Edison International beats Q3 expectations, narrows 2024 guidance

ROSEMEAD, Calif. - Edison International (NYSE: NYSE:EIX ) reported third-quarter earnings that surpassed analyst estimates, driven by higher authorized revenue and rate of return at its Southern California Edison utility subsidiary. The company also narrowed its full-year 2024 earnings guidance.

The electric utility holding company posted adjusted earnings of $1.51 per share for the quarter, exceeding the analyst consensus of $1.40 per share. Revenue rose to $5.2 billion, topping expectations of $5.01 billion.

Southern California Edison's core earnings increased year-over-year, primarily due to higher revenue authorized in its 2021 General Rate Case and an increase in the authorized rate of return. This was partially offset by higher interest expenses.

"With strong year-to-date performance, we are confident in narrowing our 2024 core EPS guidance," said Pedro J. Pizarro, president and CEO of Edison International.

The company narrowed its 2024 core earnings per share guidance to $4.80-$5.00, compared to the previous range of $4.75-$5.05. The midpoint of the new range is in line with the analyst consensus of $4.94 per share.

Edison International reiterated its long-term core EPS growth rate targets of 5%-7% for 2021-2025 and 5%-7% for 2025-2028.

The company also reported progress on resolving legacy wildfire issues, including reaching a settlement agreement on the Thomas, Koenigstein and Montecito fires and filing a cost recovery application for the Woolsey Fire with California regulators.

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Source: Investing.com