Edison International (EIX) CEO Pedro Pizarro on Q2 2022 Results - Earnings Call Transcript

Edison International (NYSE:EIX) Q2 2022 Earnings Conference Call July 28, 2022 4:30 PM ET

Company Participants

Sam Ramraj - Head of IR

Pedro Pizarro - Chief Executive Officer

Maria Rigatti - Chief Financial Officer

Steven Powell - President and CEO of Southern California Edison

Conference Call Participants

Shahriar Pourreza - Guggenheim Partners

Michael Lapides - Goldman Sachs

Jonathan Arnold - Vertical Research Partners.

Steve Fleishman - Wolfe Research

Paul Fremont - Mizuho

Julien Dumoulin-Smith - Bank of America

Ryan Levine - Citi

And I will be your operator today [Operator Instruction] Today’s call is being recorded.

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

Sam Ramraj

Thank you, Michelle, 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 the call, we'll 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 one question and one follow-up.

I will now turn the call over to Pedro.

Pedro Pizarro

Well, thanks a lot, Sam, and good afternoon, everyone. Edison International reported core earnings per share of $0.94 compared to $0.94 a year ago. Based on our year-to-date, performance and outlook for the remainder of the year, we are reaffirming our 2022 core EPS guidance range of $4.40 to $4.70. I also want to emphasize that we remain absolutely fully confident in our long-term EPS growth target of 5% to 7% through 2025. Maria will discuss her financial performance in her remarks.

I would like to begin with an update on the tremendous progress that SCE has made in wildfire mitigation. In preparing for this year's peak wildfire season, SCE has a higher level of confidence and its ability to mitigate wildfires associated with its equipment. During the quarter, SCE achieved a significant grid hardening milestone. It has now replaced over 3,500 circuit miles of bear wire with covered conductor in just over three and a half years. SCE expects to have covered approximately 40% of its overhead distribution power lines in high fire risk areas, or HFRA by the end of 2022.