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What Awaits Edison International (EIX) in Q1 Earnings?
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Edison International (EIX - Free Report) is scheduled to release its first-quarter 2024 results on Apr 30 after market close. The company delivered an earnings surprise of 4.92% in the last reported quarter.
The company holds a four-quarter average earnings surprise of 3.21%. Let’s discuss the factors that are likely to be reflected in the upcoming quarterly results.
Factors at Play
EIX’s service territories saw a mixed temperature pattern in the first quarter. While at the onset of the January-March quarter, warmer-than-normal temperatures were witnessed in the company’s service areas, below-normal temperatures accompanied by snowfall prevailed in the later period. A warmer winter month of January might have hurt electricity demand from EIX’s customers for heating purposes, whereas the cooler period witnessed later in the quarter might have contributed to its first-quarter revenues. So, the overall mixed weather pattern must have moderately impacted EIX’s top-line performance.
Adverse weather events like winter storms accompanied by heavy rains and snowfall, along with high winds, might have resulted in an outage for some of Edison International’s customers during the first quarter. This might have some negative impact on its overall revenues.
The Zacks Consensus Estimate for EIX’s first-quarter sales stands at $4.18 billion, which suggests an increase of 5.4% from the year-ago reported number.
Higher interest expenses might have hurt the company’s bottom-line performance. However, strong rate base growth, solid sales growth expectations and the company’s ongoing wildfire cost mitigation efforts are likely to have boosted Edison International’s overall earnings in the first quarter.
The Zacks Consensus Estimate for Edison International’s first-quarter earnings is pegged at $1.29 per share, which implies an increase of 18.4% from the first-quarter 2023 reported figure.
What the Zacks Model Unveils
Our proven model does not conclusively predict an earnings beat for EIX this time. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat, which is not the case here, as you will see below.
Earnings ESP: EIX has an Earnings ESP of -4.41%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Below we have mentioned the following players from the same sector that have the right combination of elements to beat on earnings in the upcoming releases.
CenterPoint Energy (CNP - Free Report) is set to report first-quarter earnings on Apr 30. It has an Earnings ESP of +3.92% and carries a Zacks Rank of 3 at present.
The Zacks Consensus Estimate for CNP’s earnings is pegged at 51 cents per share, which calls for a 2% improvement from the first-quarter 2023 reported number. The Zacks Consensus Estimate for first-quarter sales is pegged at $2.81 billion, which indicates a 1.1% increase from that reported in the prior-year quarter.
Eversource Energy (ES - Free Report) is slated to report its first-quarter 2024 results on May 2 before market open. It has an Earnings ESP of +2.76% and a Zacks Rank of 2 at present.
The Zacks Consensus Estimate for ES’ first-quarter earnings stands at $1.45 per share, which suggests a 2.8% improvement from the first-quarter 2023 reported figure. The Zacks Consensus Estimate for first-quarter sales is pegged at $4.14 billion, which implies a 9.1% increase from that reported in the prior-year quarter.
Clean Energy Fuels (CLNE - Free Report) is expected to report its first-quarter 2024 results on May 9 after market close. It has an Earnings ESP of +68.75% and carries a Zacks Rank of 3 at present.
The Zacks Consensus Estimate for CLNE’s first-quarter earnings stands at a loss of 3 cents per share, which suggests a significant improvement from the first-quarter 2024 reported loss figure of 7 cents. The Zacks Consensus Estimate for first-quarter sales is pegged at $106.6 million.
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What Awaits Edison International (EIX) in Q1 Earnings?
Edison International (EIX - Free Report) is scheduled to release its first-quarter 2024 results on Apr 30 after market close. The company delivered an earnings surprise of 4.92% in the last reported quarter.
The company holds a four-quarter average earnings surprise of 3.21%. Let’s discuss the factors that are likely to be reflected in the upcoming quarterly results.
Factors at Play
EIX’s service territories saw a mixed temperature pattern in the first quarter. While at the onset of the January-March quarter, warmer-than-normal temperatures were witnessed in the company’s service areas, below-normal temperatures accompanied by snowfall prevailed in the later period. A warmer winter month of January might have hurt electricity demand from EIX’s customers for heating purposes, whereas the cooler period witnessed later in the quarter might have contributed to its first-quarter revenues. So, the overall mixed weather pattern must have moderately impacted EIX’s top-line performance.
Edison International Price and EPS Surprise
Edison International price-eps-surprise | Edison International Quote
Adverse weather events like winter storms accompanied by heavy rains and snowfall, along with high winds, might have resulted in an outage for some of Edison International’s customers during the first quarter. This might have some negative impact on its overall revenues.
The Zacks Consensus Estimate for EIX’s first-quarter sales stands at $4.18 billion, which suggests an increase of 5.4% from the year-ago reported number.
Higher interest expenses might have hurt the company’s bottom-line performance. However, strong rate base growth, solid sales growth expectations and the company’s ongoing wildfire cost mitigation efforts are likely to have boosted Edison International’s overall earnings in the first quarter.
The Zacks Consensus Estimate for Edison International’s first-quarter earnings is pegged at $1.29 per share, which implies an increase of 18.4% from the first-quarter 2023 reported figure.
What the Zacks Model Unveils
Our proven model does not conclusively predict an earnings beat for EIX this time. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat, which is not the case here, as you will see below.
Earnings ESP: EIX has an Earnings ESP of -4.41%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Currently, EIX carries a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank stocks here.
Stocks to Consider
Below we have mentioned the following players from the same sector that have the right combination of elements to beat on earnings in the upcoming releases.
CenterPoint Energy (CNP - Free Report) is set to report first-quarter earnings on Apr 30. It has an Earnings ESP of +3.92% and carries a Zacks Rank of 3 at present.
The Zacks Consensus Estimate for CNP’s earnings is pegged at 51 cents per share, which calls for a 2% improvement from the first-quarter 2023 reported number. The Zacks Consensus Estimate for first-quarter sales is pegged at $2.81 billion, which indicates a 1.1% increase from that reported in the prior-year quarter.
Eversource Energy (ES - Free Report) is slated to report its first-quarter 2024 results on May 2 before market open. It has an Earnings ESP of +2.76% and a Zacks Rank of 2 at present.
The Zacks Consensus Estimate for ES’ first-quarter earnings stands at $1.45 per share, which suggests a 2.8% improvement from the first-quarter 2023 reported figure. The Zacks Consensus Estimate for first-quarter sales is pegged at $4.14 billion, which implies a 9.1% increase from that reported in the prior-year quarter.
Clean Energy Fuels (CLNE - Free Report) is expected to report its first-quarter 2024 results on May 9 after market close. It has an Earnings ESP of +68.75% and carries a Zacks Rank of 3 at present.
The Zacks Consensus Estimate for CLNE’s first-quarter earnings stands at a loss of 3 cents per share, which suggests a significant improvement from the first-quarter 2024 reported loss figure of 7 cents. The Zacks Consensus Estimate for first-quarter sales is pegged at $106.6 million.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.