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Edison International (EIX) Q2 Earnings Miss, Revenues Beat

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Edison International EIX reported second-quarter 2021 adjusted earnings of 94 cents per share, which missed the Zacks Consensus Estimate of 99 cents by 5.1%. The bottom line also declined 6% from the year-ago quarter’s earnings figure.

The company recorded GAAP earnings of 84 cents per share from continuing operations compared with 85 cents generated in second-quarter 2020.

Total Revenues

Edison International's second-quarter revenues totaled $3,315 million, which surpassed the Zacks Consensus Estimate of $3,091 million by 7.2%. Also, the top line rose 11% from the year-ago quarter’s $2,987 million.

Edison International Price, Consensus and EPS Surprise

Edison International Price, Consensus and EPS Surprise
Edison International Price, Consensus and EPS Surprise

Edison International price-consensus-eps-surprise-chart | Edison International Quote

Operational Highlights

In the reported quarter, total operating expenses increased 9.8% year over year to $2,730 million.

Notably, purchased power and fuel costs rose 20.1%, property and other taxes increased 13.6%, and depreciation and amortization expenses increased 9%.

Operation and maintenance costs declined 1% year over year and expense associated with wildfire related claims plunged 34.9%.

Operating income amounted to $585 million in the second quarter of 2021, up 17% from the year-ago quarter.

Segment Results

Southern California Edison’s (SCE) second-quarter adjusted earnings were $1.05 per share compared with $1.10 a year ago. This downturn in SCE’s core earnings can be attributed to higher depreciation.

The Parent and Other segment incurred an adjusted loss of 11 cents per share compared with the year-ago quarter’s adjusted loss of 10 cents.

Financial Update

As of Jun 30, 2021, Edison International's cash and cash equivalents amounted to $84 million compared with $87 million as of Dec 31, 2020.

Long-term debt was $22.89 billion, higher than the 2020-end level of $19.63 billion.

Net cash outflow from operating activities during the first half of 2021 was $1,374 million against cash inflow worth $625 million in the prior-year quarter.

Total capital expenditures totaled $2,593 million at the end of the second quarter, up from $2,514 million a year ago.

2021 Guidance

Edison International announced that it will provide 2021 earnings guidance after a final decision has been adopted by the CPUC on track 1 of the Southern California Edison 2021 GRC.

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 AEP reported second-quarter 2021 adjusted earnings per share of $1.18, which exceeded the Zacks Consensus Estimate of $1.14 by 3.5%.

NextEra Energy NEE reported second-quarter 2021 adjusted earnings of 71 cents per share, which beat the Zacks Consensus Estimate of 67 cents by 5.6%.

DTE Energy Company DTE reported second-quarter 2021 operating earnings per share (EPS) of $1.70, which beat the Zacks Consensus Estimate of $1.44 by 18.1%.


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