Edison International ( EIX Quick Quote EIX - Free Report) reported second-quarter 2023 adjusted earnings of $1.01 per share, which beat the Zacks Consensus Estimate of 93 cents by 8.6%. The bottom line also increased 7.4% from 94 cents in the year-ago quarter. The company recorded GAAP earnings of 92 cents per share compared with 63 cents reported in the second quarter of 2022. Total Revenues
Edison International's second-quarter revenues totaled $3,964 million, which missed the Zacks Consensus Estimate of $4,270 million by 7.2%. Moreover, the top line declined 1.1% from the year-ago quarter’s $4,008 million.
In the reported quarter, total operating expenses decreased 7.5% year over year to $3,240 million.
Purchased power and fuel costs decreased 12%, while depreciation and amortization expenses increased 8.2%. Operation and maintenance costs decreased 8.8% year over year, whereas property and other taxes increased 24.2% from the prior-year quarter. Operating income amounted to $724 million in the second quarter of 2023 compared with $504 million in the year-ago quarter. Segment Results
Southern California Edison’s (“SCE”) second-quarter adjusted earnings were $1.23 per share compared with $1.10 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 and higher interest income.
Edison International Parent and Other incurred a loss of 22 cents per share compared with the year-ago quarter’s loss of 16 cents. The wider loss was on account of higher interest expenses. Financial Update
As of Jun 30, 2023, Edison International's cash and cash equivalents amounted to $195 million compared with $914 million as of Dec 31, 2022.
The long-term debt was $29.43 billion as of Jun 30, 2023, higher than the 2022-end level of $27.03 billion. Net cash inflow from operating activities in the first six months of 2023 was $712 million compared with $1,238 million in the prior-year period. Total capital expenditures totaled $2,711 million as of Jun 30, 2023, up from $2,708 million in the year-ago period. 2023 Guidance
The company reiterated its 2023 guidance. EIX still expects earnings in the range of $4.55-$4.85 per share.
The Zacks Consensus Estimate for earnings is currently pegged at $4.72 per share, which is higher than the midpoint of the company’s guided range. Zacks Rank
Edison International currently carries a Zacks Rank #3 (Hold). You can see
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