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Edison International (EIX) Q2 Earnings Beat, Sales Rise Y/Y
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Edison International (EIX - Free Report) reported second-quarter 2022 adjusted earnings of 94 cents per share, which surpassed the Zacks Consensus Estimate of 90 cents by 4.4%. The bottom line came in line with the year-ago quarter’s earnings.
The company recorded GAAP earnings of 63 cents per share compared with the 84 cents reported in the second quarter of 2021.
Total Revenues
Edison International's second-quarter revenues totaled $4,008 million, which surpassed the Zacks Consensus Estimate of $3,455 million by 16%. Also, the top line rose 20.9% from the year-ago quarter’s $3,315 million.
Edison International Price, Consensus and EPS Surprise
In the reported quarter, total operating expenses increased 28.4% year over year to $3,504 million.
Purchased power and fuel costs rose 1.6%, while depreciation and amortization expenses increased 12.8%.
Operation and maintenance costs increased 80.5% year over year, whereas property and other taxes increased 2.6% from the prior-year quarter figure.
The operating income amounted to $504 million in the second quarter of 2022, which declined by 13.8% from the year-ago quarter.
Segment Results
Southern California Edison’s (“SCE”) second-quarter adjusted earnings were $1.10 per share compared with $1.05 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.
Edison International Parent and Other incurred a loss of 16 cents per share compared with the year-ago quarter’s loss of 11 cents. The loss increased primarily due to higher preferred dividends and unrealized losses on investments in 2022.
Financial Update
As of Jun 30, 2022, Edison International's cash and cash equivalents amounted $122 million compared with $390 million as of Dec 31, 2021.
The long-term debt was $25.14 billion as of Jun 30, 2022, higher than the 2021-end level of $24.18 billion.
Net cash flow from operating activities for the six months ended Jun 30, 2022 was $1,238 million compared to the cash outflow of $1,374 million in the prior-year period.
Total capital expenditures totaled $2,708 million for the six months ended Jun 30, 2022, up from $2,593 million in the year-ago period.
2022 Guidance
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 $4.40 per share, lower than the midpoint of the company’s guided range.
NextEra Energy, Inc. (NEE - Free Report) reported second-quarter 2022 adjusted earnings of 81 cents per share, which beat the Zacks Consensus Estimate of 75 cents by 8%. The bottom line was also up 14.1% from the prior-year quarter.
For the second quarter, NextEra’s operating revenues were $5,183 million, which lagged the Zacks Consensus Estimate of $5,681 million by 8.8%. However, NEE’s top line improved 31.9% year over year.
American Electric Power Company, Inc. (AEP - Free Report) reported second-quarter 2022 operating EPS of $1.20, which beat the Zacks Consensus Estimate of $1.18 by 1.7%. The bottom line also improved 1.7% from $1.18 per share in the year-ago quarter.
American Electric’s second-quarter revenues of $4,593.8 million beat the Zacks Consensus Estimate of $4,191.2 million by 9.6%. AEP expects 2022 operating earnings in the range of $4.87-$5.07 per share.
CMS Energy Corporation(CMS - Free Report) reported second-quarter 2022 adjusted earnings per share of 53 cents, which beat the Zacks Consensus Estimate of 44 cents by 20.5%. However, the reported figure declined 3.6% on a year-over-year basis.
CMS Energy had cash and cash equivalents of $77 million as of Jun 30, 2022, down from $452 million at the end of 2021. CMS expects its 2022 adjusted earnings guidance in the range of $2.85-$2.89 per share.
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Edison International (EIX) Q2 Earnings Beat, Sales Rise Y/Y
Edison International (EIX - Free Report) reported second-quarter 2022 adjusted earnings of 94 cents per share, which surpassed the Zacks Consensus Estimate of 90 cents by 4.4%. The bottom line came in line with the year-ago quarter’s earnings.
The company recorded GAAP earnings of 63 cents per share compared with the 84 cents reported in the second quarter of 2021.
Total Revenues
Edison International's second-quarter revenues totaled $4,008 million, which surpassed the Zacks Consensus Estimate of $3,455 million by 16%. Also, the top line rose 20.9% from the year-ago quarter’s $3,315 million.
Edison International Price, Consensus and EPS Surprise
Edison International price-consensus-eps-surprise-chart | Edison International Quote
Operational Highlights
In the reported quarter, total operating expenses increased 28.4% year over year to $3,504 million.
Purchased power and fuel costs rose 1.6%, while depreciation and amortization expenses increased 12.8%.
Operation and maintenance costs increased 80.5% year over year, whereas property and other taxes increased 2.6% from the prior-year quarter figure.
The operating income amounted to $504 million in the second quarter of 2022, which declined by 13.8% from the year-ago quarter.
Segment Results
Southern California Edison’s (“SCE”) second-quarter adjusted earnings were $1.10 per share compared with $1.05 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.
Edison International Parent and Other incurred a loss of 16 cents per share compared with the year-ago quarter’s loss of 11 cents. The loss increased primarily due to higher preferred dividends and unrealized losses on investments in 2022.
Financial Update
As of Jun 30, 2022, Edison International's cash and cash equivalents amounted $122 million compared with $390 million as of Dec 31, 2021.
The long-term debt was $25.14 billion as of Jun 30, 2022, higher than the 2021-end level of $24.18 billion.
Net cash flow from operating activities for the six months ended Jun 30, 2022 was $1,238 million compared to the cash outflow of $1,374 million in the prior-year period.
Total capital expenditures totaled $2,708 million for the six months ended Jun 30, 2022, up from $2,593 million in the year-ago period.
2022 Guidance
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 $4.40 per share, lower than the midpoint 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
NextEra Energy, Inc. (NEE - Free Report) reported second-quarter 2022 adjusted earnings of 81 cents per share, which beat the Zacks Consensus Estimate of 75 cents by 8%. The bottom line was also up 14.1% from the prior-year quarter.
For the second quarter, NextEra’s operating revenues were $5,183 million, which lagged the Zacks Consensus Estimate of $5,681 million by 8.8%. However, NEE’s top line improved 31.9% year over year.
American Electric Power Company, Inc. (AEP - Free Report) reported second-quarter 2022 operating EPS of $1.20, which beat the Zacks Consensus Estimate of $1.18 by 1.7%. The bottom line also improved 1.7% from $1.18 per share in the year-ago quarter.
American Electric’s second-quarter revenues of $4,593.8 million beat the Zacks Consensus Estimate of $4,191.2 million by 9.6%. AEP expects 2022 operating earnings in the range of $4.87-$5.07 per share.
CMS Energy Corporation(CMS - Free Report) reported second-quarter 2022 adjusted earnings per share of 53 cents, which beat the Zacks Consensus Estimate of 44 cents by 20.5%. However, the reported figure declined 3.6% on a year-over-year basis.
CMS Energy had cash and cash equivalents of $77 million as of Jun 30, 2022, down from $452 million at the end of 2021. CMS expects its 2022 adjusted earnings guidance in the range of $2.85-$2.89 per share.