Edison International EIX reported first-quarter 2023 adjusted earnings of $1.09 per share, which beat the Zacks Consensus Estimate by 4.8%. The bottom line also increased 1.9% from $1.07 in the year-ago quarter.
The company recorded a GAAP loss of 81 cents per share compared with the 22 cents reported in the first quarter of 2022.
Total Revenues
Edison International's first-quarter revenues totaled $3,966 million, which missed the Zacks Consensus Estimate of $4,111 million by 3.5%. However, the top line was almost in line with the year-ago quarter’s revenues of $3,968 million.
Edison International Price, Consensus and EPS Surprise
Edison International price-consensus-eps-surprise-chart | Edison International Quote
Operational Highlights
In the reported quarter, total operating expenses decreased 9.8% year over year to $3,346 million.
Purchased power and fuel costs rose 27.1%, while depreciation and amortization expenses increased 12.5%.
Operation and maintenance costs decreased 27.1% year over year, whereas property and other taxes increased 11.1% from the prior-year quarter figure.
The operating income amounted to $620 million in the first quarter of 2023 compared with $259 million in the year-ago quarter.
Segment Results
Southern California Edison’s (“SCE”) first-quarter adjusted earnings were $1.29 per share compared with $1.23 in the year-ago quarter. The increase in SCE’s core earnings can be attributed to higher revenues from the 2021 General Rate Case final decision.
Edison International Parent and Other incurred a loss of 20 cents per share compared with the year-ago quarter’s loss of 16 cents per share.
Financial Update
As of Mar 31, 2023, Edison International's cash and cash equivalents amounted to $836 million compared with $914 million as of Dec 31, 2022.
The long-term debt was $29.44 billion as of Mar 31, 2023, higher than the 2022-end level of $27.03 billion.
Net cash outflow from operating activities for the three months ended Mar 31, 2023 was $90 million compared to the cash inflow of $792 million in the prior-year period.
Total capital expenditures came in at $1,316 million for the three months ended Mar 31, 2023, up from $1,207 million in the year-ago period.
2023 Guidance
The company reaffirmed 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, which is 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
Public Service Enterprise Group Incorporated PEG, or PSEG, reported first-quarter 2023 adjusted operating earnings of $1.39 per share, which beat the Zacks Consensus Estimate of $1.21 by 14.9%. Earnings also increased 4.5% from the prior-year reported figure.
Operating revenues came in at $3,755 million in the first quarter, which beat the Zacks Consensus Estimate of $2,557.7 million by 46.8%. The top line also increased by 62.3% from the year-ago quarter’s $2,313 million.
Entergy Corporation ETR reported first-quarter 2023 earnings of $1.14 per share, which missed the Zacks Consensus Estimate of $1.34 by 14.9%. The reported figure also declined 13.6% from $1.32 per share in the year-ago quarter.
Entergy’s reported revenues of $2,981.1 million beat the Zacks Consensus Estimate of $2,804.2 million by 6.4%. The figure also improved 3.6% from $2,877.9 million in the year-ago quarter due to higher Electric revenues.
CenterPoint Energy, Inc. CNP reported first-quarter 2023 adjusted earnings of 50 cents per share, which beat the Zacks Consensus Estimate of 48 cents by 4.2%. The bottom line also improved 6.4% from the year-ago quarter’s figure of 47 cents.
CNP generated revenues of $2,779 million, up 0.6% from the year-ago figure. However, the top line missed the Zacks Consensus Estimate of $2,792 million by 0.5%.
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