Back to top

Image: Bigstock

Edison International's (EIX) Q2 Earnings Beat, Revenues Miss

Read MoreHide Full Article

Edison International (EIX - Free Report) reported second-quarter 2019 adjusted earnings of $1.58 per share, which surpassed the Zacks Consensus Estimate of $1.15 by 37.4%.
 
Excluding adjustments, quarterly earnings came in at $1.20 per share from continuing operations compared with 85 cents in second-quarter 2018.

The year-over-year bottom-line improvement can be attributed to solid sales and operating income growth.

Edison International Price, Consensus and EPS Surprise

Edison International Price, Consensus and EPS Surprise

Edison International price-consensus-eps-surprise-chart | Edison International Quote

Total Revenues
 
Edison International's second-quarter revenues totaled $2.81 billion, which missed the Zacks Consensus Estimate of $3.15 billion by 10.8%. However, the top line came almost in line with the year-ago quarter’s figure.
 
Segment Results


Southern California Edison’s (SCE) second-quarter adjusted earnings came in at $1.66 per share compared with 91 cents a year ago. The uptick can be attributed to the adoption of the 2018 General Rate Case (GRC) final decision in the reported quarter, the timing of regulatory deferrals related to wildfire insurance and wildfire mitigation costs. Also, higher revenues due to a change in estimate under the FERC formula rate mechanism contributed to this unit’s bottom line.
 
The Parent and Other segment incurred an adjusted loss of 8 cents per share in the quarter under review compared with the year-ago quarter’s loss of 6 cents. The increase in core losses was mainly due to higher interest expense as a result of increased borrowings.

Financial Update

As of Jun 30, 2019, Edison International's cash and cash equivalents amounted to $257 million compared with $144 million as of Dec 31, 2018. Long-term debt summed $15.88 billion, higher than the 2018-end level of $14.63 billion.

Net cash from operating activities during the first six months of 2019 was $598 million compared with $1,217 million in the prior-year period. Total capital expenditures totaled $2,235 million at the end of the second quarter, up from $2,159 million a year ago.

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.

Other Utility Releases

CMS Energy Corporation’s (CMS - Free Report) second-quarter 2019 adjusted earnings per share (EPS) of 33 cents declined 32.7% year over year. The bottom line also missed the Zacks Consensus Estimate of 44 cents by 25%.

NextEra Energy, Inc. (NEE - Free Report) reported second-quarter 2019 adjusted earnings of $2.35 per share, beating the Zacks Consensus Estimate of $2.28 by 3.1%. Moreover, the bottom line improved 12.9% on a year-over-year basis.

FirstEnergy Corporation (FE - Free Report) delivered second-quarter 2019 operating earnings of 61 cents per share, which outpaced the Zacks Consensus Estimate of 60 cents by 1.67%. However, the reported figure decreased 1.61% from the year-ago quarter’s 62 cents.

Biggest Tech Breakthrough in a Generation

Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.

A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 7 stocks to watch. The report is only available for a limited time.

See 7 breakthrough stocks now>>

Published in