Welcome to our dedicated page for Edison International news (Ticker: EIX), a resource for investors and traders seeking the latest updates and insights on Edison International stock.
Edison International (EIX), headquartered in Rosemead, California, is a premier energy company with a primary focus on generating and distributing electric power. As the parent company of Southern California Edison (SCE), it serves over 5 million customers across 50,000 square miles of Southern California, excluding Los Angeles. Southern California Edison is among the nation's largest electric utilities, providing reliable and affordable electricity to millions.
In addition to its utility operations, Edison International invests in infrastructure and energy assets, with a significant emphasis on renewable energy. The company’s non-utility subsidiary, Edison Energy, engages in energy-related products and services, further diversifying its portfolio.
Recently, Edison International has been at the forefront of efforts to combat climate change and advance clean energy solutions. Notable achievements include the installation of a 646-kilowatt solar system at The Knolls, an affordable apartment complex, significantly reducing its residents' carbon footprint and energy costs. The company has also been active in publishing influential policy recommendations, such as the 'Mind the Gap' report, which outlines strategies to achieve California's 2045 net-zero emissions target.
Edison International is committed to transforming California's electric system to support the integration of clean energy resources. This involves innovative planning across generation, transmission, distribution, and local resources. Challenges like interconnection bottlenecks and the need for advanced transmission infrastructure are being addressed through collaborative efforts with state agencies and stakeholders.
The company is also focusing on de-risking the development of emerging clean technologies, such as offshore wind and clean firm generation, to ensure a reliable and flexible power supply. Initiatives like the Solar on Multifamily Affordable Housing program exemplify Edison International's dedication to promoting sustainability and cost savings for all customers.
Financially, Edison International remains robust, with strategic investments and partnerships driving its growth. The company continues to advocate for regulatory reforms to expedite the deployment of essential clean energy infrastructure, aligning with its long-term vision of a resilient, cost-effective, and environmentally sustainable energy system.
As a leader in the energy sector, Edison International plays a critical role in shaping a cleaner, more sustainable future, making significant strides towards achieving California's ambitious climate goals while ensuring the reliability and affordability of electricity for its customers.
Edison International (NYSE: EIX) has announced it will host a conference call to discuss its Fourth Quarter and Full-Year 2024 Financial Results. The call will take place from 1:30-2:30 p.m. (PST). Investors can access the call through U.S. toll-free number (1-888-673-9780) or international number (1-312-470-0178) using the passcode 'Edison'. A live webcast will be available at www.edisoninvestor.com. A telephone replay will be accessible through March 12 at 6 p.m. (PST) via dedicated U.S. and international numbers.
Edison International and Southern California Edison (SCE) are managing widespread power outages and wildfire impacts across Southern California. As of January 12, SCE has restored power to over 500,000 customers (90% of outages), with 62,662 customers still affected. Restoration times may extend from days to weeks due to severe equipment damage and access restrictions.
The company filed two Electric Safety Incident Reports (ESIR) with the California Public Utilities Commission for the Eaton Fire and Hurst Fire. For the Eaton Fire, preliminary analysis showed no electrical anomalies. Regarding the Hurst Fire, a downed powerline was discovered, though its relation to the fire's ignition remains unclear.
Edison International has pledged $1 million in wildfire relief efforts, including $350,000 in immediate support to various organizations. Dangerous weather conditions are expected through January 15, with some customers potentially facing continued Public Safety Power Shutoffs (PSPS).
Edison International reports on severe wildfire conditions affecting Southern California, with three major fires: Palisades, Eaton, and Hurst. The company's subsidiary, Southern California Edison (SCE), is managing power outages affecting 413,639 customers as of 4 p.m. PST on January 8, with 183,186 due to Public Safety Power Shutoffs (PSPS) and 230,453 from windstorm-related issues.
The Eaton Fire started in SCE's service area, where distribution lines were preventively de-energized before the fire's start. While the Palisades and Hurst fires originated outside SCE's service territory, the company has transmission facilities near the Hurst Fire's ignition site. Both incidents are under review.
The extreme weather event is expected to continue through early weekend, potentially causing extended outages. SCE will receive support from other utilities through the industry's mutual assistance program to restore power once conditions are safe.
Edison International (NYSE: EIX) has announced a 6.1% increase in its annual dividend rate, raising it from $3.12 to $3.31 per share. The company declared a quarterly dividend of $0.8275 per share, payable on Jan. 31, 2025, to shareholders of record on Jan. 7, 2025. This marks the 21st consecutive year of dividend increases for Edison International. The company's CEO, Pedro Pizarro, stated that this increase reflects confidence in the company's financial future and aligns with their long-term EPS growth target of 5% to 7%.
Southern California Edison has announced the redemption of all outstanding shares of its Series H Preference Stock, triggering the redemption of SCE Trust III's 5.75% Fixed to Floating Rate Trust Preference Securities. The redemption is scheduled for November 28, 2024, at $25.00 per Trust Preference Security, plus accrued and unpaid dividends of $0.426992 per security. After the redemption date, all dividends will cease to accrue, and all rights will terminate except for the right to receive the redemption price upon surrender of securities.
Edison International (EIX) reported third-quarter 2024 net income of $516 million, or $1.33 per share, compared to $155 million ($0.40 per share) in Q3 2023. Core earnings were $582 million ($1.51 per share), up from $531 million ($1.38 per share) last year. The increase was primarily driven by higher revenue authorized in Track 4 of Southern California Edison's 2021 General Rate Case and an increased authorized rate of return. The company narrowed its 2024 core EPS guidance to $4.80-$5.00 and reaffirmed long-term core EPS growth rate targets of 5%-7% for both 2021-2025 and 2025-2028 periods.
Edison International (NYSE: EIX) has announced a conference call to discuss its Third Quarter 2024 Financial Results. The call is scheduled for 1:30-2:30 p.m. (PDT). Investors can join via phone using the following numbers:
- U.S. callers: 1-888-673-9780
- International callers: 1-312-470-0178
The passcode for the call is 'Edison'. A webcast will also be available at www.edisoninvestor.com. For those unable to attend, a telephone replay will be accessible until Nov. 11 at 6 p.m. (PDT) using the following numbers:
- U.S. callers: 1-800-391-9853
- International callers: 1-203-369-3269
The replay passcode is 9413.
Edison International has opened applications for its Edison Scholars Program, offering $1.5 million in scholarships to 30 high school seniors in Southern California Edison's service area. Each winner receives a $50,000 scholarship paid over four years to pursue STEM-related studies. Eligible applicants must have a 3.0 GPA, demonstrate financial need, and plan to major in STEM fields, cybersecurity, or data analytics.
Winners can also apply for a paid summer internship with SCE after their first year of college. The program, funded by Edison International shareholders, has awarded over $16.5 million to 790 students since 2006. Applications are open until January 23 at edisonscholars.com.
Edison International released 'Reaching Net Zero', a report outlining California's path to achieving net-zero greenhouse gas emissions by 2045. The report, presented at Climate Week NYC, highlights that despite infrastructure challenges, extreme weather impacts, and technological gaps, a clean energy future for California is attainable with immediate action.
The report emphasizes the need for significant investment and cooperation to achieve lower energy costs, reduced disaster risk, and cleaner air. It builds upon Edison International's 2019 'Pathway 2045' analysis, providing updated insights on the state's progress towards its climate goals.
Edison International (NYSE: EIX) has declared a quarterly common stock dividend of $0.78 per share, payable on Oct. 31, 2024, to shareholders of record on Oct. 7, 2024. Additionally, Southern California Edison has declared dividends for various series of preference stocks, all payable on Dec. 15, 2024, to shareholders of record on Dec. 13, 2024. These include:
- Series G: $0.31875 per security on SCE Trust II's 5.10% Trust Preference Securities
- Series H: $0.518084 per security on SCE Trust III's 5.75% Trust Preference Securities
- Series J: $0.3359375 per security on SCE Trust IV's 5.375% Trust Preference Securities
- Series K: $0.340625 per security on SCE Trust V's 5.45% Trust Preference Securities
- Series L: $0.3125 per security on SCE Trust VI's 5.00% Trust Preference Securities
- Series M: $0.46875 per security on SCE Trust VII's 7.50% Trust Preference Securities
- Series N: $0.434375 per security on SCE Trust VIII's 6.95% Trust Preference Securities
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