Edison International Reports Third-Quarter 2024 Results
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 (EIX) ha riportato un reddito netto nel terzo trimestre del 2024 di 516 milioni di dollari, ovvero 1,33 dollari per azione, rispetto ai 155 milioni di dollari (0,40 dollari per azione) del terzo trimestre del 2023. Gli utili operativi sono stati di 582 milioni di dollari (1,51 dollari per azione), in aumento rispetto ai 531 milioni di dollari (1,38 dollari per azione) dell'anno scorso. L'incremento è stato principalmente sostenuto da un maggiore fatturato autorizzato nel Track 4 del caso tariffario generale di Southern California Edison del 2021 e da un aumento del tasso di rendimento autorizzato. L'azienda ha ristretto le sue previsioni per l'utile per azione core del 2024 a un intervallo di 4,80-5,00 dollari e ha confermato gli obiettivi di crescita dell'utile per azione core a lungo termine, pari al 5%-7% per i periodi 2021-2025 e 2025-2028.
Edison International (EIX) reportó un ingreso neto en el tercer trimestre de 2024 de 516 millones de dólares, o 1,33 dólares por acción, en comparación con 155 millones de dólares (0,40 dólares por acción) en el tercer trimestre de 2023. Las ganancias fundamentales fueron de 582 millones de dólares (1,51 dólares por acción), un aumento con respecto a los 531 millones de dólares (1,38 dólares por acción) del año pasado. El aumento fue impulsado principalmente por mayores ingresos autorizados en la Fase 4 del Caso Tarifario General de Southern California Edison de 2021 y un aumento en la tasa de rendimiento autorizada. La empresa ajustó su guía de ganancias por acción fundamental para 2024 a un rango de 4,80-5,00 dólares y reafirmó los objetivos de tasa de crecimiento de ganancias por acción fundamental a largo plazo del 5%-7% para los períodos 2021-2025 y 2025-2028.
에디슨 인터내셔널 (EIX)는 2024년 3분기 순이익이 5억 1천6백만 달러, 즉 주당 1.33달러에 달한다고 보고했습니다. 이는 2023년 3분기의 1억 5천5백만 달러(주당 0.40달러)와 비교됩니다. 핵심 수익은 5억 8천2백만 달러(주당 1.51달러)로, 지난해의 5억 3천1백만 달러(주당 1.38달러)에서 증가했습니다. 이 증가는 주로 Southern California Edison의 2021년도 일반 요금 사례에서 Track 4에서 승인된 높은 수익과 승인된 수익률의 증가에 의해 발생했습니다. 회사는 2024년 핵심 주당 수익 가이드를 4.80-5.00달러로 조정했으며, 2021-2025년 및 2025-2028년 기간 동안의 장기 핵심 주당 수익 성장률 목표를 5%-7%로 재확인했습니다.
Edison International (EIX) a annoncé un revenu net de 516 millions de dollars pour le troisième trimestre 2024, soit 1,33 dollar par action, contre 155 millions de dollars (0,40 dollar par action) au troisième trimestre 2023. Les bénéfices fondamentaux se sont élevés à 582 millions de dollars (1,51 dollar par action), en hausse par rapport à 531 millions de dollars (1,38 dollar par action) l'année dernière. Cette augmentation a été principalement soutenue par des revenus plus élevés autorisés dans la Phase 4 du dossier tarifaire général de Southern California Edison de 2021 et un taux de rendement autorisé plus élevé. L'entreprise a affiné ses prévisions de bénéfice par action fondamental pour 2024 à un intervalle de 4,80 à 5,00 dollars et a réaffirmé ses objectifs de taux de croissance des bénéfices par action fondamentaux à long terme de 5 %-7 % pour les périodes 2021-2025 et 2025-2028.
Edison International (EIX) meldete für das dritte Quartal 2024 einen Nettogewinn von 516 Millionen US-Dollar oder 1,33 US-Dollar pro Aktie, verglichen mit 155 Millionen US-Dollar (0,40 US-Dollar pro Aktie) im dritten Quartal 2023. Der operative Gewinn betrug 582 Millionen US-Dollar (1,51 US-Dollar pro Aktie), eine Steigerung im Vergleich zu 531 Millionen US-Dollar (1,38 US-Dollar pro Aktie) im Vorjahr. Der Anstieg wurde hauptsächlich durch höhere Einnahmen im Track 4 des allgemeinen Tarifs von Southern California Edison aus dem Jahr 2021 und einen erhöhten genehmigten Ertragssatz verursacht. Das Unternehmen hat seine Prognose für den Kern-Gewinn pro Aktie für 2024 auf einen Bereich von 4,80-5,00 US-Dollar eingegrenzt und die langfristigen Wachstumsziele für den Kern-Gewinn pro Aktie von 5%-7% für die Perioden 2021-2025 und 2025-2028 bekräftigt.
- Q3 2024 net income increased significantly to $516M from $155M year-over-year
- Core earnings per share grew to $1.51 from $1.38 in Q3 2023
- Higher revenue authorized in Track 4 of SCE's 2021 General Rate Case
- Maintained strong long-term core EPS growth targets of 5-7%
- Higher interest expense partially offset earnings growth
- Non-core items of ($551) million, or ($1.43) per share, recorded for the nine months ending Sept. 30, 2024
Insights
Edison International's Q3 results show solid performance with
The settlement progress on legacy wildfire issues and regulatory proceedings advancement are positive developments for long-term stability. The company's maintained
-
Third-quarter 2024 GAAP EPS of
$1.33 $1.51 - Significant progress in resolving legacy wildfires: Settlement agreement reached on TKM; cost recovery application on Woolsey Fire filed with CPUC
-
Narrows 2024 core EPS guidance to
$4.80 -$5.00 -
Reiterates long-term core EPS growth rate targets of
5% -7% for 2021-2025 and5% -7% for 2025-2028
Southern California Edison’s third-quarter 2024 core earnings per share (EPS) increased year over year, primarily due to higher revenue authorized in Track 4 of SCE’s 2021 General Rate Case and an increase in the authorized rate of return resulting from the cost of capital adjustment mechanism. This was partially offset by higher interest expense.
Edison International Parent and Other’s third quarter core loss per share was in line with the same period last year.
“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. “Our team has achieved remarkable success over the last several years managing unprecedented climate challenges, making our operations more resilient and positioning us strongly for the growth ahead.”
Pizarro added, “SCE continues to demonstrate its ability to navigate the regulatory landscape and is in the final stages of two key proceedings, which will solidify our financial outlook through 2028. Capital investment enabled by SCE’s General Rate Case is the driver for the growth and customer benefits necessary to ensure the grid is reliable, resilient and ready to achieve the clean energy transition.”
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.
2024 Earnings Guidance
The company narrowed its earnings guidance range for 2024 as summarized in the following chart. See the presentation accompanying the company’s conference call for further information and assumptions.
|
2024 Earnings Guidance |
2024 Earnings Guidance |
|||||||||||||
|
as of July 25, 2024 |
as of Oct. 29, 2024 |
|||||||||||||
|
Low |
High |
Low |
High |
|||||||||||
EIX Basic EPS |
$ |
3.49 |
|
$ |
3.79 |
|
$ |
3.37 |
|
$ |
3.57 |
|
|||
Less: Non-core Items* |
|
(1.26 |
) |
|
(1.26 |
) |
|
(1.43 |
) |
|
(1.43 |
) |
|||
EIX Core EPS |
$ |
4.75 |
|
$ |
5.05 |
|
$ |
4.80 |
|
$ |
5.00 |
|
|||
* There were
Third-Quarter 2024 Earnings Conference Call and Webcast Details
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When: |
Tuesday, Oct. 29, 1:30-2:30 p.m. (PDT) |
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Telephone Numbers: |
1-888-673-9780 ( |
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Telephone Replay: |
|
1-800-685-6667 ( |
Telephone replay available through Nov. 11 at 6 p.m. (PST) |
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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, focused on 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 release 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 release, 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, timely or at all, including uninsured wildfire-related and debris flow-related costs (including amounts paid for self-insured retention and co-insurance), costs incurred to mitigate the risk of utility equipment causing future wildfires, and increased costs due to supply chain constraints, inflation and rising interest rates;
- impact of affordability of customer rates on SCE's ability to execute its strategy, including the impact of affordability on the regulatory approval of operations and maintenance expenses, and proposed capital investment projects;
- ability of SCE to implement its operational and strategic plans, including its Wildfire Mitigation Plan and capital investment 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;
- ability of SCE to obtain safety certifications from the Office of Energy Infrastructure Safety of the California Natural Resources Agency (“OEIS”);
-
risk that California Assembly Bill 1054 (“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 California Public Utilities Commission (“CPUC”) interpretation of and actions under AB 1054, including its interpretation of the prudency standard clarified by AB 1054; - 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;
- 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;
- 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 CPUC, the Federal Energy Regulatory Commission, and the United States Nuclear Regulatory Commission and other governmental authorities, including decisions and actions related to nationwide or statewide crisis, approval of regulatory proceeding settlements, determinations of authorized rates of return or return on equity, the recoverability of wildfire-related and debris flow-related costs, issuance of SCE's wildfire safety certification, wildfire mitigation efforts, approval and implementation of electrification programs, and delays in executive, regulatory and legislative actions;
- potential for penalties or disallowances for non-compliance with applicable laws and regulations, including fines, penalties and disallowances related to wildfires where SCE's equipment is alleged to be associated with ignition;
- 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, worker and public safety issues, property damage, rotating outages and other operational issues (such as issues due to damaged infrastructure), PSPS activations and unanticipated costs;
- 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, and cost overruns;
- 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, changes in the California Independent System Operator’s transmission plans, and governmental approvals; and
- actions by credit rating agencies to downgrade Edison International or SCE’s credit ratings or to place those ratings on negative watch or negative outlook.
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, 2023, 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.
|
|||||||||||||||||||||||
Third Quarter Reconciliation of Basic Earnings Per Share to Core Earnings Per Share |
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|
|
|
|
|
|
|
|
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Three months ended |
|
|
Nine months ended |
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|
|||||||||||||||||
|
September 30, |
|
|
September 30, |
|
|
|||||||||||||||||
|
2024 |
2023 |
Change |
2024 |
2023 |
Change |
|||||||||||||||||
Earnings (loss) per share available to Edison International |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
SCE |
$ |
1.56 |
|
$ |
0.62 |
|
$ |
0.94 |
|
$ |
3.09 |
|
$ |
2.69 |
|
$ |
0.40 |
|
|||||
Edison International Parent and Other |
|
(0.23 |
) |
|
(0.22 |
) |
|
(0.01 |
) |
|
(0.64 |
) |
|
(0.55 |
) |
|
(0.09 |
) |
|||||
Edison International |
|
1.33 |
|
|
0.40 |
|
|
0.93 |
|
|
2.45 |
|
|
2.14 |
|
|
0.31 |
|
|||||
Less: Non-core items |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
SCE |
|
(0.18 |
) |
|
(0.98 |
) |
|
0.80 |
|
|
(1.43 |
) |
|
(1.43 |
) |
|
- |
|
|||||
Edison International Parent and Other |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
0.09 |
|
|
(0.09 |
) |
|||||
Total non-core items |
|
(0.18 |
) |
|
(0.98 |
) |
|
0.80 |
|
|
(1.43 |
) |
|
(1.34 |
) |
|
(0.09 |
) |
|||||
Core earnings (loss) per share |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
SCE |
|
1.74 |
|
|
1.60 |
|
|
0.14 |
|
|
4.52 |
|
|
4.12 |
|
|
0.40 |
|
|||||
Edison International Parent and Other |
|
(0.23 |
) |
|
(0.22 |
) |
|
(0.01 |
) |
|
(0.64 |
) |
|
(0.64 |
) |
|
— |
|
|||||
Edison International |
$ |
1.51 |
|
$ |
1.38 |
|
$ |
0.13 |
|
$ |
3.88 |
|
$ |
3.48 |
|
$ |
0.40 |
|
|||||
|
|||||||||||||||||||||||
Note: Diluted earnings were
Third Quarter Reconciliation of Basic Earnings Per Share to Core Earnings (in millions) |
|||||||||||||||||||||||
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|
|
|
|
|
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|
|
|
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|||||||||||
|
Three months ended |
|
|
Nine months ended |
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|
|||||||||||||||||
|
September 30, |
|
|
September 30, |
|
|
|||||||||||||||||
(in millions) |
2024 |
2023 |
Change |
2024 |
2023 |
Change |
|||||||||||||||||
Net income (loss) available to Edison International |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
SCE |
$ |
602 |
|
$ |
239 |
|
$ |
363 |
|
$ |
1,190 |
|
$ |
1,029 |
|
$ |
161 |
|
|||||
Edison International Parent and Other |
|
(86 |
) |
|
(84 |
) |
|
(2 |
) |
|
(246 |
) |
|
(210 |
) |
|
(36 |
) |
|||||
Edison International |
|
516 |
|
|
155 |
|
|
361 |
|
|
944 |
|
|
819 |
|
|
125 |
|
|||||
Less: Non-core items |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
SCE1,2,3,4,5,6,7 |
|
(65 |
) |
|
(374 |
) |
|
309 |
|
|
(549 |
) |
|
(549 |
) |
|
— |
|
|||||
Edison International Parent and Other8 |
|
(1 |
) |
|
(2 |
) |
|
1 |
|
|
(2 |
) |
|
33 |
|
|
(35 |
) |
|||||
Total non-core items |
|
(66 |
) |
|
(376 |
) |
|
310 |
|
|
(551 |
) |
|
(516 |
) |
|
(35 |
) |
|||||
Core earnings (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
SCE |
|
667 |
|
|
613 |
|
|
54 |
|
|
1,739 |
|
|
1,578 |
|
|
161 |
|
|||||
Edison International Parent and Other |
|
(85 |
) |
|
(82 |
) |
|
(3 |
) |
|
(244 |
) |
|
(243 |
) |
|
(1 |
) |
|||||
Edison International |
$ |
582 |
|
$ |
531 |
|
$ |
51 |
|
$ |
1,495 |
|
$ |
1,335 |
|
$ |
160 |
|
|||||
|
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1 |
Includes charges for 2017/2018 Wildfire/Mudslide Events claims and related legal expenses, net of expected FERC recoveries of |
2 |
Includes charges for Other Wildfires claims and related legal expenses, net of expected insurance and regulatory recoveries of |
3 |
Includes amortization of SCE's Wildfire Insurance Fund expenses of |
4 |
Severance costs of |
5 |
Includes a charge of |
| 6 |
Includes an insurance recovery of |
| 7 |
Includes a charge of |
| 8 |
Includes expected wildfire claims of |
|
|
|
|
|
|
|
|
|
|||||||
Consolidated Statements of Income |
Edison International |
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Three months ended |
Nine months ended |
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|
September 30, |
September 30, |
|||||||||||||
(in millions, except per-share amounts) |
2024 |
2023 |
2024 |
2023 |
|||||||||||
Operating revenue |
$ |
5,201 |
|
$ |
4,702 |
|
$ |
13,615 |
|
$ |
12,632 |
|
|||
Purchased power and fuel |
|
1,898 |
|
|
1,988 |
|
|
4,140 |
|
|
4,453 |
|
|||
Operation and maintenance |
|
1,393 |
|
|
882 |
|
|
3,995 |
|
|
3,207 |
|
|||
Wildfire-related claims, net of insurance recoveries |
|
1 |
|
|
482 |
|
|
616 |
|
|
578 |
|
|||
Wildfire Insurance Fund expense |
|
36 |
|
|
54 |
|
|
109 |
|
|
159 |
|
|||
Depreciation and amortization |
|
710 |
|
|
665 |
|
|
2,138 |
|
|
1,971 |
|
|||
Property and other taxes |
|
168 |
|
|
139 |
|
|
477 |
|
|
428 |
|
|||
Total operating expenses |
|
4,206 |
|
|
4,210 |
|
|
11,475 |
|
|
10,796 |
|
|||
Operating income |
|
995 |
|
|
492 |
|
|
2,140 |
|
|
1,836 |
|
|||
Interest expense |
|
(477 |
) |
|
(433 |
) |
|
(1,401 |
) |
|
(1,186 |
) |
|||
Other income, net |
|
127 |
|
|
130 |
|
|
413 |
|
|
377 |
|
|||
Income before income taxes |
|
645 |
|
|
189 |
|
|
1,152 |
|
|
1,027 |
|
|||
Income tax expense (benefit) |
|
68 |
|
|
(23 |
) |
|
14 |
|
|
41 |
|
|||
Net income |
|
577 |
|
|
212 |
|
|
1,138 |
|
|
986 |
|
|||
Less: Net income attributable to noncontrolling interests - preference stock of SCE |
|
39 |
|
|
30 |
|
|
129 |
|
|
88 |
|
|||
Preferred stock dividend requirements of Edison International |
|
22 |
|
|
27 |
|
|
65 |
|
|
79 |
|
|||
Net income available to Edison International common shareholders |
$ |
516 |
|
|
155 |
|
$ |
944 |
|
|
819 |
|
|||
Basic earnings per share: |
|
|
|
|
|
|
|
|
|||||||
Weighted average shares of common stock outstanding |
|
387 |
|
|
383 |
|
|
386 |
|
|
383 |
|
|||
Basic earnings per common share available to Edison International common shareholders |
$ |
1.33 |
|
|
0.40 |
|
$ |
2.45 |
|
$ |
2.14 |
|
|||
Diluted earnings per share: |
|
|
|
|
|
|
|
|
|||||||
Weighted average shares of common stock outstanding, including effect of dilutive securities |
|
390 |
|
|
385 |
|
|
388 |
|
|
385 |
|
|||
Diluted earnings per common share available to Edison International common shareholders |
$ |
1.32 |
|
|
0.40 |
|
$ |
2.44 |
|
$ |
2.13 |
|
|||
|
|
|
|
|
|
Consolidated Balance Sheets |
Edison International |
||||
|
|
|
|
|
|
|
September 30, |
December 31, |
|||
(in millions) |
2024 |
2023 |
|||
ASSETS |
|
|
|
|
|
Cash and cash equivalents |
$ |
200 |
$ |
345 |
|
Receivables, less allowances of |
|
2,780 |
|
2,016 |
|
Accrued unbilled revenue |
|
1,202 |
|
742 |
|
Inventory |
|
533 |
|
527 |
|
Prepaid expenses |
|
104 |
|
112 |
|
Regulatory assets |
|
2,168 |
|
2,524 |
|
Wildfire Insurance Fund contributions |
|
138 |
|
204 |
|
Other current assets |
|
319 |
|
341 |
|
Total current assets |
|
7,444 |
|
6,811 |
|
Nuclear decommissioning trusts |
|
4,424 |
|
4,173 |
|
Other investments |
|
50 |
|
54 |
|
Total investments |
|
4,474 |
|
4,227 |
|
Utility property, plant and equipment, less accumulated depreciation and amortization of |
|
58,092 |
|
55,877 |
|
Nonutility property, plant and equipment, less accumulated depreciation of |
|
206 |
|
207 |
|
Total property, plant and equipment |
|
58,298 |
|
56,084 |
|
Regulatory assets (include |
|
8,660 |
|
8,897 |
|
Wildfire Insurance Fund contributions |
|
1,913 |
|
1,951 |
|
Operating lease right-of-use assets |
|
1,180 |
|
1,221 |
|
Long-term insurance receivables |
|
386 |
|
501 |
|
Other long-term assets |
|
2,394 |
|
2,066 |
|
Total long-term assets |
|
14,533 |
|
14,636 |
|
|
|
|
|
|
|
Total assets |
$ |
84,749 |
$ |
81,758 |
|
|
|
|
|
|
|||
Consolidated Balance Sheets |
Edison International |
||||||
|
|
|
|
|
|||
|
September 30, |
December 31, |
|||||
(in millions, except share amounts) |
2024 |
2023 |
|||||
LIABILITIES AND EQUITY |
|
|
|
|
|||
Short-term debt |
$ |
568 |
|
$ |
1,077 |
|
|
Current portion of long-term debt |
|
2,548 |
|
|
2,697 |
|
|
Accounts payable |
|
2,185 |
|
|
1,983 |
|
|
Wildfire-related claims |
|
39 |
|
|
30 |
|
|
Customer deposits |
|
452 |
|
|
390 |
|
|
Regulatory liabilities |
|
874 |
|
|
763 |
|
|
Current portion of operating lease liabilities |
|
124 |
|
|
120 |
|
|
Other current liabilities |
|
1,717 |
|
|
1,538 |
|
|
Total current liabilities |
|
8,507 |
|
|
8,598 |
|
|
Long-term debt (include |
|
32,303 |
|
|
30,316 |
|
|
Deferred income taxes and credits |
|
6,967 |
|
|
6,672 |
|
|
Pensions and benefits |
|
403 |
|
|
415 |
|
|
Asset retirement obligations |
|
2,531 |
|
|
2,666 |
|
|
Regulatory liabilities |
|
10,310 |
|
|
9,420 |
|
|
Operating lease liabilities |
|
1,056 |
|
|
1,101 |
|
|
Wildfire-related claims |
|
1,055 |
|
|
1,368 |
|
|
Other deferred credits and other long-term liabilities |
|
3,510 |
|
|
3,258 |
|
|
Total deferred credits and other liabilities |
|
25,832 |
|
|
24,900 |
|
|
Total liabilities |
|
66,642 |
|
|
63,814 |
|
|
Preferred stock (50,000,000 shares authorized; 1,159,317 and 1,159,317 shares of Series A and 503,454 and 532,454 shares of Series B issued and outstanding at respective dates) |
|
1,645 |
|
|
1,673 |
|
|
Common stock, no par value (800,000,000 shares authorized; 387,148,995 and 383,924,912 shares issued and outstanding at respective dates) |
|
6,538 |
|
|
6,338 |
|
|
Accumulated other comprehensive loss |
|
(6 |
) |
|
(9 |
) |
|
Retained earnings |
|
7,486 |
|
|
7,499 |
|
|
Total Edison International's shareholders' equity |
|
15,663 |
|
|
15,501 |
|
|
Noncontrolling interests – preference stock of SCE |
|
2,444 |
|
|
2,443 |
|
|
Total equity |
|
18,107 |
|
|
17,944 |
|
|
|
|
|
|
|
|||
Total liabilities and equity |
$ |
84,749 |
|
$ |
81,758 |
|
|
|
|
|
|
|
|||
Consolidated Statements of Cash Flows |
Edison International |
||||||
|
|
||||||
|
Nine months ended September 30, |
||||||
(in millions) |
2024 |
2023 |
|||||
Cash flows from operating activities: |
|
|
|
|
|||
Net income |
$ |
1,138 |
|
$ |
986 |
|
|
Adjustments to reconcile to net cash provided by operating activities: |
|
|
|
|
|||
Depreciation and amortization |
|
2,183 |
|
|
2,034 |
|
|
Allowance for equity during construction |
|
(143 |
) |
|
(116 |
) |
|
Deferred income taxes |
|
|
|
53 |
|
||
Wildfire Insurance Fund amortization expense |
|
109 |
|
|
159 |
|
|
Other |
|
43 |
|
|
32 |
|
|
Nuclear decommissioning trusts |
|
(118 |
) |
|
(94 |
) |
|
Changes in operating assets and liabilities: |
|
|
|
|
|||
Receivables |
|
(847 |
) |
|
(692 |
) |
|
Inventory |
|
(9 |
) |
|
(40 |
) |
|
Accounts payable |
|
336 |
|
|
(186 |
) |
|
Tax receivables and payables |
|
198 |
|
|
127 |
|
|
Other current assets and liabilities |
|
(492 |
) |
|
(214 |
) |
|
Derivative assets and liabilities, net |
|
(2 |
) |
|
(139 |
) |
|
Regulatory assets and liabilities, net |
|
1,557 |
|
|
705 |
|
|
Wildfire-related insurance receivable |
|
115 |
|
|
(84 |
) |
|
Wildfire-related claims |
|
(304 |
) |
|
(75 |
) |
|
Other noncurrent assets and liabilities |
|
122 |
|
|
90 |
|
|
Net cash provided by operating activities |
|
3,844 |
|
|
2,546 |
|
|
Cash flows from financing activities: |
|
|
|
|
|||
Long-term debt issued, net of discount and issuance costs of |
|
4,713 |
|
|
4,678 |
|
|
Long-term debt repaid |
|
(2,176 |
) |
|
(1,867 |
) |
|
Short-term debt issued |
|
— |
|
|
851 |
|
|
Short-term debt repaid |
|
(401 |
) |
|
(1,944 |
) |
|
Common stock issued |
|
12 |
|
|
16 |
|
|
Preferred and preference stock issued, net of issuance cost |
|
345 |
|
|
— |
|
|
Preferred and preference stock repurchased or redeemed |
|
(378 |
) |
|
— |
|
|
Commercial paper (repyaments), borrowing, net |
|
(817 |
) |
|
74 |
|
|
Dividends and distribution to noncontrolling interests |
|
(130 |
) |
|
(87 |
) |
|
Common stock dividends paid |
|
(896 |
) |
|
(833 |
) |
|
Preferred stock dividends paid |
|
(88 |
) |
|
(105 |
) |
|
Other |
|
180 |
|
|
97 |
|
|
Net cash provided by financing activities |
|
364 |
|
|
880 |
|
|
Cash flows from investing activities: |
|
|
|
|
|||
Capital expenditures |
|
(4,211 |
) |
|
(3,991 |
) |
|
Proceeds from sale of nuclear decommissioning trust investments |
|
3,558 |
|
|
3,223 |
|
|
Purchases of nuclear decommissioning trust investments |
|
(3,488 |
) |
|
(3,129 |
) |
|
Other |
|
44 |
|
|
3 |
|
|
Net cash used in investing activities |
|
(4,097 |
) |
|
(3,894 |
) |
|
Net increase (decrease) in cash, cash equivalents and restricted cash |
|
111 |
|
|
(468 |
) |
|
Cash, cash equivalents and restricted cash at beginning of period |
|
532 |
|
|
917 |
|
|
Cash, cash equivalents and restricted cash at end of period |
$ |
643 |
|
$ |
449 |
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20241029141311/en/
Investor Relations: Sam Ramraj, (626) 302-2540
Media Relations: (626) 302-2255
News@sce.com
Source: Edison International
FAQ
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