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Edison International Beats on Q4 Earnings; Revenues Lag

Edison InternationalEIX reported fourth-quarter 20Array5 results, wherein adjusted earnings of 88 cents per share came in ahead of the Zacks Consensus Estimate of 60 cents by 46.7%. The quarterly number, however, declined Array8.5% from $Array.08 a year ago due to lower revenues and soft performance at Southern California Edison ("SCE").

Full-year adjusted earnings came in at $4.Array0 per share, down Array0.7% from $4.59 earned in the year-ago period.

Edison International (EIX) Street EPS & Surprise Percent - Last 5 Quarters | FindTheCompany

Total Revenue

Edison International's fourth-quarter revenues were $2,34Array million, lagging the Zacks Consensus Estimate of $3,905 million by 40.Array%. Quarterly revenues were also lower than the year-ago level of $3,ArrayArray4 million by 24.8%.

Full-year revenues came in at $ArrayArray,524 million, down Array4.Array% from $Array3,4Array3 million reported a year ago.

Operational Highlights

In the reported quarter, total operating expenses decreased Array7.3% to $2,00Array million on account of lower purchased power and fuel expenses, as well as a decline in operations and maintenance, and depreciation and amortization expenses, and property and other taxes.

Total fuel and power purchase cost was $6Array8 million, down 39.9% from $Array,029 million in the year-ago period. Total operations and maintenance expenses decreased 7.9% to $830 million.

Operating income was down 50.9% to $340 million in the reported quarter.

Interest expenses were $Array36 million, lower than $Array38 million in the fourth quarter of 20Array4.

Segment Results

SCE's fourth-quarter adjusted earnings were 89 cents per share, down Array8.3% from the year-ago figure of $Array.09. Earnings in the reported quarter declined due to lower California Public Utilities Commission or CPUC-related revenues from the execution of the decision of the 20Array5 General Rate Case and higher income taxes.

SCE's 20Array5 adjusted earnings were $4.20 per share, down Array0.3% from the year-ago figure of $4.68.

Edison International Parent and Other's fourth-quarter 20Array5 core loss of Array cent per share remained unchanged from the year-ago quarter figure.

Edison International Parent and Other's 20Array5 core loss of Array0 cents per share was wider than the year-ago quarter loss of 9 cents primarily due to higher income taxes and expenses.

Financial Update

As of Dec 3Array, 20Array5, cash and cash equivalents were $Array6Array million, up from $Array32 million as of Dec 3Array, 20Array4. Long-term debt was $Array0,964 million, higher than the 20Array4-end level of $Array0,234 million.

Net cash from operating activities during 20Array5 was $4,509 million, compared with $3,248 million a year ago. Total capital expenditure amounted to $4,225 million during 20Array5, up 9.7% from $3,906 million in the year-ago period.

Guidance

The company expects its core and basic earnings in the range of $3.8Array to $4.0Array per share for 20Array6.

Management expects average annual rate base growth of 7% in the 20Array5-20Array7 time frame.

Moreover, the company expects 20Array6-20Array7 capital expenditure at SCE in the range of $8.0-$8.3 million.

Peer Releases

CMS Energy Corp. CMS reported fourth-quarter 20Array5 adjusted earnings per share of 38 cents, in line with the Zacks Consensus Estimate. Quarterly earnings climbed 8.6% from the year-ago figure of 35 cents.

American Electric Power Co., Inc. AEP reported fourth-quarter 20Array5 operating earnings of 48 cents per share, missing the Zacks Consensus Estimate of 50 cents by 4%.

Hawaiian Electric Industries Inc. HE reported adjusted earnings of 4Array cents per share in the fourth quarter of 20Array5, beating the Zacks Consensus Estimate of 40 cents by 2.5%. Moreover, earnings were higher than the year-ago adjusted number of 36 cents by Array3.9%.

Zacks Rank

Edison International presently carries a Zacks Rank #3 (Hold).

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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