Core Points - Edison International is accepting applications for its Edison Scholars program, which offers a total of $1.5 million in scholarships for high school seniors pursuing STEM careers [1][2] - Each scholarship is valued at $50,000 and is awarded over four years to 30 students from Southern California Edison’s service area [2][4] - The program also provides opportunities for paid summer internships with Southern California Edison after the first year of college [2] Eligibility Criteria - Applicants must be high school seniors residing in Southern California Edison’s service area and plan to major in a STEM field as full-time undergraduate students starting in fall 2026 [3] - A minimum cumulative GPA of 3.0 and demonstrated financial need are required, with first-generation college students encouraged to apply [3] Application Details - The application deadline for the Edison Scholars program is January 22, 2026, and recipients will be announced in Spring 2026 [4] - Since its inception in 2006, Edison International has awarded over $20 million to 820 students, making it one of the largest corporate philanthropic contributors in Southern California [4]

Core Insights - Edison International reported a 61% year-over-year increase in net income, largely due to a true-up from Southern California Edison's 2025 general rate case [1] - The California Public Utilities Commission approved an increase of $1.1 billion in revenue for Southern California Edison in the 2025 general rate case [2] - Expected annual sales growth for the company is projected to be between 1% to 3% through 2028 [3] Wildfire Recovery - Southern California Edison announced new wildfire-related legal settlements, including an agreement to pay insurance companies 52 cents on the dollar for claims related to the Eaton Wildfire [4] - The company has not yet estimated total potential losses from the Eaton fire, with ongoing investigations into its cause [5] - Edison International plans to launch a wildfire recovery program for victims of the Eaton fire soon [5] Legislative and Financial Developments - The expansion of California's wildfire fund is seen as a positive development, potentially reimbursing Southern California Edison for liabilities related to the Eaton fire [6] - The recent downgrade of Edison International's credit rating by S&P Global was acknowledged, but the CFO believes the rating agency did not fully consider the benefits of state legislative reforms [7] Growth Outlook - Edison International's leadership noted that while demand from data centers has not been as high as other utilities, moderate load growth could be beneficial for investors [8] - Sales growth is expected to be driven by strong electric vehicle adoption, residential growth, and increased demand from commercial sectors such as manufacturing, logistics, and defense [8]

Core Insights - Edison International (EIX) reported third-quarter 2025 adjusted earnings of $2.34 per share, exceeding the Zacks Consensus Estimate of $2.16 by 8.3%, and reflecting a 55% increase from $1.51 in the same quarter last year [1] - The company's total operating revenues for the third quarter reached $5.75 billion, surpassing the Zacks Consensus Estimate of $5.61 billion by 2.6%, and marking a 10.6% increase from $5.2 billion in the prior year [2] Financial Performance - Total operating expenses increased by 2.7% year over year to $4.32 billion, with purchased power and fuel costs decreasing by 10.4%, while depreciation and amortization expenses rose by 21.4% [3] - Operating income for the quarter was $1.43 billion, compared to $0.99 billion in the previous year [4] Segment Results - Southern California Edison reported adjusted earnings of $2.58 per share, up from $1.74 in the year-ago quarter, attributed to higher revenues from the 2025 GRC final decision [5] - The Edison International Parent and Other segment incurred an adjusted loss of 24 cents per share, slightly worse than the loss of 23 cents in the prior year due to increased interest expenses [5] Financial Update - As of September 30, 2025, cash and cash equivalents stood at $364 million, up from $193 million at the end of 2024 [6] - Long-term debt increased to $34.48 billion from $33.53 billion at the end of 2024 [6] - Net cash flow from operating activities for the first nine months of 2025 was $4.23 billion, compared to $3.84 billion in the same period last year [6] Capital Expenditures - Total capital expenditures for the company were $4.62 billion as of September 30, 2025, an increase from $4.21 billion in the previous year [7] Guidance - The company narrowed its 2025 earnings per share guidance to a range of $5.95-$6.20, compared to the previous range of $5.94-$6.34, with the Zacks Consensus Estimate currently at $6.10 per share [9][10] Zacks Rank - Edison International currently holds a Zacks Rank 1 (Strong Buy) [11]

Core Viewpoint - Edison International (EIX) is highlighted as a strong investment opportunity with a Zacks Rank 1 (Strong Buy) and a recent increase in the Zacks Consensus Estimate for its current year earnings by 0.3% over the last 60 days [1]. Group 1: Company Overview - Edison International is an investor-owned public utility company primarily engaged in supplying electricity to an area of approximately 50,000 square miles in Southern California [1]. - The company has a price-to-earnings ratio (P/E) of 9.33, significantly lower than the industry average of 19.40, indicating strong value characteristics [2]. - Edison International possesses a Value Score of A, further emphasizing its attractiveness to investors [2].

Core Insights - Three stocks with strong income characteristics and a buy rank are highlighted for investors to consider on October 29th Group 1: Edison International (EIX) - Edison International is an investor-owned public utility company supplying electricity to approximately 50,000 square miles in Southern California [1] - The Zacks Consensus Estimate for its current year earnings has increased by 0.3% over the last 60 days [1] - The company has a dividend yield of 5.8%, significantly higher than the industry average of 3.1% [2] Group 2: Horizon Bancorp IN (HBNC) - Horizon Bancorp is a bank holding company providing a wide range of commercial and retail banking services [3] - The Zacks Consensus Estimate for its current year earnings has increased by 2.7% over the last 60 days [3] - The company has a dividend yield of 3.9%, compared to the industry average of 2.7% [4] Group 3: Seagate Technology (STX) - Seagate Technology is engaged in providing data storage technology and infrastructure solutions internationally [4] - The Zacks Consensus Estimate for its current year earnings has increased by 2.4% over the last 60 days [4] - The company has a dividend yield of 1.3%, which is higher than the industry average of 0.0% [5]

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Core Viewpoint - Edison International's CEO, Pedro Pizarro, indicated a potential link between the company's utility equipment and the initiation of the deadly Eaton Fire, as reported by Bloomberg [4]. Company Summary - Southern California Edison, a subsidiary of Edison International, is currently unable to confirm the exact cause of the Eaton Fire [4].

Economic Indicators - U.S. consumer confidence declined by 1.0 point to 94.6 in October, reflecting concerns over a softening labor market and high living costs [2][7] - The Expectations Index fell by 2.9 points to 71.5, remaining below the 80-point threshold that often signals an impending recession [2] - The unemployment rate rose to 4.3%, the highest since October 2021, with only 22,000 jobs added in August and 79,000 in July [2] Corporate News - UnitedHealth Group (UNH) raised its 2025 earnings outlook, projecting adjusted net earnings of at least $16.25 per share and net earnings of at least $14.90 per share [3][7] - The company reported third-quarter 2025 revenues of $113.2 billion, a 12% year-over-year increase, with UnitedHealthcare revenues climbing 16% to $87.1 billion [3] - Despite the positive outlook, UnitedHealth anticipates significant pressure on its Medicaid business in 2026 [3][7] Monetary Policy - The Reserve Bank of New Zealand (RBNZ) confirmed that recent interest rate cuts are effectively easing borrowing costs, with the Official Cash Rate (OCR) lowered by 50 basis points to 2.5% [4][7] - Financial conditions in New Zealand have improved, with credit flowing more easily across the economy [4] Legal and Regulatory Issues - Edison International (EIX) faces potential liability related to the Eaton Fire, with the U.S. Department of Justice suing Southern California Edison for over $40 million in costs [5] - The company's valuation has reportedly dropped from $30 billion to $22.6 billion since the fires [5] European Politics - Centrist groups in the European Parliament are demanding significant changes to the proposed €2 trillion seven-year budget for the EU, citing concerns over renationalization of funds and lack of parliamentary oversight [6][7]

Core Insights - Edison International (EIX) reported quarterly earnings of $2.34 per share, exceeding the Zacks Consensus Estimate of $2.16 per share, and showing a significant increase from $1.51 per share a year ago, representing an earnings surprise of +8.33% [1] - The company generated revenues of $5.75 billion for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 2.58% and increasing from $5.2 billion year-over-year [2] - Edison International has outperformed consensus EPS estimates three times in the last four quarters, indicating a positive trend in earnings performance [2] Earnings Outlook - The future performance of Edison International's stock will largely depend on management's commentary during the earnings call and the sustainability of the recent earnings numbers [3][4] - The current consensus EPS estimate for the upcoming quarter is $2.04 on revenues of $4.55 billion, while for the current fiscal year, the estimate is $6.10 on revenues of $18.42 billion [7] Industry Context - The Utility - Electric Power industry, to which Edison International belongs, is currently ranked in the top 26% of over 250 Zacks industries, suggesting a favorable environment for stock performance [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5] Stock Performance - Edison International shares have declined approximately 28.7% since the beginning of the year, contrasting with the S&P 500's gain of 16.9%, highlighting underperformance relative to the broader market [3] - The stock currently holds a Zacks Rank 2 (Buy), indicating expectations for it to outperform the market in the near future [6]

Financial Data and Key Metrics Changes - Edison International reported third quarter core earnings per share (EPS) of $2.34, up from $1.51 a year ago, influenced by a true-up for the 2025 General Rate Case [5][17] - The company narrowed its 2025 core EPS guidance range to $5.95-$6.20, reflecting strong year-to-date performance and outlook for the remainder of the year [5][18] - The long-term core EPS growth target remains at 5%-7% through 2028 [5][17] Business Line Data and Key Metrics Changes - Southern California Edison (SCE) has made significant progress in wildfire mitigation, deploying over 6,800 miles of covered conductor and planning to harden nearly 90% of its distribution lines in high fire risk areas by year-end [13][14] - The final decision on the 2025 General Rate Case authorizes base revenue of $9.7 billion, supporting investments in wildfire mitigation and safety [12][13] Market Data and Key Metrics Changes - California's legislative session concluded with the passage of SB 254, which establishes an $18 billion continuation account for wildfire claims, enhancing financial stability for investor-owned utilities [6][8] - The company anticipates a near-term load growth compound annual growth rate (CAGR) of up to 3%, with long-term projections indicating electricity sales could nearly double over the next two decades [25] Company Strategy and Development Direction - The company is focused on maintaining affordability for customers while investing in safety and reliability, particularly in response to wildfire risks [12][15] - Edison International is committed to working with legislators and stakeholders to shape a sustainable and equitable framework for addressing climate-driven natural disasters [9][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the legislative actions taken to support utilities and mitigate wildfire risks, indicating a positive outlook for future legislative developments [9][16] - The company remains focused on customer costs and maintaining healthy credit ratings, emphasizing the importance of financial health in the context of regulatory changes [62] Other Important Information - The company is preparing for significant capital expenditures of $28 billion-$29 billion over the next four years, focusing on infrastructure replacement and system resiliency [19][20] - The passage of SB 254 allows for securitization of wildfire claims payments, which is expected to minimize costs and improve financial flexibility [23][24] Q&A Session Summary Question: Clarification on the $0.10 charge related to preferred equity - Management confirmed that the $0.10 charge is related to preferred equity series with rate resets in March 2026 and March 2027, and they are evaluating options for addressing this [32][34] Question: Participation level in the Wildfire Recovery Compensation Program - Management indicated that the program has not yet launched but is expected to finalize soon, and participation rates will be crucial for estimating losses [35][37] Question: Growth rate trends and clarity on EPS trajectory - Management expressed confidence in the 5%-7% EPS growth rate, citing clarity from the General Rate Case and various regulatory proceedings [45][46] Question: Impact of SB 254 on capital expenditures - Management clarified that the capital expenditures related to wildfire mitigation under SB 254 will be spent after the 2029 rate case cycle [98][100] Question: Breakdown of near-term sales growth - Management noted that near-term sales growth is expected to be driven by electrification, residential growth, and increases in commercial and industrial consumption [104]