Edison International Reports Second Quarter 2023 Results
- Second-quarter net income of $354 million
- GAAP EPS of $0.92
- Core EPS of $1.01
- Reduction of probability of losses from wildfires by 85%
- Reaffirmed 2023 EPS guidance of $4.55-$4.85
- Introduced core EPS growth rate target of 5%-7% for 2025-2028
- None.
-
Second Quarter 2023 GAAP earnings per share of
$0.92 $1.01 -
SCE has completed nearly 5,000 miles of covered conductor; now estimates it has reduced the probability of losses from catastrophic wildfires by
85% -
Reaffirmed 2023 EPS guidance of
$4.55 -$4.85 -
Reiterated long-term core EPS growth rate target of
5% -7% for 2021-2025 and introduced core EPS growth rate target of5% -7% for 2025-2028
Southern California Edison’s second-quarter core earnings per share (EPS) increased year over year, primarily due to revenue from the escalation mechanism set forth in the 2021 General Rate Case final decision and higher interest income on balancing account undercollections, partially offset by higher interest expense.
Edison International Parent and Other’s second-quarter core loss per share increased year over year, primarily due to higher interest expense.
“SCE is strategically positioned to make substantial investments in the reliability, resiliency and readiness of the grid,” said Pedro J. Pizarro, president and CEO of Edison International. “The utility is also well prepared for the wildfire season and has now replaced nearly 5,000 circuit miles of bare wire with covered conductor. SCE will continue to make substantial investments in wildfire mitigation to address the remaining wildfire risk on the system.”
Pizarro added, “Driven by Edison International’s impressive performance through the first half of the year, we are confident in delivering on our 2023 core EPS guidance. Further, based on the strength of SCE’s investment opportunities, we are targeting
Edison International uses core earnings internally for financial planning and analysis of performance. Core earnings are also used when communicating with investors and analysts regarding Edison International’s earnings results to facilitate comparisons of the company’s performance from period to period. Please see the attached tables to reconcile core earnings to basic GAAP earnings.
Long-Term Core EPS Growth Rate Guidance
The company reiterated its long-term core EPS growth rate target of
2023 Earnings Guidance
The company reaffirmed its earnings guidance range for 2023 as summarized in the following chart. See the presentation accompanying the company’s conference call for further information and assumptions.
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2023 Earnings Guidance |
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2023 Earnings Guidance |
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as of May 2, 2023 |
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as of July 27, 2023 |
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Low |
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High |
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Low |
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High |
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EIX Basic EPS |
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$ |
4.27 |
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$ |
4.57 |
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$ |
4.18 |
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$ |
4.48 |
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Less: Non-core Items* |
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(0.28 |
) |
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(0.28 |
) |
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(0.37 |
) |
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(0.37 |
) |
EIX Core EPS |
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$ |
4.55 |
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$ |
4.85 |
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$ |
4.55 |
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$ |
4.85 |
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* There were
Second Quarter 2023 Earnings Conference Call and Webcast Details
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When: |
Thursday, July 27, 1:30-2:30 p.m. (PDT) |
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Telephone Numbers: |
1-888-673-9780 ( |
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Telephone Replay: |
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1-800-813-5534 ( |
Telephone replay available through Aug. 11 at 6 p.m. (PDT) |
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Webcast: |
Edison International has posted its earnings conference call prepared remarks by the CEO and CFO, the teleconference presentation and Form 10-Q to the company’s investor relations website. These materials are available at www.edisoninvestor.com.
About Edison International
Edison International (NYSE: EIX) is one of the nation’s largest electric utility holding companies, providing clean and reliable energy and energy services through its independent companies. Headquartered in
Appendix
Use of Non-GAAP Financial Measures
Edison International’s earnings are prepared in accordance with generally accepted accounting principles used in
Core earnings and core EPS are non-GAAP financial measures and may not be comparable to those of other companies. Core earnings and core EPS are defined as basic earnings and basic EPS excluding income or loss from discontinued operations and income or loss from significant discrete items that management does not consider representative of ongoing earnings. Basic earnings and losses refer to net income or losses attributable to Edison International shareholders. Core earnings are reconciled to basic earnings in the attached tables. The impact of participating securities (vested awards that earn dividend equivalents that may participate in undistributed earnings with common stock) for the principal operating subsidiary is not material to the principal operating subsidiary’s EPS and is therefore reflected in the results of the Edison International holding company, which is included in Edison International Parent and Other.
Safe Harbor Statement
Statements contained in this presentation about future performance, including, without limitation, operating results, capital expenditures, rate base growth, dividend policy, financial outlook, and other statements that are not purely historical, are forward-looking statements. These forward-looking statements reflect our current expectations; however, such statements involve risks and uncertainties. Actual results could differ materially from current expectations. These forward-looking statements represent our expectations only as of the date of this presentation, and Edison International assumes no duty to update them to reflect new information, events or circumstances. Important factors that could cause different results include, but are not limited to the:
- ability of SCE to recover its costs through regulated rates, including uninsured wildfire-related and debris flow-related costs, costs incurred to mitigate the risk of utility equipment causing future wildfires, costs incurred as a result of the COVID-19 pandemic, and increased costs due to supply chain constraints, inflation, and rising interest rates;
- ability of SCE to implement its Wildfire Mitigation Plan and capital program;
- risks of regulatory or legislative restrictions that would limit SCE's ability to implement operational measures to mitigate wildfire risk, including Public Safety Power Shutoff (“PSPS”) and fast curve settings, when conditions warrant or would otherwise limit SCE's operational practices relative to wildfire risk mitigation;
- risks associated with SCE implementing PSPS, including regulatory fines and penalties, claims for damages and reputational harm;
- ability of SCE to maintain a valid safety certification, which is required to benefit from certain provisions of California Assembly Bill 1054 (“AB 1054”);
- extreme weather-related incidents (including events caused, or exacerbated, by climate change, such as wildfires, debris flows, flooding, droughts, high wind events and extreme heat events) and other natural disasters (such as earthquakes), which could cause, among other things, public safety issues, property damage, rotating outages and other operational issues (such as issues due to damaged infrastructure), PSPS activations and unanticipated costs;
-
risk that AB 1054 does not effectively mitigate the significant exposure faced by
California investor-owned utilities related to liability for damages arising from catastrophic wildfires where utility facilities are alleged to be a substantial cause, including the longevity of the Wildfire Insurance Fund and the CPUC's interpretation of and actions under AB 1054, including its interpretation of the prudency standard clarified by AB 1054; - ability of Edison International and SCE to effectively attract, manage, develop and retain a skilled workforce, including its contract workers;
- decisions and other actions by the California Public Utilities Commission, the Office of Energy Infrastructure Safety of the California Natural Resources Agency, the Federal Energy Regulatory Commission, the Nuclear Regulatory Commission and other governmental authorities, including decisions and actions related to nationwide or statewide crisis, determinations of authorized rates of return or return on equity, issuance of SCE's wildfire safety certification, wildfire mitigation efforts, approval and implementation of electrification programs, and delays in executive, regulatory and legislative actions;
- cost and availability of labor, equipment and materials, including as a result of supply chain constraints and inflation;
- ability of Edison International or SCE to borrow funds and access bank and capital markets on reasonable terms;
- risks associated with the decommissioning of San Onofre, including those related to worker and public safety, public opposition, permitting, governmental approvals, on-site storage of spent nuclear fuel and other radioactive material, delays, contractual disputes, contractor performance, and cost overruns;
- ability of Edison International and SCE to obtain sufficient insurance at a reasonable cost or to maintain its customer funded self-insurance program, and to recover the costs of such insurance or, in the event liabilities exceed insured amounts, the ability to recover uninsured losses (including amounts paid for self-insured retention and co-insurance) from customers or other parties;
- pandemics, such as COVID-19, and other events that cause regional, statewide, national or global disruption, which could impact, among other things, Edison International's and SCE's business, operations, cash flows, liquidity and/or financial results and cause Edison International and SCE to incur unanticipated costs;
- physical security of Edison International's and SCE's critical assets and personnel and the cybersecurity of Edison International's and SCE's critical information technology systems for grid control, and business, employee and customer data;
- risks associated with cost allocation resulting in higher rates for utility bundled service customers because of possible customer bypass or departure for other electricity providers such as Community Choice Aggregators (“CCA,” which are cities, counties, and certain other public agencies with the authority to generate and/or purchase electricity for their local residents and businesses) and Electric Service Providers (entities that offer electric power and ancillary services to retail customers, other than electrical corporations (like SCE) and CCAs);
- risks inherent in SCE’s capital investment program, including those related to project site identification, public opposition, environmental mitigation, construction, permitting, contractor performance, availability of labor, equipment and materials, weather, changes in the California Independent System Operator’s transmission plans, and governmental approvals; and
- risks associated with the operation of electrical facilities, including worker and public safety issues, the risk of utility assets causing or contributing to wildfires, failure, availability, efficiency, and output of equipment and facilities, and availability and cost of spare parts.
Additional information about risks and uncertainties is contained in Edison International and SCE’s most recent combined Annual Report on Form 10-K for the year ended December 31, 2022, and subsequent Quarterly Report(s) on Form 10-Q filed with the Securities and Exchange commission, including the "Risk Factors" sections. Readers are urged to read this entire release as well as the most recent Form 10-K and Form 10-Q (including information incorporated by reference), and carefully consider the risks, uncertainties, and other factors that affect Edison International's and SCE's businesses. Edison International and SCE post or provide direct links (i) to certain SCE and other parties' regulatory filings and documents with the CPUC and the FERC and certain agency rulings and notices in open proceedings in a section titled "SCE Regulatory Highlights," (ii) to certain documents and information related to
These forward-looking statements represent our expectations only as of the date of this news release, and Edison International assumes no duty to update them to reflect new information, events or circumstances. Readers should review future reports filed by Edison International and SCE with the SEC.
Second Quarter Reconciliation of Basic Earnings Per Share to Core Earnings Per Share |
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Three months ended |
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Six months ended |
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June 30, |
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June 30, |
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2023 |
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2022 |
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Change |
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2023 |
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2022 |
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Change |
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Earnings (loss) per share attributable to Edison International |
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SCE |
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$ |
1.09 |
|
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$ |
0.79 |
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$ |
0.30 |
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$ |
2.06 |
|
|
$ |
1.18 |
|
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$ |
0.88 |
|
Edison International Parent and Other |
|
|
(0.17 |
) |
|
|
(0.16 |
) |
|
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(0.01 |
) |
|
|
(0.33 |
) |
|
|
(0.33 |
) |
|
|
— |
|
Edison International |
|
|
0.92 |
|
|
|
0.63 |
|
|
|
0.29 |
|
|
|
1.73 |
|
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0.85 |
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0.88 |
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Less: Non-core items |
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SCE |
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(0.14 |
) |
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(0.31 |
) |
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0.17 |
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|
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(0.46 |
) |
|
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(1.15 |
) |
|
|
0.69 |
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Edison International Parent and Other |
|
|
0.05 |
|
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|
— |
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|
|
0.05 |
|
|
|
0.09 |
|
|
|
— |
|
|
|
0.09 |
|
Total non-core items |
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(0.09 |
) |
|
|
(0.31 |
) |
|
|
0.22 |
|
|
|
(0.37 |
) |
|
|
(1.15 |
) |
|
|
0.78 |
|
Core earnings (loss) per share |
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SCE |
|
|
1.23 |
|
|
|
1.10 |
|
|
|
0.13 |
|
|
|
2.52 |
|
|
|
2.33 |
|
|
|
0.19 |
|
Edison International Parent and Other |
|
|
(0.22 |
) |
|
|
(0.16 |
) |
|
|
(0.06 |
) |
|
|
(0.42 |
) |
|
|
(0.33 |
) |
|
|
(0.09 |
) |
Edison International |
|
$ |
1.01 |
|
|
$ |
0.94 |
|
|
$ |
0.07 |
|
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$ |
2.10 |
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$ |
2.00 |
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$ |
0.10 |
|
Note: Diluted earnings were
Second Quarter Reconciliation of Basic Earnings Per Share to Core Earnings (in millions) |
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Three months ended |
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Six months ended |
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June 30, |
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June 30, |
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(in millions) |
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2023 |
2022 |
|
Change |
|
2023 |
|
2022 |
|
Change |
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Net income (loss) attributable to Edison International |
|
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SCE |
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$ |
420 |
|
$ |
302 |
|
|
$ |
118 |
|
|
$ |
790 |
|
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$ |
449 |
|
|
$ |
341 |
|
Edison International Parent and Other |
|
|
(66) |
|
|
(61 |
) |
|
|
(5 |
) |
|
|
(126 |
) |
|
|
(124 |
) |
|
|
(2 |
) |
Edison International |
|
|
354 |
|
|
241 |
|
|
|
113 |
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|
|
664 |
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|
|
325 |
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|
|
339 |
|
Less: Non-core items |
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SCE1,2,3,4,5,6,7 |
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(51) |
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(116 |
) |
|
|
65 |
|
|
|
(175 |
) |
|
|
(439 |
) |
|
|
264 |
|
Edison International Parent and Other8 |
|
|
17 |
|
|
— |
|
|
|
17 |
|
|
|
35 |
|
|
|
— |
|
|
|
35 |
|
Total non-core items |
|
|
(34) |
|
|
(116 |
) |
|
|
82 |
|
|
|
(140 |
) |
|
|
(439 |
) |
|
|
299 |
|
Core earnings (losses) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|||||
SCE |
|
|
471 |
|
|
418 |
|
|
|
53 |
|
|
|
965 |
|
|
|
888 |
|
|
|
77 |
|
Edison International Parent and Other |
|
|
(83) |
|
|
(61 |
) |
|
|
(22 |
) |
|
|
(161 |
) |
|
|
(124 |
) |
|
|
(37 |
) |
Edison International |
|
$ |
388 |
|
$ |
357 |
|
|
$ |
31 |
|
|
$ |
804 |
|
|
$ |
764 |
|
|
$ |
40 |
|
1 |
Includes amortization of SCE's Wildfire Insurance Fund expenses of |
|
2 |
Includes charges for 2017/2018 Wildfire/Mudslide Events claims and expenses, net of recoveries of |
|
3 |
Includes a charge of probable disallowance related to the reasonableness review of recorded San Onofre Units 2 and 3 decommissioning costs in the 2021 NDCTP of |
|
4 |
Includes a charge related to customer cancellations of certain ECS data services of |
|
5 |
Includes an insurance recovery of |
|
6 |
Includes impairment charges of |
|
7 |
Includes a charge related to organizational realignment services of |
|
8 |
Includes customer revenues of |
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Consolidated Statements of Income |
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Edison International |
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Three months ended |
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Six months ended |
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June 30, |
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June 30, |
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(in millions, except per-share amounts) |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
||||
Operating revenue |
|
$ |
3,964 |
|
|
$ |
4,008 |
|
|
$ |
7,930 |
|
|
$ |
7,976 |
|
Purchased power and fuel |
|
|
1,147 |
|
|
|
1,304 |
|
|
|
2,465 |
|
|
|
2,341 |
|
Operation and maintenance |
|
|
1,241 |
|
|
|
1,361 |
|
|
|
2,325 |
|
|
|
2,848 |
|
Wildfire-related claims, net of insurance recoveries |
|
|
— |
|
|
|
2 |
|
|
|
96 |
|
|
|
427 |
|
Wildfire Insurance Fund expense |
|
|
53 |
|
|
|
53 |
|
|
|
105 |
|
|
|
106 |
|
Depreciation and amortization |
|
|
650 |
|
|
|
601 |
|
|
|
1,306 |
|
|
|
1,184 |
|
Property and other taxes |
|
|
149 |
|
|
|
120 |
|
|
|
289 |
|
|
|
246 |
|
Impairment, net of other operating income |
|
|
— |
|
|
|
63 |
|
|
|
— |
|
|
|
61 |
|
Total operating expenses |
|
|
3,240 |
|
|
|
3,504 |
|
|
|
6,586 |
|
|
|
7,213 |
|
Operating income |
|
|
724 |
|
|
|
504 |
|
|
|
1,344 |
|
|
|
763 |
|
Interest expense |
|
|
(392 |
) |
|
|
(271 |
) |
|
|
(753 |
) |
|
|
(517 |
) |
Other income |
|
|
128 |
|
|
|
66 |
|
|
|
247 |
|
|
|
134 |
|
Income before income taxes |
|
|
460 |
|
|
|
299 |
|
|
|
838 |
|
|
|
380 |
|
Income tax expense (benefit) |
|
|
51 |
|
|
|
7 |
|
|
|
64 |
|
|
|
(48 |
) |
Net income |
|
|
409 |
|
|
|
292 |
|
|
|
774 |
|
|
|
428 |
|
Preference stock dividend requirements of SCE |
|
$ |
29 |
|
|
$ |
25 |
|
|
$ |
58 |
|
|
$ |
51 |
|
Preferred stock dividend requirement of Edison International |
|
|
26 |
|
|
|
26 |
|
|
|
52 |
|
|
|
52 |
|
Net income attributable to Edison International common shareholders |
|
$ |
354 |
|
|
$ |
241 |
|
|
$ |
664 |
|
|
$ |
325 |
|
Basic earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted average shares of common stock outstanding |
|
|
383 |
|
|
|
381 |
|
|
|
383 |
|
|
|
381 |
|
Basic earnings per common share attributable to Edison International common shareholders |
|
$ |
0.92 |
|
|
$ |
0.63 |
|
|
$ |
1.73 |
|
|
$ |
0.85 |
|
Diluted earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted average shares of common stock outstanding, including effect of dilutive securities |
|
|
385 |
|
|
|
383 |
|
|
|
385 |
|
|
|
382 |
|
Diluted earnings per common share attributable to Edison International common shareholders |
|
$ |
0.92 |
|
|
$ |
0.63 |
|
|
$ |
1.73 |
|
|
$ |
0.85 |
|
|
|
|
|
|
|
|
Consolidated Balance Sheets |
|
Edison International |
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|
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|
|
June 30, |
|
|
December 31, |
(in millions) |
|
2023 |
|
2022 |
||
ASSETS |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
195 |
|
$ |
914 |
Receivables, less allowances of |
|
|
1,717 |
|
|
1,695 |
Accrued unbilled revenue |
|
|
756 |
|
|
641 |
Inventory |
|
|
511 |
|
|
474 |
Prepaid expenses |
|
|
88 |
|
|
248 |
Regulatory assets |
|
|
3,656 |
|
|
2,497 |
Wildfire Insurance Fund contributions |
|
|
204 |
|
|
204 |
Other current assets |
|
|
289 |
|
|
397 |
Total current assets |
|
|
7,416 |
|
|
7,070 |
Nuclear decommissioning trusts |
|
|
4,126 |
|
|
3,948 |
Other investments |
|
|
72 |
|
|
55 |
Total investments |
|
|
4,198 |
|
|
4,003 |
Utility property, plant and equipment, less accumulated depreciation and amortization of |
|
|
54,123 |
|
|
53,274 |
Nonutility property, plant and equipment, less accumulated depreciation of |
|
|
203 |
|
|
212 |
Total property, plant and equipment |
|
|
54,326 |
|
|
53,486 |
Regulatory assets (include |
|
|
8,621 |
|
|
8,181 |
Wildfire Insurance Fund contributions |
|
|
2,053 |
|
|
2,155 |
Operating lease right-of-use assets |
|
|
1,231 |
|
|
1,442 |
Long-term insurance receivables |
|
|
458 |
|
|
465 |
Other long-term assets |
|
|
1,248 |
|
|
1,239 |
Total long-term assets |
|
|
13,611 |
|
|
13,482 |
|
|
|
|
|
|
|
Total assets |
|
$ |
79,551 |
|
$ |
78,041 |
|
|
|
|
|
|
|
||
Consolidated Balance Sheets |
|
Edison International |
||||||
|
|
|
|
|
|
|
||
|
|
|
June 30, |
|
|
December 31, |
||
(in millions, except share amounts) |
|
2023 |
|
|
2022 |
|
||
LIABILITIES AND EQUITY |
|
|
|
|
|
|
||
Short-term debt |
|
$ |
1,161 |
|
|
$ |
2,015 |
|
Current portion of long-term debt |
|
|
2,889 |
|
|
|
2,614 |
|
Accounts payable |
|
|
1,790 |
|
|
|
2,359 |
|
Wildfire-related claims |
|
|
71 |
|
|
|
121 |
|
Customer deposits |
|
|
173 |
|
|
|
167 |
|
Regulatory liabilities |
|
|
797 |
|
|
|
964 |
|
Current portion of operating lease liabilities |
|
|
315 |
|
|
|
506 |
|
Other current liabilities |
|
|
1,631 |
|
|
|
1,601 |
|
Total current liabilities |
|
|
8,827 |
|
|
|
10,347 |
|
Long-term debt (include |
|
|
29,430 |
|
|
|
27,025 |
|
Deferred income taxes and credits |
|
|
6,429 |
|
|
|
6,149 |
|
Pensions and benefits |
|
|
409 |
|
|
|
422 |
|
Asset retirement obligations |
|
|
2,709 |
|
|
|
2,754 |
|
Regulatory liabilities |
|
|
8,735 |
|
|
|
8,211 |
|
Operating lease liabilities |
|
|
916 |
|
|
|
936 |
|
Wildfire-related claims |
|
|
1,309 |
|
|
|
1,687 |
|
Other deferred credits and other long-term liabilities |
|
|
3,093 |
|
|
|
2,988 |
|
Total deferred credits and other liabilities |
|
|
23,600 |
|
|
|
23,147 |
|
Total liabilities |
|
|
61,857 |
|
|
|
60,519 |
|
Commitments and contingencies |
|
|
|
|
|
|
||
Preferred stock (50,000,000 shares authorized; 1,250,000 shares of Series A and 750,000 shares of Series B issued and outstanding at respective dates) |
|
|
1,978 |
|
|
|
1,978 |
|
Common stock, no par value (800,000,000 shares authorized; 383,248,837 and 382,208,498 shares issued and outstanding at respective dates) |
|
|
6,270 |
|
|
|
6,200 |
|
Accumulated other comprehensive loss |
|
|
(8 |
) |
|
|
(11 |
) |
Retained earnings |
|
|
7,553 |
|
|
|
7,454 |
|
Total Edison International's shareholders' equity |
|
|
15,793 |
|
|
|
15,621 |
|
Noncontrolling interests – preference stock of SCE |
|
|
1,901 |
|
|
|
1,901 |
|
Total equity |
|
|
17,694 |
|
|
|
17,522 |
|
|
|
|
|
|
|
|
||
Total liabilities and equity |
|
$ |
79,551 |
|
|
$ |
78,041 |
|
|
|
|
|
|
|
|
||
Consolidated Statements of Cash Flows |
|
Edison International |
||||||
|
|
|
|
|
|
|
||
|
|
Six months ended |
||||||
|
|
June 30, |
||||||
(in millions) |
|
2023 |
|
|
2022 |
|
||
Cash flows from operating activities: |
|
|
|
|
|
|
||
Net income |
|
$ |
774 |
|
|
$ |
428 |
|
Adjustments to reconcile to net cash provided by operating activities: |
|
|
|
|
|
|
||
Depreciation and amortization |
|
|
1,371 |
|
|
|
1,216 |
|
Allowance for equity during construction |
|
|
(75 |
) |
|
|
(61 |
) |
Impairment |
|
|
— |
|
|
|
64 |
|
Deferred income taxes |
|
|
63 |
|
|
|
(48 |
) |
Wildfire Insurance Fund amortization expense |
|
|
105 |
|
|
|
106 |
|
Other |
|
|
30 |
|
|
|
40 |
|
Nuclear decommissioning trusts |
|
|
(60 |
) |
|
|
(65 |
) |
Changes in operating assets and liabilities: |
|
|
|
|
|
|
||
Receivables |
|
|
(46 |
) |
|
|
(81 |
) |
Inventory |
|
|
(44 |
) |
|
|
(19 |
) |
Accounts payable |
|
|
(415 |
) |
|
|
143 |
|
Tax receivables and payables |
|
|
(7 |
) |
|
|
58 |
|
Other current assets and liabilities |
|
|
(100 |
) |
|
|
(207 |
) |
Derivative assets and liabilities, net |
|
|
(151 |
) |
|
|
(22 |
) |
Regulatory assets and liabilities, net |
|
|
(366 |
) |
|
|
372 |
|
Wildfire-related insurance receivable |
|
|
6 |
|
|
|
(139 |
) |
Wildfire-related claims |
|
|
(428 |
) |
|
|
(609 |
) |
Other noncurrent assets and liabilities |
|
|
55 |
|
|
|
62 |
|
Net cash provided by operating activities |
|
|
712 |
|
|
|
1,238 |
|
Cash flows from financing activities: |
|
|
|
|
|
|
||
Long-term debt issued, net of discount and issuance costs of |
|
|
4,133 |
|
|
|
2,949 |
|
Long-term debt repaid |
|
|
(1,466 |
) |
|
|
(372 |
) |
Short-term debt issued |
|
|
675 |
|
|
|
600 |
|
Short-term debt repaid |
|
|
(1,730 |
) |
|
|
(993 |
) |
Common stock issued |
|
|
13 |
|
|
|
6 |
|
Commercial paper borrowing (repayments), net |
|
|
198 |
|
|
|
(497 |
) |
Dividends and distribution to noncontrolling interests |
|
|
(58 |
) |
|
|
(57 |
) |
Common stock dividends paid |
|
|
(555 |
) |
|
|
(524 |
) |
Preferred stock dividends paid |
|
|
(52 |
) |
|
|
(46 |
) |
Other |
|
|
61 |
|
|
|
53 |
|
Net cash provided by financing activities |
|
|
1,219 |
|
|
|
1,119 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
||
Capital expenditures |
|
|
(2,711 |
) |
|
|
(2,708 |
) |
Proceeds from sale of nuclear decommissioning trust investments |
|
|
1,967 |
|
|
|
2,106 |
|
Purchases of nuclear decommissioning trust investments |
|
|
(1,907 |
) |
|
|
(2,041 |
) |
Other |
|
|
1 |
|
|
|
15 |
|
Net cash used in investing activities |
|
|
(2,650 |
) |
|
|
(2,628 |
) |
Net decrease in cash, cash equivalents and restricted cash |
|
|
(719 |
) |
|
|
(271 |
) |
Cash, cash equivalents and restricted cash at beginning of period |
|
|
917 |
|
|
|
394 |
|
Cash, cash equivalents and restricted cash at end of period |
|
$ |
198 |
|
|
$ |
123 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20230727531714/en/
Investor Relations: Sam Ramraj, (626) 302-2540
Media Contact: Jeff Monford, (626) 302-2255
Source: Edison International
FAQ
What was the second-quarter net income of Edison International?
What were the GAAP and core earnings per share (EPS) for the second quarter?
How much has Edison International reduced the probability of losses from wildfires?
What is the 2023 EPS guidance for Edison International?
What is the new core EPS growth rate target for 2025-2028?
