Edison International EIX reported third-quarter 2024 adjusted earnings of $1.51 per share, which surpassed the Zacks Consensus Estimate of $1.39 by 8.6%. The bottom line also increased 9.4% from $1.38 in the year-ago quarter.

The company incurred GAAP earnings of $1.33 per share compared with earnings of 40 cents per share recorded in the third quarter of 2023.

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EIX’s Total Revenues
 

Edison International's third-quarter operating revenues totaled $5.20 billion, which beat the Zacks Consensus Estimate of $4.76 billion by 9.4%. The top line also increased 10.6% from the year-ago quarter’s figure of $4.70 billion.

Operational Highlights of Edison International
 

During the third quarter of 2024, EIX’s total operating expenses dropped 0.1% year over year to $4.21 billion.

Purchased power and fuel costs decreased 4.5% year over year, while depreciation and amortization expenses rose 6.8% during the same time frame.

Operation and maintenance (O&M) costs rose 57.9% in the third quarter of 2024, whereas property and other taxes climbed 20.9%.

The operating income amounted to $995 million during the third quarter of 2024 compared with $492 million in the prior-year period.

Segmental Results of EIX
 

Southern California Edison’s third-quarter adjusted earnings were $1.74 per share compared with $1.60 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 23 cents per share, which came in slightly above the loss of 22 cents incurred in the year-ago quarter’s figure.

Edison International’s Financial Update
 

As of Sept. 30, 2024, Edison International's cash and cash equivalents amounted to $200 million compared with $345 million as of Dec. 31, 2023.

The long-term debt was $32.30 billion as of Sept. 30, 2024, higher than the 2023-end level of $30.32 billion.

Net cash inflow from operating activities during the first nine months of 2024 was $3.84 billion compared with net cash inflow of $2.55 billion in the prior-year period.

Total capital expenditures were $4.21 billion as of Sept. 30, 2024, higher than $3.99 billion in the year-ago period.

EIX’s 2024 Guidance
 

The company has narrowed its 2024 guidance. EIX now expects to generate adjusted earnings in the range of $4.80-$5.00 per share compared to its earlier guidance range of $4.75-$5.05.

The Zacks Consensus Estimate for earnings is currently pegged at $4.95 per share, which is above the midpoint of the company’s new guidance range.

Edison International’s 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
 

CenterPoint Energy, Inc. CNP reported third-quarter 2024 adjusted earnings of 31 cents per share, which missed the Zacks Consensus Estimate of 36 cents by 13.9%. The bottom line also deteriorated 22.5% from the year-ago figure.

CNP generated revenues of $1.86 billion, which missed the Zacks Consensus Estimate of $1.88 billion by 1.2%. The top line also came in 0.2% lower than the year-ago reported figure.

NextEra Energy, Inc. NEE reported third-quarter 2024 adjusted earnings of $1.03 per share, which beat the Zacks Consensus Estimate of 98 cents by 5.1%. The bottom line was also improved nearly 12.8% year over year.  

In the third quarter, NextEra Energy’s operating revenues were $7.56 billion, which lagged the Zacks Consensus Estimate of $8.45 billion by 10.5%. The top line improved 5.5% year over year.

Avangrid, Inc. AGR reported third-quarter 2024 earnings of 55 cents per share, which surpassed the Zacks Consensus Estimate of 33 cents by 66.7%. The bottom line also increased 104% from the year-ago figure of 27 cents.

Operating revenues amounted to $2.08 billion, which beat the Zacks Consensus Estimate of $2.01 billion by 3.7%. The top line also increased 5.5% from $1.97 billion reported in the comparable period of 2023.

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