Edison International ( EIX Quick Quote EIX - Free Report) reported fourth-quarter 2021 adjusted earnings of $1.16 per share, which surpassed the Zacks Consensus Estimate of $1.05 by 10.5%. However, the bottom line deteriorated 2.5% from the year-ago quarter’s earnings.
The company recorded GAAP earnings of $1.38 per share compared with $1.39 reported in the fourth quarter of 2020.
Edison International reported adjusted operating earnings per share (EPS) of $4.59 for full-year 2021, which increased 1.5% from $4.52 reported in 2020. Reported earnings also beat the Zacks Consensus Estimate of $4.48 per share by 2.5%.
Edison International's fourth-quarter revenues totaled $3,331 million, which surpassed the Zacks Consensus Estimate of $3,283 million by 1.5%. Also, the top line rose 5.5% from the year-ago quarter’s $3,157 million.
In 2021, EIX generated sales worth $14.91 billion, up 9.8% from the year-ago figure. Sales beat the Zacks Consensus Estimate of $14.86 billion by 0.3%.
In the reported quarter, total operating expenses increased 14.7% year over year to $2,710 million.
Purchased power and fuel costs rose 3.3%, while depreciation and amortization expenses increased 11.3%.
Operation and maintenance costs increased 14.4% year over year, whereas property and other taxes dropped 0.9%.
Operating income amounted to $621 million in the fourth quarter of 2021, which declined 21.8% from the year-ago quarter.
Segment Results Southern California Edison’s (SCE) fourth-quarter adjusted earnings were $1.34 per share compared with $1.30 a year ago. The increase in SCE’s core earnings can be attributed to higher revenues from the 2021 General Rate Case final decision and income tax benefits from the settlement of 2007 – 2012 California tax audits.
Parent and Other segment incurred a loss of 18 cents per share compared with the year-ago quarter’s loss of 11 cents. Financial Update
As of Dec 31, 2021, Edison International's cash and cash equivalents amounted to $390 million compared with $87 million as of Dec 31, 2020.
Long-term debt was $24.18 billion as of Dec 31, 2021, higher than the 2020-end level of $19.63 billion.
Net cash flow from operating activities in 2021 was $11 million compared with $1,263 million in the prior year.
Total capital expenditures totaled $5,505 million in 2021, up from $5,484 million a year ago.
The company initiated its 2022 guidance. Its adjusted earnings are projected in the range of $4.40-$4.70 per share. The Zacks Consensus Estimate for earnings is currently pegged at $4.46 per share, less than the midpoint of the company’s guided range.
Edison International currently carries a Zacks Rank #4 (Sell). You can see
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