Edison International (NYSE: EIX) has reported net income of $439 million, or $1.14 per share, for the second quarter of 2024, up from $354 million, or $0.92 per share, in the same period last year. Adjusted core earnings for the quarter were $475 million, or $1.23 per share, compared to $388 million, or $1.01 per share, in the previous year.
Southern California Edison’s core earnings per share for Q2 2024 increased year-over-year, driven by higher revenue authorized under Track 4 of SCE’s 2021 General Rate Case, an increased authorized rate of return from the cost of capital adjustment mechanism, and the recognition of previously unacknowledged returns on rate base related to wildfire restoration. These gains were partially offset by increased interest expenses.
The core loss per share for Edison International Parent and Other remained consistent with the prior year.
Pedro J. Pizarro, President and CEO of Edison International, commented, “With a strong start to the year, we are confident in maintaining our 2024 core EPS guidance of $4.75 to $5.05. We are also optimistic about a favorable outcome for customers based on the progress in SCE’s 2025 General Rate Case, including several partial settlements. The authorized funding for ongoing grid investments is crucial for achieving our 2025 EPS guidance and delivering a 5% to 7% EPS CAGR through 2028.”
Pizarro also noted, “SCE’s latest 10-year load growth forecast indicates a 35% increase in load growth, surpassing all previous forecasts. To accommodate this growth, SCE will need to significantly expand the electric system to ensure a reliable and resilient grid, creating opportunities for continued rate base growth.”
Edison International uses core earnings for internal financial planning and performance analysis, and these figures are used in communications with investors and analysts for performance comparison. Core earnings are reconciled to GAAP earnings in the attached tables.
