Edison International (EIX), headquartered in Rosemead, California, generates and distributes electric power. Valued at $28.11 billion by market cap, the company is the parent of Southern California Edison Company, which delivers electricity to 15 million people across Southern, Central, and Coastal California. It is also the parent company of Trio, which provides integrated sustainability and energy advisory services to large commercial, industrial, and institutional organizations in North America and Europe. The leading electric utility holding company is expected to announce its fiscal second-quarter earnings for 2024 after the market closes on Thursday, Jul. 25.
Ahead of the event, analysts expect EIX to report a profit of $1.03 per share on a diluted basis, up 2% from $1.01 per share in the year-ago quarter. The company beat the consensus estimates in three of the last four quarters while missing on one other occasion.
For fiscal 2024, analysts expect EIX to report EPS of $4.92, up 3.4% from $4.76 in fiscal 2023.
EIX stock has underperformed the S&P 500’s ($SPX) 18.8% gains on a YTD basis, with shares up 3.4% during this period. Similarly, it underperformed the Utilities ETF Vanguard’s (VPU) 11.2% gains over the same time frame.
On Apr. 30, EIX reported its Q1 results. Its adjusted EPS came in at $1.13, representing an increase of 3.7% year over year. The company’s revenue increased 2.8% year over year to $4.08 billion but fell short of the consensus estimates of $4.14 billion. EIX affirmed its core EPS guidance between $4.75 and $5.05. It also reiterated its long-term core EPS growth targets of 5% to 7% for 2021 to 2025 and 5% to 7% for 2025 to 2028. EIX shares closed down marginally on the day the results were released.
Analysts’ consensus opinion on EIX stock is bullish, with a “Moderate Buy” rating overall. Out of 16 analysts covering the stock, nine advise a “Strong Buy” rating, one has a “Moderate Buy” rating, five recommend a “Hold” rating, and one gives a “Strong Sell.” The average analyst price target for EIX is $77.89, indicating a 5.4% potential upside from the current levels.
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