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Shares of Edison International (EIX) plunged Wednesday as its Southern California Edison subsidiary was forced to shut off power to nearly 70,000 customers because of the Los Angeles-area wildfires.
The decline comes as multiple large fires are burning around Los Angeles, with strong winds in the forecast that could make them difficult to contain.
Shares of the utility are on track for their largest daily percentage decrease since March 16, 2020.
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I'm a heavy investor in the Utility space, with utilities across both NA and Europe in my current valuation-oriented portfolio. Edison International is a company where I have received coverage and analysis requests, which I am happy to handle. I believe the company to be a qualitative business. However, Edison International is also overvalued, which is why I do not consider it to be a good “Buy” at this time.
EIX's third-quarter earnings top estimates, while revenues increase year over year by 3.7%. The company narrows its 2024 EPS outlook.
Start Time: 16:30 January 1, 0000 5:28 PM ET Edison International (NYSE:EIX ) Q3 2024 Earnings Conference Call October 29, 2024, 16:30 AM ET Company Participants Pedro Pizarro - President and CEO Maria Rigatti - EVP and CFO Steve Powell - President and CEO, Southern California Edison Sam Ramraj - VP, IR Conference Call Participants Michael Lonegan - Evercore ISI Shar Pourreza - Guggenheim Partners Anthony Crowdell - Mizuho Steven Fleishman - Wolfe Research Ryan Levine - Citi Gregg Orrill - UBS Nicholas Campanella - Barclays Rich Sunderland - JPMorgan David Arcaro - Morgan Stanley Angie Storozynski - Seaport Operator Good afternoon, and welcome to the Edison International Third Quarter 2024 Financial Teleconference. My name is Sheila, and I will be your operator today.
Edison International (EIX) came out with quarterly earnings of $1.51 per share, beating the Zacks Consensus Estimate of $1.39 per share. This compares to earnings of $1.38 per share a year ago.