Q2 2024 Edison International Earnings Call Transcript
Key Points
- Edison International (EIX) reported strong financial performance with a core EPS of $1.23 for Q2 2024, contributing to a year-to-date core EPS of $2.37.
- The company reaffirmed its 2024 core EPS guidance of $4.75 to $5.05, indicating confidence in achieving its financial targets.
- Load growth trends are materializing sooner than expected, providing substantial CapEx opportunities and potential upside for the company.
- Edison International (EIX) has significantly improved its operational and financial risk profiles, with an estimated wildfire risk reduction of 85% to 88% compared to pre-2018 levels.
- The company is leading efforts toward a carbon-neutral California, with sustainability at the core of its strategy, including delivering 52% carbon-free power to customers in 2023.
- Higher interest expenses associated with debt for wildfire claims payments partially offset the EPS growth.
- There are still unresolved issues in the General Rate Case (GRC), with a significant portion of the capital request not yet settled.
- The company faces ongoing regulatory challenges, including the need to address the maturity of pre-fire mitigation measures criticized by Cal Advocates.
- Edison International (EIX) has substantial equity needs to fund its capital program over the next several years, although they are among the lowest in the industry.
- The acceleration of load growth requires greater upgrades to the electric system, necessitating significant investments that could impact future rate base growth.
Good afternoon, and welcome to the Edison International second-quarter 2024 financial teleconference. My name is Julie, and I will be your operator today. (Operator Instructions) Today's call is being recorded.
I would now like to turn the call over to Mr. Sam Ramraj, Vice President of Investor Relations. Mr. Ramraj, you may begin your conference.
Thank you, Julie, and welcome, everyone. Our speakers today are President and Chief Executive Officer, Pedro Pizarro; and Executive Vice President and Chief Financial Officer, Maria Rigatti. Also on the call are other members of the management team.
Materials supporting today's call are available at www.edisoninvestor.com. These include our Form 10-Q, prepared remarks from Pedro and Maria, and the teleconference presentation. Tomorrow, we will distribute our regular business update presentation.
During this call, we'll make forward-looking statements
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