Edison International ( EIX Quick Quote 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.
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.
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.
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.
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.
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,
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 Quick Quote 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 Quick Quote 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 Quick Quote 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 >>