Edison International beats quarterly profit estimates on higher rates

By Thomson Reuters Feb 22, 2024 | 3:41 PM

(Reuters) – Utility firm Edison International on Thursday beat Wall Street estimates for fourth-quarter profit, helped by higher electricity rates.

The company, however, forecast full-year 2024 profit of between $4.75 and $5.05 per share, that was below analysts’ estimates of $5.06 per share, according to LSEG data.

Utility companies use General Rate Case (GRC) proceedings to increase consumer electricity prices. The proceedings initiated by utility firms with utility commissions allege a revenue shortfall and seek an increase in rates on the basis of its total cost of providing service.

Edison International is the holding company of Southern California Edison Company (SCE) and Edison Energy Group. SCE supplies and delivers electricity to 15 million customers across Southern, Central, and Coastal region of the state.

On an adjusted basis, Edison earned $1.28 per share in the October-to-December quarter, compared with analysts’ estimates of $1.16 per share.

(Reporting by Vallari Srivastava in Bengaluru; Editing by Shailesh Kuber)