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Post Earnings Coverage as Edison International’s Q1 Earnings Beat Expectations

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LONDON, UK / ACCESSWIRE / May 12, 2017 / Active Wall St. announces its post-earnings coverage on Edison International (NYSE: EIX). The Company announced its financial results for the first quarter fiscal 2017 (Q1 FY17) on May 01, 2017. The Rosemead, California-based Company reported a year-over-year rise in diluted EPS, outperforming market consensus estimates. Register with us now for your free membership at:


One of Edison International's competitors within the Electric Utilities space, Portland General Electric Co. (NYSE: POR), reported its first quarter 2017 results on April 28, 2017. AWS will be initiating a research report on Portland General Electric in the coming days.

Today, AWS is promoting its earnings coverage on EIX; touching on POR. Get our free coverage by signing up to:


Earnings Reviewed

In Q1 FY17, Edison International total operating revenues were $2.46 billion, marginally above the $2.44 billion recorded at the end of Q1 FY16. However, operating revenues for the reported quarter fell short of market expectations of $2.50 billion.

The electric utility Company reported net income attributable to Edison International common shareholders of $362 million, or $1.10 per diluted share in Q1 FY17, compared to $281 million, or $0.85 per diluted share, in Q1 FY16. Market analysts had forecasted diluted earnings of $0.89 per diluted share for Q1 FY17. The Company did not report any non-core items in the first quarter of FY17. However, core earnings in Q1 FY17 were $278 million, or $0.85 per share.

Earnings Metrics

For Q1 FY17, the Company's power and fuel expenses were $784 million, which was lower than the $794 million spent in the last year's corresponding quarter. The Company's total operating expenses also fell marginally to $1.98 billion in Q1 FY17 from $1.99 billion in Q1 FY16. In the reported quarter, the Company's operating income was $479 million, up from $448 million in the previous year's comparable quarter.

Segment Performance

During Q1 FY17, Southern California Edison Company's operating revenues came in at $2.46 billion compared to $2.44 billion in Q1 FY16. The subsidiary of Edison International reported operating income of $507 million in Q1 FY17 versus $472 million in the year ago comparable period. Furthermore, subsidiary's net income available for common stock stood at $349 million in the reported quarter versus $295 million in Q1 FY16. Furthermore, the subsidiary's earnings per share increased from $0.90 in Q1 FY16 to $1.07 in Q1 FY17.

Edison International Parent and Other's reported net income from continuing operations of $13 million, or $0.04 per share, in Q1 FY17 compared to net loss from continuing operations of $15 million, or $0.04 loss per share, in Q1 FY16. Additionally, core earnings for the reported quarter stood at $13 million, or $0.04 per share, against core loss of $17 million, or $0.05 loss per share in Q1 FY16.

Cash Matters

In the three months ended on March 31, 2017, Edison International generated $879 million in cash from operations compared to $855 million in the prior year's same period. The Company's cash and cash equivalents balance stood at $150 million, as on March 31, 2017, compared to $96 million, at the close of books on December 31, 2016. The Company reported long-term debt of $11.66 billion as on March 31, 2017, compared with $10.18 billion as on December 31, 2016.


In a separate press release on April 27, 2017, Edison International's Board of Directors declared a quarterly common stock dividend of $0.5425 per share. The dividend is payable on July 31, 2017, to shareholders of record on June 30, 2017.


For full year FY17, Edison International has reaffirmed its earnings guidance announced on February 21, 2017. The Company expects the basic EPS and Core EPS to be in the range of $4.04 to $4.24 with midpoint of $4.14.

Stock Performance

On Thursday, May 11, 2017, the stock closed the trading session at $78.57, slightly down 0.59% from its previous closing price of $79.04. A total volume of 2.61 million shares have exchanged hands, which was higher than the 3-month average volume of 1.72 million shares. Edison International's stock price rallied 5.81% in the last three months, 10.30% in the past six months, and 12.17% in the previous twelve months. Moreover, the stock surged 9.88% since the start of the year. The stock is trading at a PE ratio of 18.62 and has a dividend yield of 2.76%.

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SOURCE: Active Wall Street