Edison International (NYSE:EIX) Q1 2024 Earnings Conference Call April 30, 2024 4:30 PM ET
Company Participants
Sam Ramraj - Vice President of Investor Relations
Pedro Pizarro - President and Chief Executive Officer
Maria Rigatti - Executive Vice President and Chief Financial Officer
Steven Powell - President and Chief Executive Officer of SCE
Conference Call Participants
Nick Campanella - Barclays Capital
Michael Lonegan - Evercore ISI
Gregg Orrill - UBS Securities
Jeremy Tonet - J.P. Morgan
Ryan Levine - Citi
Operator
Good afternoon, and welcome to the Edison International First Quarter 2024 Financial Teleconference. My name is [Missy] (ph), 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, Missy, 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. Edison International's core EPS for first quarter 2024 was $1.13. We are pleased with our start to the year, and we are confident in affirming our 2024 core EPS guidance of $4.70 to $5.05. We also remain confident in delivering on our long-term EPS growth targets of 5% to 7% for 2021 through 2025, and similarly for 2025 through 2028. Our conviction remains grounded in the drivers that continue to support our outlook.
Starting with SCE's legacy wildfires, the utility continues to advance the process of resolving claims. Based on the latest information available, which Maria will expand on, the best estimate of losses increased by $490 million, or $333 million after tax. With wildfires now a national issue, litigation outcomes outside of California are impacting the costs to resolve claims everywhere. We remain committed to achieving ultimate certainty by working through the process expeditiously and seeking cost recovery. We are confident about the case SCE has made in TKM, and will make for Woolsey. I would like to reiterate that we strongly believe that cost recovery is warranted, and in the public interest, and we conservatively have not reflected this significant potential in our financial projections.