Edison International(EIX) - 2024 Q4 - Annual Results

Financial Performance - Fourth-quarter 2024 net income was $340 million, or $0.88 per share, down from $378 million, or $0.99 per share, in the same quarter last year[2]. - Adjusted fourth-quarter core earnings were $405 million, or $1.05 per share, compared to $490 million, or $1.28 per share, in the fourth quarter of the previous year[2]. - Full-year 2024 net income increased to $1,284 million, or $3.33 per share, from $1,197 million, or $3.12 per share, in 2023[6]. - Full-year adjusted core earnings rose to $1,900 million, or $4.93 per share, compared to $1,825 million, or $4.76 per share, in 2023[6]. - Basic earnings per share available to common shareholders increased to $3.33 in 2024 from $3.12 in 2023, representing a growth of 6.7%[28]. - Net income for 2024 increased to $1,546 million, up from $1,407 million in 2023, representing a growth of 9.9%[34]. Revenue and Expenses - Total operating revenue for the year ended December 31, 2024, was $17,599 million, an increase of 7.7% compared to $16,338 million in 2023[28]. - Operating income for 2024 was $2,930 million, up 11.6% from $2,627 million in 2023[28]. - Higher operation and maintenance expenses and interest expenses were the primary reasons for the decline in core EPS year-over-year[3]. - The company incurred wildfire-related claims of $652 million in 2024, slightly down from $667 million in 2023[28]. Assets and Liabilities - Total assets increased to $85,579 million in 2024, compared to $81,758 million in 2023, reflecting a growth of 4.5%[30]. - Total liabilities rose to $67,839 million in 2024, up from $63,814 million in 2023, indicating an increase of 6.3%[32]. - Edison International's total equity decreased slightly to $17,740 million in 2024 from $17,944 million in 2023[32]. Cash Flow and Investments - Net cash provided by operating activities reached $5,014 million in 2024, compared to $3,401 million in 2023, marking a significant increase of 47.5%[34]. - Long-term debt issued in 2024 was $5,256 million, slightly higher than $5,121 million in 2023[34]. - Capital expenditures for 2024 totaled $5,707 million, an increase from $5,448 million in 2023[35]. - Net cash used in investing activities was $5,536 million in 2024, compared to $5,233 million in 2023[35]. - Cash, cash equivalents, and restricted cash at the end of 2024 amounted to $684 million, up from $532 million at the end of 2023[35]. - The company reported a net increase in cash of $152 million in 2024, contrasting with a decrease of $385 million in 2023[35]. Dividends - The board declared a quarterly common stock dividend of $0.8275 per share, payable on April 30, 2025[13]. - Common stock dividends paid increased to $1,198 million in 2024 from $1,112 million in 2023[34]. - Preferred stock dividends paid decreased to $88 million in 2024 from $108 million in 2023[34]. Future Guidance - Revised 2025 core EPS guidance is set at $5.94-$6.34, reflecting the impact of the TKM settlement[7]. - The company expects core EPS growth of 5-7% from $5.84 in 2025 to a range of $6.74-$7.14 by 2028[7]. Wildfire Mitigation - The TKM settlement approved $1.6 billion of cost recovery for pre-AB 1054 wildfire expenses[7]. - Edison International continues to invest in wildfire mitigation and grid resiliency efforts following recent catastrophic wildfires[5].