Edison International and Energy Recovery Inc. report Q3 earnings

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Edison International and Energy Recovery Inc. report Q3 earnings
Credit: © Reuters.

Edison International (NYSE: EIX ), an electric power provider based in Rosemead, and Energy Recovery Inc. (NASDAQ: ERII ), a San Leandro-based firm known for manufacturing energy recovery devices, both reported their third quarter earnings on Wednesday.

Energy Recovery Inc. disclosed a Q3 profit of $9.7 million, equivalent to 17 cents per share in USD. After adjusting for stock option expenses, the earnings per share (EPS) were 20 cents. The company's revenue for the quarter was reported at $37 million.

On the other hand, Edison International revealed a Q3 profit of $212 million with a net income of 40 cents per share. The company's adjusted earnings amounted to $1.38 per share, falling short of Wall Street estimates of $1.46 per share set by Zacks analysts. Revenue also missed expectations, coming in at $4.7 billion versus the anticipated $5.39 billion.

In addition to its Q3 results, Edison International provided guidance for its full-year earnings, projecting them to fall within the range of $4.55 and $4.85 per share.

InvestingPro Insights

Edison International, despite operating with a significant debt burden, has demonstrated a strong financial commitment to its shareholders. This is evidenced by the company's track record of raising its dividend for 17 consecutive years, a noteworthy InvestingPro Tip. Furthermore, the company's net income is expected to grow this year, adding another positive aspect to its financial outlook.

InvestingPro Data also highlights some key metrics for Edison International. With a market cap of 24.56B USD and a P/E ratio of 25.84, the company holds a solid position in the market. The company's revenue growth has slowed down recently, coming in at 3.42% for the last twelve months as of Q2 2023. Despite this slowdown, the company's gross profit for the same period stands at a robust 9767M USD, indicating a healthy profit margin.

InvestingPro's wealth of additional tips and data can provide investors with a more comprehensive understanding of a company's financial health and potential. For instance, there are 11 more InvestingPro Tips for Edison International that could further inform investment decisions. These insights, coupled with the real-time data provided by InvestingPro, can be invaluable tools for investors aiming to make informed decisions.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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