Edison International (EIX) Q3 2024 earnings summary

Executive summary

• Q3 2024 GAAP EPS was $1.33 and core EPS was $1.51, both up year-over-year, with net income rising to $516 million from $155 million.

• 2024 core EPS guidance narrowed to $4.80–$5.00, with reaffirmed 5%–7% EPS CAGR targets through 2028 and confidence in meeting 2025 guidance.

• Significant progress on wildfire liabilities, including TKM settlement (~$1.6 billion recovery) and Woolsey cost recovery application filed.

• Wildfire mitigation and grid hardening advanced, with 85% of high-risk areas protected and self-insurance program extended through 2028.

• Net-zero greenhouse gas emissions commitment by 2045, supporting California’s clean energy transition.

Financial highlights

• Q3 2024 core EPS rose to $1.51 from $1.38, and GAAP EPS to $1.33 from $0.40; net income for Q3 was $516 million, up from $155 million.

• Year-to-date 2024 core EPS was $3.88, up from $3.48; nine-month net income reached $1.14 billion.

• Operating revenue for Q3 2024 was $5.20 billion, up from $4.70 billion; operating income was $995 million, up from $492 million.

• SCE has recovered about $4.5 billion since 2021, with an additional $1.6 billion expected from TKM settlement securitization.

• Non-core items, mainly wildfire-related, reduced reported EPS by $0.18 in Q3 2024; nine-month non-core losses totaled $(551) million.

Outlook and guidance

• 2024 core EPS guidance narrowed to $4.80–$5.00; 2025 guidance set at $5.50–$5.90, with 5%–7% EPS CAGR targeted through 2028.

• Guidance does not yet include upside from TKM settlement, which could add $0.44 to 2025 EPS and $0.14 annually thereafter.

• SCE updated its 2025 GRC request to $10.5 billion, with CPUC decision timing uncertain; memo account approved to track 2025 revenue requirement changes.

• Final decisions on TKM settlement and 2025 GRC expected in the first half of next year, after which capital and financing plans will be updated.