Edison International Reports First Quarter 2021 Results
Edison International (NYSE: EIX) reported a net income of $259 million ($0.68 per share) for Q1 2021, up from $183 million ($0.50 per share) in Q1 2020. Core earnings also rose to $301 million ($0.79 per share) compared to $228 million ($0.63 per share) the previous year. The increase is attributed to lower wildfire mitigation expenses. SCE anticipates enhancing fire risk management and infrastructure investments amid the transition to a clean energy economy. 2021 earnings guidance will be provided post CPUC's decision on Southern California Edison’s rate case.
- Net income for Q1 2021 increased to $259 million, up 41.6% year-over-year.
- Core earnings rose to $301 million, an increase of 32% compared to Q1 2020.
- Lower wildfire mitigation expenses contributed positively to results.
- SCE plans to harden over 25% of its overhead infrastructure in high fire risk areas by year-end.
- Loss per share for Edison International Parent and Other remained unchanged at $0.10.
Edison International (NYSE: EIX) today reported first quarter 2021 net income of
Southern California Edison's (SCE) first quarter 2021 core earnings per share (EPS) increased year-over-year primarily due to lower expenses related to wildfire mitigation activities and employee benefits. Wildfire mitigation expenses were lower in the first quarter primarily because fewer remediations were identified through the inspection process. These were partially offset by the increase in shares outstanding mainly associated with the equity offering in May 2020.
Edison International Parent and Other's first quarter 2021 loss per share of
“SCE continues to invest in its infrastructure and new technologies to reduce the risk of fires associated with electric infrastructure, increase accuracy in fire weather forecasting, enhance its operational practices, and improve its Public Safety Power Shutoff program,” said Pedro J. Pizarro, president and CEO of Edison International. “The utility is accelerating the pace of covered conductor deployment and by year-end expects to have hardened over
Pizarro added, “Looking ahead, a successful transition to a clean energy economy will place greater demands on electrical infrastructure and require significant incremental investments. As highlighted in SCE’s Pathway 2045 analysis, the least expensive way to achieve economywide decarbonization is through an equitable clean energy future with increasing amounts of carbon-free generation powering the further electrification of the economy.”
Edison International uses core earnings, which is a non-GAAP financial measure that adjusts for significant discrete items that management does not consider representative of ongoing earnings. Edison International management believes that core earnings provide more meaningful comparisons of performance from period to period. Please see the attached tables for a reconciliation of core earnings to basic GAAP earnings.
2021 Earnings Guidance
Edison International will provide 2021 earnings guidance after a final decision has been adopted by the CPUC on the Southern California Edison 2021 GRC, consistent with the company's prior practice.
First Quarter 2021 Earnings Conference Call and Webcast Details
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When: |
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Tuesday, April 27, 2021, 1:30 p.m. (Pacific Time) |
Telephone Numbers: |
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1-888-673-9780 (US) and 1-312-470-0178 (Int'l) - Passcode: Edison |
Telephone Replay: |
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1-800-944-9092 (US) and 1-203-369-3943 (Int’l) - Passcode: 3495 |
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Telephone replay available through May 11, 2021 |
Webcast: |
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