Edison International ( EIX Quick Quote EIX - Free Report) reported first-quarter 2021 adjusted earnings of 79 cents per share, surpassing the Zacks Consensus Estimate of 76 cents by 3.9%. The bottom line also improved 25.4% from the year-ago quarter’s earnings figure.
Excluding adjustments, the company recorded earnings of 68 cents per share from continuing operations compared with 50 cents generated in first-quarter 2020.
Edison International's first-quarter revenues totaled $2,960 million, which surpassed the Zacks Consensus Estimate of $2,920 million by 1.4%. Also, the top line rose 6.1% from the year-ago quarter’s $2,790 million.
In the reported quarter, total operating expenses increased 2.9% year over year to $2,561 million.
Notably, purchased power and fuel costs rose 9.2%, property and other taxes increased 13.5%, and depreciation and amortization expenses increased 8.5%. Meanwhile, operation and maintenance costs declined 4.2% year over year and expense associated with wildfire related claims plunged 36.9%.
Operating income amounted to $399 million in the first quarter of 2021, up 32.1% from the year-ago quarter.
Segment Results Southern California Edison’s (SCE) first-quarter adjusted earnings were 89 cents per share compared with 72 cents a year ago. This improvement can be attributed to lower expenses related to wildfire mitigation activities and employee benefits.
Parent and Other segment incurred an adjusted loss of 10 cents per share compared with the year-ago quarter’s loss of 9 cents. Financial Update
As of Mar 31, 2021, Edison International's cash and cash equivalents amounted to $389 million compared with $87 million as of Dec 31, 2020.
Long-term debt was $20.17 billion, higher than the 2020-end level of $19.63 billion.
Net cash inflow from operating activities during the first quarter was $72 million compared with cash inflow worth $315 million in the prior-year quarter.
Total capital expenditures totaled $1,358 million at the end of the first quarter, up from $1,268 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 Recent Utility Releases DTE Energy Company ( DTE Quick Quote DTE - Free Report) reported first-quarter 2021 operating earnings per share (EPS) of $2.44, which surpassed the Zacks Consensus Estimate of $2.16 by 13%. American Electric Power Co., Inc. ( AEP Quick Quote AEP - Free Report) reported first-quarter 2021 adjusted earnings per share of $1.15, which missed the Zacks Consensus Estimate of $1.23 by 6.5%. NextEra Energy, Inc. ( NEE Quick Quote NEE - Free Report) reported first-quarter 2021 adjusted earnings of 67 cents per share, which beat the Zacks Consensus Estimate of 60 cents by 11.7%. 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.
You know this company from its past glory days, but few would expect that it’s poised for a monster turnaround. Fresh from a successful repositioning and flush with A-list celeb endorsements, it could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in a little more than 9 months and Nvidia which boomed +175.9% in one year. Free: See Our Top Stock and 4 Runners Up >>