Yahoo Finance Edison International (EIX) Q1 Earnings Top, Revenues Rise Y/Y
Edison International EIX reported first-quarter 2024 adjusted earnings of $1.13 per share, which surpassed the Zacks Consensus Estimate of $1.12 by 0.9%. The bottom line also increased 3.7% from $1.09 in the year-ago quarter.
The company incurred a GAAP loss of 3 cents per share against earnings of 81 cents per share recorded in the first quarter of 2023.
Total Revenues
Edison International's first-quarter operating revenues totaled $4.08 billion, which missed the Zacks Consensus Estimate of $4.14 billion by 1.6%. However, the top line increased 2.8% from the year-ago quarter’s figure of $3.97 billion.
Edison International Price, Consensus and EPS Surprise
Edison International price-consensus-eps-surprise-chart | Edison International Quote
Operational Highlights
During the first quarter of 2024, EIX’s total operating expenses increased 14.6% year over year to $3.83 billion.
Purchased power and fuel costs declined 23.5%, while depreciation and amortization expenses increased 7% during the same time frame.
Operation and maintenance (O&M) costs rose 21.5% in the first quarter of 2024, whereas property and other taxes climbed 10.7%.
Operating income amounted to $245 million during the first quarter of 2024 compared with $620 million in the prior-year period.
Segmental Results
Southern California Edison’s first-quarter adjusted earnings were $1.33 per share compared with $1.29 in the year-ago quarter. The increase can be attributed to higher revenues 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.
Edison International Parent and Other incurred a loss of 20 cents per share, which came in wider than the loss of 16 cents recorded in the year-ago quarter’s figure.
Financial Update
As of Mar 31, 2024, Edison International's cash and cash equivalents amounted to $992 million compared with $345 million as of Dec 31, 2023.
The long-term debt was $32.58 billion as of Mar 31, 2024, higher than the 2023-end level of $30.32 billion.
Net cash inflow from operating activities in the first quarter 2024 was $1.04 billion compared with net cash outflow of $0.90 billion in the prior-year period.
Total capital expenditures were $1.28 billion as of Mar 31, 2024, down from $1.32 billion in the year-ago period.
2024 Guidance
The company reiterated 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
American Electric Power Company, Inc. AEP reported first-quarter 2024 adjusted earnings per share (EPS) of $1.27, which missed the Zacks Consensus Estimate of $1.30 by 2.3%. However, the bottom line improved 14.4% from $1.11 recorded in the year-ago quarter.
AEP’s first-quarter operating revenues of $5.03 billion lagged the Zacks Consensus Estimate of $5.29 billion by 5.4%. However, the reported figure rose 7.1% from the year-ago quarter’s level of $4.69 billion.
CenterPoint Energy, Inc. CNP reported first-quarter 2024 adjusted earnings of 55 cents per share, which surpassed the Zacks Consensus Estimate of 51 cents by 7.8%. The bottom line improved 10% from the year-ago quarter’s figure of 50 cents per share.
CNP generated revenues of $2.62 billion, which missed the Zacks Consensus Estimate of $2.82 billion by 7%. The top line also came in 5.7% lower than the year-ago quarter’s reported figure of $2.78 billion.
Avangrid, Inc. AGR reported a first-quarter 2024 adjusted EPS of 88 cents, which beat the Zacks Consensus Estimate of 71 cents by 23.9%. The bottom line also increased 37.5% from 64 cents reported in the prior-year quarter.
Operating revenues totaled $2.42 billion, which lagged the Zacks Consensus Estimate of $2.57 billion by 6%. The top line also decreased 2% from $2.47 billion reported in the year-ago quarter.
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