Edison Intl - EIX STOCK NEWS

Southern California Edison is proposing a $677.2 million plan to install around 250,000 electric heat pumps across its service area, aimed at reducing greenhouse gas emissions and improving indoor air quality. If approved by the California Public Utilities Commission, this initiative will benefit approximately 81,000 installations for income-qualified customers. The program is projected to create over 100,000 jobs in California’s construction and energy sectors, while aligning with California’s carbon neutrality goals and addressing the GHG emissions gap.

Edison International (NYSE: EIX) has declared a quarterly common stock dividend of $0.70 per share, with a payment date of Jan. 31, 2022. This announcement marks an annual increase of $0.15, resulting in a new annual dividend rate of $2.80, a 5.66% rise from $2.65. This is the 18th consecutive year of dividend increases, reflecting management's confidence in achieving a long-term EPS growth target of 5 to 7%. A semiannual dividend of $31.25 on Series E preference stock is also declared, payable on Feb. 1, 2022.

Edison International (NYSE: EIX) has appointed Peter Taylor as the next independent chair of its board of directors, succeeding William P. Sullivan, who will retire in April 2022. Taylor, a board member since 2011, will officially take over during the Annual Meeting of Shareholders on April 28, 2022. Sullivan has served as the chair since 2016, contributing significantly to the company's focus on safety, diversity, equity, and inclusion, clean energy strategies, and wildfire risk mitigation. Taylor brings extensive experience in finance and leadership from various organizations.

Southern California Edison introduces a $4,000 rebate for income-qualified residential customers purchasing or leasing pre-owned electric vehicles (EVs), significantly increasing the previous amount of $1,000. The initiative aims to enhance EV adoption and meet California's climate goals. The program is available to first, second, and third owners or lessors of pre-owned EVs. Customers can apply online, and the rebate is funded by the California Air Resources Board. This program is part of SCE's broader strategy to promote clean transportation and reduce harmful vehicle emissions.

Utility Scam Awareness Day is on November 17, as Southern California Edison (SCE) alerts customers to a rise in phone scams during the holiday season. Reports of attempted scams increased by over 40% last November and December compared to 2019, with customers losing over $590,000 this year alone. SCE emphasizes skepticism towards unsolicited calls demanding payments and encourages reporting suspicious activity to their hotline or local law enforcement.

Edison International (NYSE: EIX), headquartered in Rosemead, California, announced the pricing of a public offering for 750,000 shares of its 5.00% Series B Fixed-Rate Reset Cumulative Perpetual Preferred Stock. This offering is expected to close on November 12, 2021, with net proceeds of approximately $742 million. The transaction completes Edison International's 2021 financing plan, which targeted up to $1 billion in equity content. Previous offerings included a $1.25 billion preferred stock issuance in March 2021.

Edison International (NYSE: EIX) reported a third quarter 2021 net loss of $341 million, or $0.90 per share, compared to a loss of $288 million, or $0.76 per share, in Q3 2020. However, adjusted core earnings rose to $1.69 per share from $1.67 year-over-year, driven by higher revenue from the 2021 General Rate Case and regulatory deferrals. The company revised potential losses from the 2017/2018 Wildfire Events to $7.5 billion, with $2.2 billion still unresolved. They narrowed EPS guidance for 2021 to $4.42–4.52 while maintaining a long-term growth target of 5–7%.

Southern California Edison (SCE) announced executive changes to ensure a smooth transition in leadership. After 35 years, Kevin Payne will retire as CEO on Dec. 1, with Steven Powell succeeding him. Other key appointments include Jill Anderson as Executive Vice President of Operations and Lisa Cagnolatti as Senior Vice President of Customer Service. These leaders bring extensive experience in managing clean energy initiatives. The company's focus remains on delivering reliable electric service and advancing sustainability goals.

The Board of Directors of Southern California Edison has declared quarterly dividends for various series of preference stock, payable on December 15, 2021. Shareholders of record on December 14, 2021 will receive:

• Series G: $0.31875 per security
• Series H: $0.359375 per security
• Series J: $0.3359375 per security
• Series K: $0.340625 per security
• Series L: $0.3125 per security

The dividends highlight the company's ongoing commitment to returning income to its shareholders.