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Edison International (EIX) Q2 Earnings Rise Y/Y, Revenues Beat
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Edison International (EIX - Free Report) reported second-quarter 2024 adjusted earnings of $1.23 per share, which increased 21.8% from $1.01 in the year-ago quarter. The Zacks Consensus Estimate was pegged at $1.05.
The company incurred GAAP earnings of $1.14 per share compared with earnings of 92 cents per share recorded in the second quarter of 2023.
Total Revenues
Edison International's second-quarter operating revenues totaled $4.34 billion, which beat the Zacks Consensus Estimate of $4.03 billion by 7.5%. The top line also increased 9.4% from the year-ago quarter’s figure of $3.96 billion.
Edison International Price, Consensus and EPS Surprise
During the second quarter of 2024, EIX’s total operating expenses increased 6% year over year to $3.44 billion.
Purchased power and fuel costs increased 7.6%, while depreciation and amortization expenses also rose 11.7% during the same time frame.
Operation and maintenance (O&M) costs rose 3.5% in the second quarter of 2024, whereas property and other taxes climbed 3.4%.
The operating income amounted to $900 million during the second quarter of 2024 compared with $724 million in the prior-year period.
Segmental Results
Southern California Edison’s second-quarter adjusted earnings were $1.45 per share compared with $1.23 in the year-ago quarter. The increase can be attributed to higher revenues authorized in Track 4 of SCE’s 2021 General Rate Case, an increase in the authorized rate of return resulting from the cost of capital adjustment mechanism and recognition of previously unrecognized return on rate base related to wildfire restoration efforts.
Edison International Parent and Other incurred a loss of 22 cents per share, which came in wider than the loss of 17 cents recorded in the year-ago quarter’s figure.
Financial Update
As of Jun 30, 2024, Edison International's cash and cash equivalents amounted to $465 million compared with $345 million as of Dec 31, 2023.
The long-term debt was $33.10 billion as of Jun 30, 2024, higher than the 2023-end level of $30.32 billion.
Net cash inflow from operating activities in the second quarter of 2024 was $1.37 billion compared with net cash inflow of $0.71 billion in the prior-year period.
Total capital expenditures were $2.70 billion as of Jun 30, 2024, slightly down from $2.71 billion in the year-ago period.
2024 Guidance
The company reaffirmed its 2024 guidance. EIX still expects to generate adjusted earnings in the range of $4.75-$5.05 per share.
The Zacks Consensus Estimate for earnings is currently pegged at $4.92 per share, which lies above the midpoint of the company’s guided range.
PG&E Corporation (PCG - Free Report) reported second-quarter 2024 adjusted earnings per share (EPS) of 31 cents, which surpassed the Zacks Consensus Estimate of 30 cents by 3.3%. The bottom line also improved 34.8% from the year-ago quarter’s reported figure.
PCG reported second-quarter total revenues of $5.99 billion, up 13.2% from $5.29 billion registered in the year-ago period. Operating revenues also surpassed the Zacks Consensus Estimate of $5.83 billion by 2.7%.
NextEra Energy, Inc. (NEE - Free Report) reported second-quarter 2024 adjusted earnings of 96 cents per share, which beat the Zacks Consensus Estimate of 93 cents by 3.2%. The bottom line was also up nearly 9.1% year over year.
In the second quarter, NextEra Energy’s operating revenues were $6.06 billion, which lagged the Zacks Consensus Estimate of $7.26 billion by 16.8%. The top line plunged 17.4% year over year.
CMS Energy Corporation (CMS - Free Report) reported second-quarter 2024 adjusted earnings per share of 66 cents, which beat the Zacks Consensus Estimate of 63 cents by 4.8%. However, the bottom line declined 12% from 75 cents reported in the prior-year quarter.
Operating revenues totaled $1.61 billion, which lagged the Zacks Consensus Estimate of $1.69 billion by 5%. However, the top line increased 3.3% on a year-over-year basis.
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Edison International (EIX) Q2 Earnings Rise Y/Y, Revenues Beat
Edison International (EIX - Free Report) reported second-quarter 2024 adjusted earnings of $1.23 per share, which increased 21.8% from $1.01 in the year-ago quarter. The Zacks Consensus Estimate was pegged at $1.05.
The company incurred GAAP earnings of $1.14 per share compared with earnings of 92 cents per share recorded in the second quarter of 2023.
Total Revenues
Edison International's second-quarter operating revenues totaled $4.34 billion, which beat the Zacks Consensus Estimate of $4.03 billion by 7.5%. The top line also increased 9.4% from the year-ago quarter’s figure of $3.96 billion.
Edison International Price, Consensus and EPS Surprise
Edison International price-consensus-eps-surprise-chart | Edison International Quote
Operational Highlights
During the second quarter of 2024, EIX’s total operating expenses increased 6% year over year to $3.44 billion.
Purchased power and fuel costs increased 7.6%, while depreciation and amortization expenses also rose 11.7% during the same time frame.
Operation and maintenance (O&M) costs rose 3.5% in the second quarter of 2024, whereas property and other taxes climbed 3.4%.
The operating income amounted to $900 million during the second quarter of 2024 compared with $724 million in the prior-year period.
Segmental Results
Southern California Edison’s second-quarter adjusted earnings were $1.45 per share compared with $1.23 in the year-ago quarter. The increase can be attributed to higher revenues authorized in Track 4 of SCE’s 2021 General Rate Case, an increase in the authorized rate of return resulting from the cost of capital adjustment mechanism and recognition of previously unrecognized return on rate base related to wildfire restoration efforts.
Edison International Parent and Other incurred a loss of 22 cents per share, which came in wider than the loss of 17 cents recorded in the year-ago quarter’s figure.
Financial Update
As of Jun 30, 2024, Edison International's cash and cash equivalents amounted to $465 million compared with $345 million as of Dec 31, 2023.
The long-term debt was $33.10 billion as of Jun 30, 2024, higher than the 2023-end level of $30.32 billion.
Net cash inflow from operating activities in the second quarter of 2024 was $1.37 billion compared with net cash inflow of $0.71 billion in the prior-year period.
Total capital expenditures were $2.70 billion as of Jun 30, 2024, slightly down from $2.71 billion in the year-ago period.
2024 Guidance
The company reaffirmed its 2024 guidance. EIX still expects to generate adjusted earnings in the range of $4.75-$5.05 per share.
The Zacks Consensus Estimate for earnings is currently pegged at $4.92 per share, which lies above the midpoint of the company’s guided range.
Zacks Rank
Edison International currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Utility Releases
PG&E Corporation (PCG - Free Report) reported second-quarter 2024 adjusted earnings per share (EPS) of 31 cents, which surpassed the Zacks Consensus Estimate of 30 cents by 3.3%. The bottom line also improved 34.8% from the year-ago quarter’s reported figure.
PCG reported second-quarter total revenues of $5.99 billion, up 13.2% from $5.29 billion registered in the year-ago period. Operating revenues also surpassed the Zacks Consensus Estimate of $5.83 billion by 2.7%.
NextEra Energy, Inc. (NEE - Free Report) reported second-quarter 2024 adjusted earnings of 96 cents per share, which beat the Zacks Consensus Estimate of 93 cents by 3.2%. The bottom line was also up nearly 9.1% year over year.
In the second quarter, NextEra Energy’s operating revenues were $6.06 billion, which lagged the Zacks Consensus Estimate of $7.26 billion by 16.8%. The top line plunged 17.4% year over year.
CMS Energy Corporation (CMS - Free Report) reported second-quarter 2024 adjusted earnings per share of 66 cents, which beat the Zacks Consensus Estimate of 63 cents by 4.8%. However, the bottom line declined 12% from 75 cents reported in the prior-year quarter.
Operating revenues totaled $1.61 billion, which lagged the Zacks Consensus Estimate of $1.69 billion by 5%. However, the top line increased 3.3% on a year-over-year basis.