Edison International (NYSE:EIX) Q4 2023 Earnings Conference Call February 22, 2024 4:30 PM ET
Company Participants
Sam Ramraj - Vice President of Investor Relations
Pedro Pizarro - President, CEO & Director
Maria Rigatti - Executive VP & CFO
Conference Call Participants
Shar Pourreza - Guggenheim Partners
Steve Fleishman - Wolfe Research
Nick Campanella - Barclays
Anthony Crowdell - Mizuho Securities
Michael Lonegan - Evercore ISI
Ryan Levine - Citi
Angie Storozynski - Seaport
Jeremy Tonet - JPMorgan
Gregg Orrill - UBS
David Arcaro - Morgan Stanley
Julien Smith - Bank of America
Operator
Good afternoon. And welcome to the Edison International Fourth Quarter 2023 Financial Teleconference. My name is Sheila, and I will be your operator today. [Operator Instructions] 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, Sheila 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 Form 10-K, 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 one question and one follow-up.
I will now turn the call over to Pedro.
Pedro Pizarro
Well, thank you, Sam. And good afternoon, everyone. Thanks for joining us. I am pleased to report that Edison International’s core EPS for 2023 was $4.76, which was above the midpoint of our guidance range despite the pending CEMA decision shifting into 2024. This strong performance demonstrates our ability to manage the business and extends our track record of meeting annual EPS guidance over the last two decades, as shown on page 3. Today, we are introducing 2024 EPS guidance of $4.75 to $5.05. This range incorporates a planned investment in O&M for reliability-focused activities and redeploys savings from prior years into operational excellence initiatives. This spending will benefit customers and therefore shareholders in the long run. I also reaffirm the strong confidence we have in our long-term EPS growth targets of 5 to 7% for 2021 through 2025, and 2025 through 2028. Maria will discuss our financial performance and outlook later on the call.