Edison International (EIX) Q4 Earnings Beat, Revenues Fall Y/Y
Edison International EIX reported fourth-quarter 2023 adjusted earnings of $1.28 per share, which surpassed the Zacks Consensus Estimate of $1.22 by 4.9%. The bottom line also increased 11.3% from $1.15 in the year-ago quarter.
The company recorded GAAP earnings per share of 99 cents compared with $1.09 in the fourth quarter of 2022.
For 2023, EIX reported adjusted earnings of $4.76 per share, which surpassed the Zacks Consensus Estimate of $4.67 by 1.9%. The bottom line also increased 2.8% from $4.63 in 2022.
Total Revenues
Edison International's fourth-quarter revenues totaled $3.71 billion, which missed the Zacks Consensus Estimate of $4.19 billion by 11.5%. Moreover, the top line declined 7.7% from the year-ago quarter’s figure of $4.02 billion.
For 2023, EIX reported total revenues of $16.34 billion, lagging the Zacks Consensus Estimate of $16.82 billion by 2.9%. The top line declined 5.1% from $17.22 billion reported in 2022.
Edison International Price, Consensus and EPS Surprise
Edison International price-consensus-eps-surprise-chart | Edison International Quote
Operational Highlights
During 2023, total operating expenses decreased 12.9% year over year to $13.71 billion.
Purchased power and fuel costs declined 13.9%, while depreciation and amortization expenses increased 2.9% during the same time frame.
Operation and maintenance (O&M) costs decreased 12.4% in 2023, whereas property and other taxes climbed 14%.
Operating income amounted to $2.63 billion during 2023 compared with $1.48 billion in the prior-year period.
Segmental Results
Southern California Edison’s fourth-quarter adjusted earnings were $1.45 per share compared with $1.36 in the year-ago quarter. The increase can be attributed to higher revenues from the escalation mechanism set forth in the 2021 General Rate Case final decision and lower O&M expenses.
Edison International Parent and Other incurred a loss of 17 cents per share compared with the year-ago quarter’s reported loss of 21 cents. The narrower loss was on account of gains on preferred stock repurchases.
Financial Update
As of Dec 31, 2023, Edison International's cash and cash equivalents amounted to $345 million compared with $914 million as of Dec 31, 2022.
The long-term debt was $30.32 billion as of Dec 31, 2023, higher than the 2022-end level of $27.03 billion.
Net cash inflow from operating activities in 2023 was $3.40 billion compared with $3.22 billion in the prior-year period.
Total capital expenditures were $5.45 billion as of Dec 31, 2023, down from $5.78 billion in the year-ago period.
2024 Guidance
The company introduced its 2024 guidance. EIX expects to generate earnings in the range of $4.75-$5.05 per share.
The Zacks Consensus Estimate for earnings is currently pegged at $5.01 per share, 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
Alliant Energy Corporation LNT reported fourth-quarter 2023 operating earnings of 48 cents per share, which lagged the Zacks Consensus Estimate of 55 cents by 12.7%. The bottom line improved 4.3% from the year-ago quarter’s figure of 46 cents.
Revenues totaled $961 million, which missed the Zacks Consensus Estimate of $1.3 billion by 23.1%. The top line also decreased 9.2% from the year-ago quarter’s level of $1.1 billion.
FirstEnergy FE reported fourth-quarter 2023 operating earnings of 62 cents per share, which surpassed the Zacks Consensus Estimate of 60 cents by 3.3%. The bottom line increased 24% from the year-ago quarter’s figure of 50 cents.
Operating revenues of $3.15 billion missed the Zacks Consensus Estimate of $3.29 billion by 4.2%. The top line also declined 0.9% from $3.18 billion recorded in the year-ago quarter.
IDACORP, Inc. IDA reported fourth-quarter 2023 earnings of 61 cents per share, which surpassed the Zacks Consensus Estimate by a penny. The company reported earnings of 83 cents in the year-ago quarter.
IDACORP's total revenues came in at $509.6 million, which lagged the Zacks Consensus Estimate of $552 million by 7.7%. The top line also decreased 1.6% from the year-ago quarter’s figure of $518 million.
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