Edison International ( EIX Quick Quote EIX - Free Report) reported first-quarter 2022 adjusted earnings of $1.07 per share, which surpassed the Zacks Consensus Estimate of 74 cents by 44.6%. The bottom line also surged 35.4% from the year-ago quarter’s earnings of 79 cents per share.
The company recorded GAAP earnings of 22 cents per share compared with the 68 cents reported in the first quarter of 2021.
Edison International's first-quarter revenues totaled $3,968 million, which surpassed the Zacks Consensus Estimate of $3,130 million by 26.8%. Also, the top line rose 34.1% from the year-ago quarter’s $2,960 million.
In the reported quarter, total operating expenses increased 44.8% year over year to $3,709 million.
Purchased power and fuel costs rose 2.4%, while depreciation and amortization expenses increased 11%.
Operation and maintenance costs increased 76.8% year over year, whereas property and other taxes remained flat with the prior-year quarter figure.
The operating income amounted to $259 million in the first quarter of 2022, which declined by 35.1% from the year-ago quarter.
Segment Results Southern California Edison’s (SCE) first-quarter adjusted earnings were $1.23 per share compared with 89 cents in the year ago quarter. The increase in SCE’s core earnings can be attributed to higher revenues from the 2021 General Rate Case final decision.
Parent and Other segment incurred a loss of 16 cents per share compared with the year-ago quarter’s loss of 10 cents. The loss increased primarily due to higher preferred dividends. Financial Update
As of Mar 31, 2022, Edison International's cash and cash equivalents amounted to $231 million compared with $390 million as of Dec 31, 2021.
The long-term debt was $24.97 billion as of Mar 31, 2022, higher than the 2021-end level of $24.18 billion.
The net cash flow from the operating activities in the first quarter was $792 million compared with $72 million in the prior-year quarter.
Total capital expenditures totaled $1,207 million at the end of the first quarter, down from $1,358 million in the year-ago period.
The company reaffirmed its 2022 guidance. EIX continues to expect adjusted earnings in the range of $4.40-$4.70 per share. The Zacks Consensus Estimate for earnings is currently pegged at $4.45 per share, lower than the midpoint of the company’s guided range.
Edison International currently carries a Zacks Rank #3 (Hold). You can see
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