Edison International's Core Earnings Miss Wall Street Targets
April 30 2019 - 5:06PM
Dow Jones News
By Maria Armental
Edison International's core earnings in the most recent period
missed Wall Street targets, driven by higher wildfire mitigation
costs.
First-quarter profit rose to $278 million, or 85 cents a share,
from $218 million, or 67 cents a share, helped by income-tax
benefits in the most recent period.
But core earnings fell to 63 cents a share from 80 cents a share
a year earlier, which the company largely attributed to wildfire
mitigation expenses and higher net financing costs.
Operating revenue rose to $2.82 billion from $2.56 billion a
year earlier.
Analysts surveyed by FactSet expected core earnings of 87 cents
a share on $2.76 billion in revenue.
"We remain focused on mitigating increased wildfire risk and its
related financial impacts on our communities and the health of the
state's electric utilities," Chief Executive Pedro Pizarro said in
a statement.
Company executives said they expect about $350 million in
capital expenditures for wildfire mitigation this year and $500
million to $700 million in 2020.
Edison said it will provide earnings guidance for the year after
California public utility regulators issue a final decision on its
general rate case.
Analysts expect the company to swing back to a profit of $4.54 a
share, with core earnings increasing to $4.43 a share and revenue
to $13.16 billion.
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
April 30, 2019 16:51 ET (20:51 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
Edison (NYSE:EIX)
Historical Stock Chart
From Apr 2024 to May 2024
Edison (NYSE:EIX)
Historical Stock Chart
From May 2023 to May 2024