Edison International (EIX) Q3 2022 Earnings Call Transcript

Edison International (NYSE:EIX) Q3 2022 Results Conference Call November 1, 2022 4:30 PM ET

Company Participants

Sam Ramraj - VP, IR

Pedro Pizarro - President, CEO

Maria Rigatti - EVP, CFO

Conference Call Participants

Gregg Orrill - UBS

Julien Dumoulin-Smith - Bank of America

Nick Campanella - Credit Suisse

Rich Sunderland - JP Morgan

Shar Pourreza - Guggenheim Partners

Steve Fleishman - Wolfe Research

Operator

Good afternoon, and welcome to the Edison International Third Quarter 2022 Financial Teleconference. My name is Dexter, and I'll be your operator today. [Operator Instructions] Today's call is being recorded.

I would like to now turn the call over to Mr. Sam Ramraj, Vice President of Investor Relations. Mr. Ramraj, you may begin your conference.

Sam Ramraj

Thank you, Dexter, and welcome, everyone. Our speakers today are President and Chief Executive Officer, Pedro Pizarro; and Executive Vice President and Chief Financial Officer, Maria Rigatti. Also on the call are other members of the management team. Materials supporting today's call are available at www.edisoninvestor.com. These include our Form 10-Q, prepared remarks from Pedro and Maria and the teleconference presentation.

Tomorrow, we will distribute our regular business update presentation. During this call, we will make forward-looking statements about the outlook for Edison International and its subsidiaries. Actual results could differ materially from current expectations. Important factors that could cause different results are set forth in our SEC filings. Please read these carefully.

The presentation includes certain outlook assumptions as well as reconciliation of non-GAAP measures to the nearest GAAP measure. During the question-and-answer session, please limit yourself to 1 question and 1 follow-up.

I will now turn the call over to Pedro.

Pedro Pizarro

Thank you, Sam. Edison International reported core earnings per share of $1.48 for the third quarter and $2.49 for the first 9 months of the year. Based on our year-to-date performance and outlook for the remainder of the year, we are narrowing our 2022 core EPS guidance range to $4.48 to $4.68 from our prior range of $4.40 to $4.70. We are fully committed to delivering our long-term EPS growth rate target of 5% to 7% for 2025.

In my remarks, I will focus on 3 key messages. First, SCE's excellent progress reducing wildfire risk. Second, we have updated the 2017 and 2018 wildfire and mudslide events reserve. Third, I'll talk about the increasing alignment between California's clean energy actions and SCE's vision to lead the transformation of the electric power industry.