Q3 2024 Edison International Earnings Call Transcript
Key Points
- Edison International (EIX) reported strong year-to-date core earnings per share (EPS) of $3.88, with a third-quarter EPS of $1.51, reinforcing confidence in their 2024 EPS guidance of $4.80 to $5.
- The company has successfully navigated regulatory challenges, reaching a settlement agreement for the TKM cost recovery application, which will allow recovery of 60% of the costs, or $1.6 billion.
- Edison International (EIX) has made significant progress in wildfire mitigation, with a substantial reduction in acres burned from SCE's ignitions in high fire risk areas since 2017.
- The company reaffirmed its commitment to achieving net zero greenhouse gas emissions by 2045, with a focus on delivering 100% carbon-free power to SCE's customers.
- Edison International (EIX) has recovered about $4.5 billion since 2021 through strong regulatory outcomes, strengthening its balance sheet and credit metrics.
- The California Public Utilities Commission (CPUC) decision to change the cost of capital mechanism for 2025 was seen as unfortunate and disappointing by Edison International (EIX).
- Higher interest expenses associated with debt for wildfire claims payments partially offset the EPS growth.
- The Woolsey cost recovery application is still in its early stages, with an 18-month process expected, creating uncertainty about the ultimate outcome.
- The company faces challenges in managing the numerous regulatory applications and proceedings related to wildfire risk mitigation.
- There is concern about the affordability of electricity rates in California, with potential impacts on customer bills and the company's growth plans.
Good afternoon, and welcome to the Edison International third quarter 2024 financial teleconference. My name is Sheila, 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, Sheila, 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 about the outlook
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