the third quarter, which beat the Zacks Consensus Estimate of $2,258.7 million by 0.6%. The top line also increased by 19.4% from the year-ago quarter’s $1,903 million.
FirstEnergy Corporation (FE - Free Report) delivered third-quarter 2022 operating EPS of 79 cents, beating the Zacks Consensus Estimate of 77 cents by 2.6%. In the trailing twelve-month period, FirstEnergy’s electricity sales improved 1.3% from the prior-year period.
FirstEnergy generated operating revenues of $3,533 million in the third quarter, which surpassed the Zacks Consensus Estimate of $3,190 million by 10.8%.
DTE Energy Company (DTE - Free Report) reported third-quarter 2022 operating EPS of $1.60, which surpassed the Zacks Consensus Estimate of $1.58 by 1.3%. However, the bottom line decreased 7% from the year-ago quarter’s $1.72 per share.
The operating net income of DTE in the reported quarter totaled $311 million compared with $334 million in the year-ago quarter.
Free Report: Must-See Energy Stocks for 2023
Record profits at oil companies can mean big gains for you. With soaring demand and elevated prices, oil stocks could be top performers by far in 2023. Zacks has released a special report revealing the 4 oil stocks experts believe will deliver the biggest gains. (You’ll never guess Stock #2!)
Download Oil Market on Fire today, absolutely free.
Edison International (EIX - Free Report) reported third-quarter 2022 adjusted earnings of $1.48 per share, which came in line with the Zacks Consensus Estimate. However, the bottom declined 12.4% from $1.69 in the year-ago quarter.
The company recorded a GAAP loss of 33 cents per share compared with the 90 cents reported in the third quarter of 2021.
Total Revenues
Edison International's third-quarter revenues totaled $5,228 million, which surpassed the Zacks Consensus Estimate of $4,988 million by 4.8%. However, the top line declined 1.3% from the year-ago quarter’s $5,299 million.
Operational Highlights
In the reported quarter, total operating expenses decreased 2.9% year over year to $5,272 million.
Purchased power and fuel costs rose 19%, while depreciation and amortization expenses increased 23.2%.
Operation and maintenance costs decreased 19.9% year over year, whereas property and other taxes increased 13.3% from the prior-year quarter figure.
The operating loss amounted to $44 million in the third quarter of 2022 compared with the operating loss of $128 million in the year-ago quarter.
Segment Results
Southern California Edison’s (“SCE”) third-quarter adjusted earnings were $1.63 per share compared with $1.84 in the year-ago quarter. The decrease in SCE’s core earnings can be attributed to higher revenues from the 2021 General Rate Case final decision.
Edison International Parent and Other incurred a loss of 15 cents per share, in line with the year-ago quarter’s loss.
Financial Update
As of Sep 30, 2022, Edison International's cash and cash equivalents amounted to $232 million compared with $390 million as of Dec 31, 2021.
The long-term debt was $25.15 billion as of Sep 30, 2022, higher than the 2021-end level of $24.18 billion.
Net cash flow from operating activities for the nine months ended Sep 30, 2022 was $2,112 million compared to the cash outflow of $416 million in the prior-year period.
Total capital expenditures summed at $4,206 million for the nine months ended Sep 30, 2022, up from $3,948 million in the year-ago period.
2022 Guidance
The company narrowed its 2022 guidance. EIX now expects adjusted earnings in the range of $4.48-$4.68 compared with the prior guided range of $4.40-$4.70 per share.
The Zacks Consensus Estimate for earnings is currently pegged at $4.49 per share, which is toward the lower end of the company’s guided range.
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.
Recent Utility Releases
Public Service Enterprise Group Incorporated (PEG - Free Report) , or PSEG, reported third-quarter 2022 adjusted operating earnings of 86 cents per share, which beat the Zacks Consensus Estimate of 84 cents by 2.4%.
Operating revenues came in at $2,272 million in the third quarter, which beat the Zacks Consensus Estimate of $2,258.7 million by 0.6%. The top line also increased by 19.4% from the year-ago quarter’s $1,903 million.
FirstEnergy Corporation (FE - Free Report) delivered third-quarter 2022 operating EPS of 79 cents, beating the Zacks Consensus Estimate of 77 cents by 2.6%. In the trailing twelve-month period, FirstEnergy’s electricity sales improved 1.3% from the prior-year period.
FirstEnergy generated operating revenues of $3,533 million in the third quarter, which surpassed the Zacks Consensus Estimate of $3,190 million by 10.8%.
DTE Energy Company (DTE - Free Report) reported third-quarter 2022 operating EPS of $1.60, which surpassed the Zacks Consensus Estimate of $1.58 by 1.3%. However, the bottom line decreased 7% from the year-ago quarter’s $1.72 per share.
The operating net income of DTE in the reported quarter totaled $311 million compared with $334 million in the year-ago quarter.
Free Report: Must-See Energy Stocks for 2023
Record profits at oil companies can mean big gains for you. With soaring demand and elevated prices, oil stocks could be top performers by far in 2023. Zacks has released a special report revealing the 4 oil stocks experts believe will deliver the biggest gains. (You’ll never guess Stock #2!)
Download Oil Market on Fire today, absolutely free.
Get the latest research report on EIX - FREE
Get the latest research report on FE - FREE
Get the latest research report on PEG - FREE
Get the latest research report on DTE - FREE