Edison International has announced its third-quarter net income of $155 million, or $0.40 per share, compared to a net loss of $128 million, or $0.33 per share, in the third quarter of last year.
Meanwhile, as adjusted, third-quarter core earnings were $531 million, or $1.38 per share, compared to core earnings of $564 million, or $1.48 per share, in the third quarter of last year.
Southern California Edison (SCE), a subsidiary of Edison International, experienced a decrease in third-quarter core earnings per share due to higher interest expense and a turn-up related to the Customer Service Re-Platform decision. However, SCE has made progress in reducing its risk of losses from catastrophic wildfires by 85% since 2018.
Edison International Parent and Other’s third-quarter core loss per share increased year over year, primarily due to higher interest expenses.
“We are pleased with our performance year to date and, combined with the outlook for the fourth quarter, we are confident in reaffirming our 2023 core EPS guidance range,” said Pedro J. Pizarro, president and CEO of Edison International.
“I also reaffirm our ongoing commitment to delivering 5% to 7% core EPS growth through 2025 and 2028, which does not factor in several potential upsides,” Pizarro added.
Pizarro highlighted Southern California Edison’s industry-leading wildfire mitigation practices, which have significantly reduced the company’s risk of losses from catastrophic wildfires by 85% since 2018. He also mentioned that SCE is sharing its mitigation strategies with utilities across the country, leveraging its deep experience and achievements in this area.
Edison International is one of the nation’s largest electric utility holding companies, providing clean and reliable energy and energy services through its independent companies.