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

Edison International EIX reported fourth-quarter 2022 adjusted earnings of $1.15 per share, which surpassed the Zacks Consensus Estimate of $1.08 by 6.5%. The bottom line slipped by a penny from the year-ago quarter’s tally.

The company recorded GAAP earnings of $1.09 per share compared with $1.38 in the year-ago quarter.

For full-year 2022, EIX reported adjusted earnings of $4.63 per share compared with $4.59 in the previous year. The full-year earnings also beat the Zacks Consensus Estimate of $4.57 per share.

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 $4,016 million, which surpassed the Zacks Consensus Estimate of $3,612 million by 11.2%. Also, the top line rose 20.6% from the year-ago quarter’s $3,331 million.

For full-year 2022, the company’s revenues came in at $17.22 billion, higher than $14.91 billion recorded in 2021. The full-year revenues also surpassed the Zacks Consensus Estimate of $16.83 billion.

Operational Highlights

In 2022, the company’s total operating expenses increased 17.12% year over year to $15,737 million.

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Purchased power and fuel costs rose 15.1%, while depreciation and amortization expenses increased 15.5%.

Operation and maintenance costs increased 30.1% year over year, whereas property and other taxes increased 7.7%.

The operating income amounted to $1,483 million in 2022, which increased 0.4% from 2021.

Segmental Results

Southern California Edison’s (“SCE”) fourth-quarter adjusted earnings were $1.36 per share compared with $1.34 in the year-ago quarter. The increase in SCE’s core earnings can be attributed to higher California Public Utilities Commission (CPUC)-related revenues driven by the escalation mechanism as set forth in the 2021 General Rate Case’s (GRC) final decision.

Edison International Parent and Other incurred a loss of 21 cents per share compared with the year-ago quarter’s loss of 18 cents. The loss increased primarily due to higher interest and higher corporate expense.

Financial Update

As of Dec 31, 2022, Edison International's cash and cash equivalents totaled $914 million compared with $390 million as of Dec 31, 2021.

The long-term debt was $27.03 billion as of Dec 31, 2022, higher than the 2021-end level of $24.17 billion.

Net cash flow from operating activities during 2022 was $3,216 million compared with $11 million in the prior-year period.

Total capital expenditures totaled $5,778 million as of Dec 31, 2022, up from $5,505 million in the year-ago period.

2023 Guidance

The company announced its 2023 guidance. EIX expects earnings in the range of $4.55-$4.85 per share. The Zacks Consensus Estimate for earnings is currently pegged at $4.74 per share, higher than 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

CMS Energy Corporation CMS reported fourth-quarter 2022 adjusted EPS of 60 cents from continuing operations, which came in line with the Zacks Consensus Estimate. The reported figure increased 27.7% on a year-over-year basis.

For the quarter under review, CMS Energy’s operating revenues were $2,278 million, which surpassed the Zacks Consensus Estimate of $2,185.3 million by 4.2%. The top line increased 12.1% on a year-over-year basis.

NextEra Energy, Inc. NEE reported fourth-quarter 2022 adjusted earnings of 51 cents per share, which beat the Zacks Consensus Estimate of 50 cents by 2%. The bottom line also increased 24.4% from the prior-year quarter’s figure.

For the fourth quarter, NextEra’s operating revenues were $6,164 million, which surpassed the Zacks Consensus Estimate of $5,743 million by 7.3%. The top line increased 22.2% year over year.

Duke Energy Corporation DUK reported fourth-quarter 2022 adjusted earnings of $1.11 per share, which surpassed the Zacks Consensus Estimate of $1.06 by 4.7%. The bottom line also increased 26.1% year over year.

Total operating revenues came in at $7,351 million, which increased 20.2% from $6,117 million in the year-ago period. The reported top line also surpassed the Zacks Consensus Estimate of $6,608 million by 11.2%.

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Edison International (EIX) : Free Stock Analysis Report

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CMS Energy Corporation (CMS) : Free Stock Analysis Report

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