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Edison International (EIX) Q4 Earnings Miss, Revenues Up Y/Y

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Edison International EIX reported fourth-quarter 2020 adjusted earnings of $1.19 per share, which missed the Zacks Consensus Estimate of $1.23 by 3.3%. The bottom line however improved 20.2% from the year-ago quarter’s earnings figure.

Excluding adjustments, the company recorded earnings of $1.39 per share from continuing operations compared with 40 cents generated in fourth-quarter 2019.

For 2020, the company recorded adjusted earnings of $4.52 per share, which came in lower than 2019’s $4.70. The full-year earnings also lagged the Zacks Consensus Estimate of $4.55.

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

Total Revenues

Edison International's fourth-quarter revenues totaled $3,157 million, which surpassed the Zacks Consensus Estimate of $3,078 million by 2.6%. Also, the top line rose 6.3% from the year-ago quarter’s $2,970 million.

For 2020, the company recorded revenues of $13.58 billion, which came in higher than 2019’s $12.35 billion. The full-year revenues also beat the Zacks Consensus Estimate of $13.47 billion.

Operational Highlights

In the reported quarter, total operating expenses dropped 11.9% year over year to $2,363 million.

Operation and maintenance costs declined 5.6% year over year, whereas expense associated with wildfire related claims plunged 90%. Meanwhile, purchased power and fuel costs rose 12.9%, whereas depreciation and amortization expenses increased 7.2%.

Operating income amounted to $794 million in the fourth quarter of 2020, compared with $287 million in the year-ago quarter.

Segment Results

Southern California Edison’s (SCE) fourth-quarter adjusted earnings were $1.30 per share compared with $1.08 a year ago.

The Parent and Other segment incurred an adjusted loss of 11 cents per share compared with the year-ago quarter’s loss of 9 cents.

Financial Update

As of Dec 31, 2020, Edison International's cash and cash equivalents amounted to $87 million compared with $68 million as of Dec 31, 2019.

Long-term debt was $19.63 billion, higher than the 2019-end level of $17.87 billion.

Net cash inflow from operating activities during 2020 was $1,263 million against cash outflow of $307 million in the prior-year.

Total capital expenditures totaled $5,484 million at the end of 2020, up from $4,877 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 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.

Other Utility Releases

Xcel Energy Inc. XEL posted fourth-quarter 2020 operating earnings of 54 cents per share, in line with the Zacks Consensus Estimate.

NextEra Energy, Inc. NEE reported fourth-quarter 2020 adjusted earnings of 40 cents per share, which beat the Zacks Consensus Estimate of 39 cents by 2.6%.

CMS Energy Corp. CMS reported fourth-quarter 2020 adjusted earnings per share of 56 cents, which surpassed the Zacks Consensus Estimate of 55 cents by 1.8%.

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