8-KEarnings & ResultsRegulation FDExhibits & Filings

EDISON INTERNATIONAL 8-K Report, Financial Results (Jul 25, 2024)

Filed July 25, 2024For Securities:EIX

Summary

Edison International (EIX) filed an 8-K on July 25, 2024, primarily to report its financial results for the quarter ended June 30, 2024, and to disclose a new stock repurchase program. The company and its subsidiary, Southern California Edison Company, released their quarterly earnings and held a teleconference to discuss these results. While the specific financial figures from the earnings release are not detailed in the 8-K text provided, investors are directed to the attached press release (Exhibit 99.1) and management's presentation (Exhibit 99.3) for detailed operational and financial condition information. Additionally, the Board of Directors authorized a stock repurchase program, effective July 29, 2024, allowing for the repurchase of up to $200 million of common stock through December 31, 2025. This program is intended to offset dilution from equity-based compensation and will be funded by working capital. Management will determine the timing and amount of repurchases based on market conditions and other factors, with repurchased shares to be retired.

Key Highlights

  • 1Edison International reported its second-quarter 2024 financial results and those of its subsidiary, Southern California Edison Company.
  • 2The company held an investor teleconference on July 25, 2024, to discuss quarterly financial results.
  • 3A new stock repurchase program has been authorized by the Board of Directors, effective July 29, 2024.
  • 4The repurchase program allows for up to $200 million of common stock to be repurchased by December 31, 2025.
  • 5The primary purpose of the repurchase program is to offset dilution from equity-based compensation plans.
  • 6Repurchased shares will be retired, and the program will be funded by working capital.
  • 7Management will have discretion over the timing and amount of repurchases, considering market conditions.

Frequently Asked Questions

This 8-K filing serves two main purposes: to officially report Edison International's and Southern California Edison Company's financial results for the quarter ended June 30, 2024, and to announce a new stock repurchase program authorized by the Board of Directors.

Edison International has authorized a stock repurchase program for up to $200 million of its common stock, effective July 29, 2024, and extending until December 31, 2025. The exact timing and amount of repurchases will be determined by management based on market conditions and other factors.

The repurchase program is intended to offset the dilutive effect of common stock issued under the company's long-term incentive compensation programs. This means the company plans to buy back shares to maintain the value of existing shares when new shares are issued to employees.

Detailed financial results for the quarter ended June 30, 2024, can be found in the press release attached as Exhibit 99.1 to this 8-K filing. Management's prepared remarks and accompanying presentation are also available as Exhibits 99.2 and 99.3, respectively, and can be accessed via links on the company's investor relations website (www.edisoninvestor.com).