Edison International Reports Third-Quarter 2024 Results

  • Third-quarter 2024 GAAP EPS of $1.33; Core EPS of $1.51
  • Significant progress in resolving legacy wildfires: Settlement agreement reached on TKM; cost recovery application on Woolsey Fire filed with CPUC
  • Narrows 2024 core EPS guidance to $4.80-$5.00
  • Reiterates long-term core EPS growth rate targets of 5%-7% for 2021-2025 and 5%-7% for 2025-2028

ROSEMEAD, Calif.--()--Edison International (NYSE: EIX) today reported third-quarter net income of $516 million, or $1.33 per share, compared to net income of $155 million, or $0.40 per share, in the third quarter of last year. As adjusted, third-quarter core earnings were $582 million, or $1.51 per share, compared to core earnings of $531 million, or $1.38 per share, in the third quarter of last year.

Southern California Edison’s third-quarter 2024 core earnings per share (EPS) increased year over year, primarily due to higher revenue authorized in Track 4 of SCE’s 2021 General Rate Case and an increase in the authorized rate of return resulting from the cost of capital adjustment mechanism. This was partially offset by higher interest expense.

Edison International Parent and Other’s third quarter core loss per share was in line with the same period last year.

With strong year-to-date performance, we are confident in narrowing our 2024 core EPS guidance,” said Pedro J. Pizarro, president and CEO of Edison International. “Our team has achieved remarkable success over the last several years managing unprecedented climate challenges, making our operations more resilient and positioning us strongly for the growth ahead.”

Pizarro added, “SCE continues to demonstrate its ability to navigate the regulatory landscape and is in the final stages of two key proceedings, which will solidify our financial outlook through 2028. Capital investment enabled by SCE’s General Rate Case is the driver for the growth and customer benefits necessary to ensure the grid is reliable, resilient and ready to achieve the clean energy transition.”

Edison International uses core earnings internally for financial planning and analysis of performance. Core earnings are also used when communicating with investors and analysts regarding Edison International’s earnings results to facilitate comparisons of the company’s performance from period to period. Please see the attached tables to reconcile core earnings to basic GAAP earnings.

2024 Earnings Guidance

The company narrowed its earnings guidance range for 2024 as summarized in the following chart. See the presentation accompanying the company’s conference call for further information and assumptions.

 

2024 Earnings Guidance

2024 Earnings Guidance

 

as of July 25, 2024

as of Oct. 29, 2024

 

Low

High

Low

High

EIX Basic EPS

$

3.49

 

$

3.79

 

$

3.37

 

$

3.57

 

Less: Non-core Items*

 

(1.26

)

 

(1.26

)

 

(1.43

)

 

(1.43

)

EIX Core EPS

$

4.75

 

$

5.05

 

$

4.80

 

$

5.00

 

* There were ($551) million, or ($1.43) per share, of non-core items recorded for the nine months ending Sept. 30, 2024. Basic EIX EPS guidance only incorporates non-core items to Sept. 30, 2024.

Third-Quarter 2024 Earnings Conference Call and Webcast Details

 

 

 

When:

Tuesday, Oct. 29, 1:30-2:30 p.m. (PDT)

Telephone Numbers:

1-888-673-9780 (U.S.) and 1-312-470-0178 (Int'l) — Passcode: Edison

Telephone Replay:

 

1-800-685-6667 (U.S.) and 1-203-369-3864 (Int’l) — Passcode: 9413

Telephone replay available through Nov. 11 at 6 p.m. (PST)

Webcast:

www.edisoninvestor.com

Edison International has posted its earnings conference call prepared remarks by the CEO and CFO, the teleconference presentation and Form 10-Q to the company’s investor relations website. These materials are available at www.edisoninvestor.com.

About Edison International

Edison International (NYSE: EIX) is one of the nation’s largest electric utility holding companies, focused on providing clean and reliable energy and energy services through its independent companies. Headquartered in Rosemead, California, Edison International is the parent company of Southern California Edison Company, a utility delivering electricity to 15 million people across Southern, Central and Coastal California. Edison International is also the parent company of Trio (formerly Edison Energy), a portfolio of nonregulated competitive businesses providing integrated sustainability and energy advisory services to large commercial, industrial and institutional organizations in North America and Europe.

Appendix

Use of Non-GAAP Financial Measures

Edison International’s earnings are prepared in accordance with generally accepted accounting principles used in the United States and represent the company’s earnings as reported to the Securities and Exchange Commission. Our management uses core earnings and core earnings per share (EPS) internally for financial planning and for analysis of performance of Edison International and Southern California Edison. We also use core earnings and core EPS when communicating with analysts and investors regarding our earnings results to facilitate comparisons of the Company’s performance from period to period. Financial measures referred to as net income, basic EPS, core earnings, or core EPS also apply to the description of earnings or earnings per share.

Core earnings and core EPS are non-GAAP financial measures and may not be comparable to those of other companies. Core earnings and core EPS are defined as basic earnings and basic EPS excluding income or loss from discontinued operations and income or loss from significant discrete items that management does not consider representative of ongoing earnings. Basic earnings and losses refer to net income or losses attributable to Edison International shareholders. Core earnings are reconciled to basic earnings in the attached tables. The impact of participating securities (vested awards that earn dividend equivalents that may participate in undistributed earnings with common stock) for the principal operating subsidiary is not material to the principal operating subsidiary’s EPS and is therefore reflected in the results of the Edison International holding company, which is included in Edison International Parent and Other.

Safe Harbor Statement

Statements contained in this release about future performance, including, without limitation, operating results, capital expenditures, rate base growth, dividend policy, financial outlook, and other statements that are not purely historical, are forward-looking statements. These forward-looking statements reflect our current expectations; however, such statements involve risks and uncertainties. Actual results could differ materially from current expectations. These forward-looking statements represent our expectations only as of the date of this release, and Edison International assumes no duty to update them to reflect new information, events or circumstances. Important factors that could cause different results include, but are not limited to the:

  • ability of SCE to recover its costs through regulated rates, timely or at all, including uninsured wildfire-related and debris flow-related costs (including amounts paid for self-insured retention and co-insurance), costs incurred to mitigate the risk of utility equipment causing future wildfires, and increased costs due to supply chain constraints, inflation and rising interest rates;
  • impact of affordability of customer rates on SCE's ability to execute its strategy, including the impact of affordability on the regulatory approval of operations and maintenance expenses, and proposed capital investment projects;
  • ability of SCE to implement its operational and strategic plans, including its Wildfire Mitigation Plan and capital investment program;
  • risks of regulatory or legislative restrictions that would limit SCE's ability to implement operational measures to mitigate wildfire risk, including Public Safety Power Shutoff (“PSPS”) and fast curve settings, when conditions warrant or would otherwise limit SCE's operational practices relative to wildfire risk mitigation;
  • ability of SCE to obtain safety certifications from the Office of Energy Infrastructure Safety of the California Natural Resources Agency (“OEIS”);
  • risk that California Assembly Bill 1054 (“AB 1054”) does not effectively mitigate the significant exposure faced by California investor-owned utilities related to liability for damages arising from catastrophic wildfires where utility facilities are alleged to be a substantial cause, including the longevity of the Wildfire Insurance Fund and the California Public Utilities Commission (“CPUC”) interpretation of and actions under AB 1054, including its interpretation of the prudency standard clarified by AB 1054;
  • risks associated with the operation of electrical facilities, including worker and public safety issues, the risk of utility assets causing or contributing to wildfires, failure, availability, efficiency, and output of equipment and facilities, and availability and cost of spare parts;
  • physical security of Edison International’s and SCE’s critical assets and personnel and the cybersecurity of Edison International’s and SCE’s critical information technology systems for grid control, and business, employee and customer data;
  • ability of Edison International and SCE to effectively attract, manage, develop and retain a skilled workforce, including its contract workers;
  • decisions and other actions by the CPUC, the Federal Energy Regulatory Commission, and the United States Nuclear Regulatory Commission and other governmental authorities, including decisions and actions related to nationwide or statewide crisis, approval of regulatory proceeding settlements, determinations of authorized rates of return or return on equity, the recoverability of wildfire-related and debris flow-related costs, issuance of SCE's wildfire safety certification, wildfire mitigation efforts, approval and implementation of electrification programs, and delays in executive, regulatory and legislative actions;
  • potential for penalties or disallowances for non-compliance with applicable laws and regulations, including fines, penalties and disallowances related to wildfires where SCE's equipment is alleged to be associated with ignition;
  • extreme weather-related incidents (including events caused, or exacerbated, by climate change, such as wildfires, debris flows, flooding, droughts, high wind events and extreme heat events) and other natural disasters (such as earthquakes), which could cause, among other things, worker and public safety issues, property damage, rotating outages and other operational issues (such as issues due to damaged infrastructure), PSPS activations and unanticipated costs;
  • cost and availability of labor, equipment and materials, including as a result of supply chain constraints and inflation;
  • ability of Edison International or SCE to borrow funds and access bank and capital markets on reasonable terms;
  • risks associated with the decommissioning of San Onofre, including those related to worker and public safety, public opposition, permitting, governmental approvals, on-site storage of spent nuclear fuel and other radioactive material, delays, contractual disputes, and cost overruns;
  • risks associated with cost allocation resulting in higher rates for utility bundled service customers because of possible customer bypass or departure for other electricity providers such as Community Choice Aggregators (“CCA,” which are cities, counties, and certain other public agencies with the authority to generate and/or purchase electricity for their local residents and businesses) and Electric Service Providers (entities that offer electric power and ancillary services to retail customers, other than electrical corporations (like SCE) and CCAs);
  • risks inherent in SCE’s capital investment program, including those related to project site identification, public opposition, environmental mitigation, construction, permitting, contractor performance, changes in the California Independent System Operator’s transmission plans, and governmental approvals; and
  • actions by credit rating agencies to downgrade Edison International or SCE’s credit ratings or to place those ratings on negative watch or negative outlook.

Additional information about risks and uncertainties is contained in Edison International and SCE’s most recent combined Annual Report on Form 10-K for the year ended December 31, 2023, and subsequent Quarterly Report(s) on Form 10-Q filed with the Securities and Exchange commission, including the "Risk Factors" sections. Readers are urged to read this entire release as well as the most recent Form 10-K and Form 10-Q (including information incorporated by reference), and carefully consider the risks, uncertainties, and other factors that affect Edison International's and SCE's businesses. Edison International and SCE post or provide direct links (i) to certain SCE and other parties' regulatory filings and documents with the CPUC and the FERC and certain agency rulings and notices in open proceedings in a section titled "SCE Regulatory Highlights," (ii) to certain documents and information related to Southern California wildfires which may be of interest to investors in a section titled "Southern California Wildfires," and (iii) to presentations, documents and other information that may be of interest to investors in a section titled "Presentations and Updates" at www.edisoninvestor.com in order to publicly disseminate such information.

These forward-looking statements represent our expectations only as of the date of this news release, and Edison International assumes no duty to update them to reflect new information, events or circumstances. Readers should review future reports filed by Edison International and SCE with the SEC.

 

 

Third Quarter Reconciliation of Basic Earnings Per Share to Core Earnings Per Share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

 

Nine months ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2024

2023

Change

2024

2023

Change

Earnings (loss) per share available to Edison International

 

 

 

 

 

 

 

 

 

 

 

 

SCE

$

1.56

 

$

0.62

 

$

0.94

 

$

3.09

 

$

2.69

 

$

0.40

 

Edison International Parent and Other

 

(0.23

)

 

(0.22

)

 

(0.01

)

 

(0.64

)

 

(0.55

)

 

(0.09

)

Edison International

 

1.33

 

 

0.40

 

 

0.93

 

 

2.45

 

 

2.14

 

 

0.31

 

Less: Non-core items

 

 

 

 

 

 

 

 

 

 

 

 

SCE

 

(0.18

)

 

(0.98

)

 

0.80

 

 

(1.43

)

 

(1.43

)

 

-

 

Edison International Parent and Other

 

 

 

 

 

 

 

 

 

0.09

 

 

(0.09

)

Total non-core items

 

(0.18

)

 

(0.98

)

 

0.80

 

 

(1.43

)

 

(1.34

)

 

(0.09

)

Core earnings (loss) per share

 

 

 

 

 

 

 

 

 

 

 

 

SCE

 

1.74

 

 

1.60

 

 

0.14

 

 

4.52

 

 

4.12

 

 

0.40

 

Edison International Parent and Other

 

(0.23

)

 

(0.22

)

 

(0.01

)

 

(0.64

)

 

(0.64

)

 

 

Edison International

$

1.51

 

$

1.38

 

$

0.13

 

$

3.88

 

$

3.48

 

$

0.40

 

 

Note: Diluted earnings were $1.32 and $0.40 per share for the three months ended September 30, 2024 and 2023, respectively. Diluted earnings were $2.44 and $2.13 per share for the nine months ended September 30, 2024 and 2023, respectively.

 
 

Third Quarter Reconciliation of Basic Earnings Per Share to Core Earnings (in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

 

Nine months ended

 

 

 

September 30,

 

 

September 30,

 

 

(in millions)

2024

2023

Change

2024

2023

Change

Net income (loss) available to Edison International

 

 

 

 

 

 

 

 

 

 

 

 

SCE

$

602

 

$

239

 

$

363

 

$

1,190

 

$

1,029

 

$

161

 

Edison International Parent and Other

 

(86

)

 

(84

)

 

(2

)

 

(246

)

 

(210

)

 

(36

)

Edison International

 

516

 

 

155

 

 

361

 

 

944

 

 

819

 

 

125

 

Less: Non-core items

 

 

 

 

 

 

 

 

 

 

 

 

SCE1,2,3,4,5,6,7

 

(65

)

 

(374

)

 

309

 

 

(549

)

 

(549

)

 

 

Edison International Parent and Other8

 

(1

)

 

(2

)

 

1

 

 

(2

)

 

33

 

 

(35

)

Total non-core items

 

(66

)

 

(376

)

 

310

 

 

(551

)

 

(516

)

 

(35

)

Core earnings (loss)

 

 

 

 

 

 

 

 

 

 

 

 

SCE

 

667

 

 

613

 

 

54

 

 

1,739

 

 

1,578

 

 

161

 

Edison International Parent and Other

 

(85

)

 

(82

)

 

(3

)

 

(244

)

 

(243

)

 

(1

)

Edison International

$

582

 

$

531

 

$

51

 

$

1,495

 

$

1,335

 

$

160

 

 

1

Includes charges for 2017/2018 Wildfire/Mudslide Events claims and related legal expenses, net of expected FERC recoveries of $7 million ($5 million after-tax) and $459 million ($330 million after-tax) for the three months ended September 30, 2024 and 2023, respectively, and $485 million ($349 million after-tax) and $560 million ($404 million after-tax) for the nine months ended September 30, 2024 and 2023, respectively.

2

Includes charges for Other Wildfires claims and related legal expenses, net of expected insurance and regulatory recoveries of $3 million ($2 million after-tax) and $7 million ($5 million after-tax) for the three months ended September 30, 2024 and 2023, respectively, and $124 million ($90 million after-tax) and $7 million ($5 million after-tax) for the nine months ended September 30, 2024 and 2023, respectively.

3

Includes amortization of SCE's Wildfire Insurance Fund expenses of $36 million ($26 million after-tax) and $54 million ($39 million after-tax) for the three months ended September 30, 2024 and 2023, respectively, and $109 million ($78 million after-tax) and $159 million ($114 million after-tax) for the nine months ended September 30, 2024 and 2023, respectively.

4

Severance costs of $44 million ($32 million after-tax), net of expected FERC recovery, recorded in the third quarter of 2024 due to current and probable reductions in workforce.

5

Includes a charge of $30 million ($21 million after-tax) for a disallowance related to the 2021 NDCTP for the nine months ended September 30, 2023.

6

Includes an insurance recovery of $10 million ($7 million after-tax) related to settlement of an employment litigation matter for the nine months ended September 30, 2023.

7

Includes a charge of $17 million ($12 million after-tax) related to customer cancellations of certain ECS data services for the nine months ended September 30, 2023.

8

Includes expected wildfire claims of $(1) million ($(1) million after-tax) and $(3) million ($(2) million after-tax) insured by EIS for the three months ended September 30, 2024 and 2023, respectively, and expected wildfire claims of $(2) million ($(2) million after-tax) insured by EIS and net earnings of $42 million ($33 million after-tax) related to customer revenues for an EIS insurance contract offset by expected wildfire claims insured by EIS for the nine months ended September 30, 2024 and 2023, respectively.

 

 

 

 

 

 

 

 

 

 

Consolidated Statements of Income

Edison International

 

 

 

 

 

 

 

 

 

 

Three months ended

Nine months ended

 

September 30,

September 30,

(in millions, except per-share amounts)

2024

2023

2024

2023

Operating revenue

$

5,201

 

$

4,702

 

$

13,615

 

$

12,632

 

Purchased power and fuel

 

1,898

 

 

1,988

 

 

4,140

 

 

4,453

 

Operation and maintenance

 

1,393

 

 

882

 

 

3,995

 

 

3,207

 

Wildfire-related claims, net of insurance recoveries

 

1

 

 

482

 

 

616

 

 

578

 

Wildfire Insurance Fund expense

 

36

 

 

54

 

 

109

 

 

159

 

Depreciation and amortization

 

710

 

 

665

 

 

2,138

 

 

1,971

 

Property and other taxes

 

168

 

 

139

 

 

477

 

 

428

 

Total operating expenses

 

4,206

 

 

4,210

 

 

11,475

 

 

10,796

 

Operating income

 

995

 

 

492

 

 

2,140

 

 

1,836

 

Interest expense

 

(477

)

 

(433

)

 

(1,401

)

 

(1,186

)

Other income, net

 

127

 

 

130

 

 

413

 

 

377

 

Income before income taxes

 

645

 

 

189

 

 

1,152

 

 

1,027

 

Income tax expense (benefit)

 

68

 

 

(23

)

 

14

 

 

41

 

Net income

 

577

 

 

212

 

 

1,138

 

 

986

 

Less: Net income attributable to noncontrolling interests - preference stock of SCE

 

39

 

 

30

 

 

129

 

 

88

 

Preferred stock dividend requirements of Edison International

 

22

 

 

27

 

 

65

 

 

79

 

Net income available to Edison International common shareholders

$

516

 

 

155

 

$

944

 

 

819

 

Basic earnings per share:

 

 

 

 

 

 

 

 

Weighted average shares of common stock outstanding

 

387

 

 

383

 

 

386

 

 

383

 

Basic earnings per common share available to Edison International common shareholders

$

1.33

 

 

0.40

 

$

2.45

 

$

2.14

 

Diluted earnings per share:

 

 

 

 

 

 

 

 

Weighted average shares of common stock outstanding, including effect of dilutive securities

 

390

 

 

385

 

 

388

 

 

385

 

Diluted earnings per common share available to Edison International common shareholders

$

1.32

 

 

0.40

 

$

2.44

 

$

2.13

 

 
 

 

 

 

 

 

Consolidated Balance Sheets

Edison International

 

 

 

 

 

 

September 30,

December 31,

(in millions)

2024

2023

ASSETS

 

 

 

 

Cash and cash equivalents

$

200

$

345

Receivables, less allowances of $341 and $360 for uncollectible accounts at respective dates

 

2,780

 

2,016

Accrued unbilled revenue

 

1,202

 

742

Inventory

 

533

 

527

Prepaid expenses

 

104

 

112

Regulatory assets

 

2,168

 

2,524

Wildfire Insurance Fund contributions

 

138

 

204

Other current assets

 

319

 

341

Total current assets

 

7,444

 

6,811

Nuclear decommissioning trusts

 

4,424

 

4,173

Other investments

 

50

 

54

Total investments

 

4,474

 

4,227

Utility property, plant and equipment, less accumulated depreciation and amortization of $13,833 and $12,910 at respective dates

 

58,092

 

55,877

Nonutility property, plant and equipment, less accumulated depreciation of $122 and $114 at respective dates

 

206

 

207

Total property, plant and equipment

 

58,298

 

56,084

Regulatory assets (include $1,524 and $1,558 related to a Variable Interest Entity "VIE" at respective dates)

 

8,660

 

8,897

Wildfire Insurance Fund contributions

 

1,913

 

1,951

Operating lease right-of-use assets

 

1,180

 

1,221

Long-term insurance receivables

 

386

 

501

Other long-term assets

 

2,394

 

2,066

Total long-term assets

 

14,533

 

14,636

 

 

 

 

 

Total assets

$

84,749

$

81,758

 
 

 

 

 

 

 

Consolidated Balance Sheets

Edison International

 

 

 

 

 

 

September 30,

December 31,

(in millions, except share amounts)

2024

2023

LIABILITIES AND EQUITY

 

 

 

 

Short-term debt

$

568

 

$

1,077

 

Current portion of long-term debt

 

2,548

 

 

2,697

 

Accounts payable

 

2,185

 

 

1,983

 

Wildfire-related claims

 

39

 

 

30

 

Customer deposits

 

452

 

 

390

 

Regulatory liabilities

 

874

 

 

763

 

Current portion of operating lease liabilities

 

124

 

 

120

 

Other current liabilities

 

1,717

 

 

1,538

 

Total current liabilities

 

8,507

 

 

8,598

 

Long-term debt (include $1,492 and $1,515 related to VIEs at respective dates)

 

32,303

 

 

30,316

 

Deferred income taxes and credits

 

6,967

 

 

6,672

 

Pensions and benefits

 

403

 

 

415

 

Asset retirement obligations

 

2,531

 

 

2,666

 

Regulatory liabilities

 

10,310

 

 

9,420

 

Operating lease liabilities

 

1,056

 

 

1,101

 

Wildfire-related claims

 

1,055

 

 

1,368

 

Other deferred credits and other long-term liabilities

 

3,510

 

 

3,258

 

Total deferred credits and other liabilities

 

25,832

 

 

24,900

 

Total liabilities

 

66,642

 

 

63,814

 

Preferred stock (50,000,000 shares authorized; 1,159,317 and 1,159,317 shares of Series A and 503,454 and 532,454 shares of Series B issued and outstanding at respective dates)

 

1,645

 

 

1,673

 

Common stock, no par value (800,000,000 shares authorized; 387,148,995 and 383,924,912 shares issued and outstanding at respective dates)

 

6,538

 

 

6,338

 

Accumulated other comprehensive loss

 

(6

)

 

(9

)

Retained earnings

 

7,486

 

 

7,499

 

Total Edison International's shareholders' equity

 

15,663

 

 

15,501

 

Noncontrolling interests – preference stock of SCE

 

2,444

 

 

2,443

 

Total equity

 

18,107

 

 

17,944

 

 

 

 

 

 

Total liabilities and equity

$

84,749

 

$

81,758

 

 
 

 

 

 

 

 

Consolidated Statements of Cash Flows

Edison International

 

 

 

Nine months ended September 30,

(in millions)

2024

2023

Cash flows from operating activities:

 

 

 

 

Net income

$

1,138

 

$

986

 

Adjustments to reconcile to net cash provided by operating activities:

 

 

 

 

Depreciation and amortization

 

2,183

 

 

2,034

 

Allowance for equity during construction

 

(143

)

 

(116

)

Deferred income taxes

 

 

 

53

 

Wildfire Insurance Fund amortization expense

 

109

 

 

159

 

Other

 

43

 

 

32

 

Nuclear decommissioning trusts

 

(118

)

 

(94

)

Changes in operating assets and liabilities:

 

 

 

 

Receivables

 

(847

)

 

(692

)

Inventory

 

(9

)

 

(40

)

Accounts payable

 

336

 

 

(186

)

Tax receivables and payables

 

198

 

 

127

 

Other current assets and liabilities

 

(492

)

 

(214

)

Derivative assets and liabilities, net

 

(2

)

 

(139

)

Regulatory assets and liabilities, net

 

1,557

 

 

705

 

Wildfire-related insurance receivable

 

115

 

 

(84

)

Wildfire-related claims

 

(304

)

 

(75

)

Other noncurrent assets and liabilities

 

122

 

 

90

 

Net cash provided by operating activities

 

3,844

 

 

2,546

 

Cash flows from financing activities:

 

 

 

 

Long-term debt issued, net of discount and issuance costs of $37 and $48 for the respective periods

 

4,713

 

 

4,678

 

Long-term debt repaid

 

(2,176

)

 

(1,867

)

Short-term debt issued

 

 

 

851

 

Short-term debt repaid

 

(401

)

 

(1,944

)

Common stock issued

 

12

 

 

16

 

Preferred and preference stock issued, net of issuance cost

 

345

 

 

 

Preferred and preference stock repurchased or redeemed

 

(378

)

 

 

Commercial paper (repyaments), borrowing, net

 

(817

)

 

74

 

Dividends and distribution to noncontrolling interests

 

(130

)

 

(87

)

Common stock dividends paid

 

(896

)

 

(833

)

Preferred stock dividends paid

 

(88

)

 

(105

)

Other

 

180

 

 

97

 

Net cash provided by financing activities

 

364

 

 

880

 

Cash flows from investing activities:

 

 

 

 

Capital expenditures

 

(4,211

)

 

(3,991

)

Proceeds from sale of nuclear decommissioning trust investments

 

3,558

 

 

3,223

 

Purchases of nuclear decommissioning trust investments

 

(3,488

)

 

(3,129

)

Other

 

44

 

 

3

 

Net cash used in investing activities

 

(4,097

)

 

(3,894

)

Net increase (decrease) in cash, cash equivalents and restricted cash

 

111

 

 

(468

)

Cash, cash equivalents and restricted cash at beginning of period

 

532

 

 

917

 

Cash, cash equivalents and restricted cash at end of period

$

643

 

$

449

 

 

Contacts

Investor Relations: Sam Ramraj, (626) 302-2540
Media Relations: (626) 302-2255
News@sce.com

Contacts

Investor Relations: Sam Ramraj, (626) 302-2540
Media Relations: (626) 302-2255
News@sce.com