The company said that in Q2, CPUC-related revenue in earning activities rose by $171 million due to the higher revenue authorized in Track 4 and an increased authorized rate of return from the cost of capital adjustment mechanism, and by $267 million due to approval to recover higher wildfire mitigation and emergency restoration expenses in 2024.

10-QQuarterly reportFiled Jul 25, 2024Period of report Jun 30, 2024Summary published (UTC) Oct 24, 2026

Key points

AI summary

The company said that in Q2, CPUC-related revenue in earning activities rose by $171 million due to the higher revenue authorized in Track 4 and an increased authorized rate of return from the cost of capital adjustment mechanism, and by $267 million due to approval to recover higher wildfire mitigation and emergency restoration expenses in 2024.
The company said wildfire-related claims, net of insurance recoveries, for the 6 months were $614 million in 2024 and $96 million in 2023, related to the 2017/2018 Wildfire/Mudslide Events and Other Wildfires.
As of June 30, 2024, the company said SCE had cash on hand of $68 million and could borrow about $1.8 billion under its $3.4 billion revolving credit facility. It also said SCE issued $3.8 billion of first and refunding mortgage bonds in the first six months of 2024.
The company said SCE's income tax expense increased $15 million for the quarter ended June 30, 2024 and decreased $98 million for the 6 months to date. The effective tax rate was 12.7% for the quarter, compared with 13.2% a year earlier.

Key figures

Quarter ended June 30, 2024

Revenue: $4.3B
Operating income: $900M
Net income: $509M
EPS: $1.13

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

Higher CPUC-Related Earning Activities Revenue

The company said that in Q2, CPUC-related revenue in earning activities rose by $171 million due to the higher revenue authorized in Track 4 and an increased authorized rate of return from the cost of capital adjustment mechanism, and by $267 million due to approval to recover higher wildfire mitigation and emergency restoration expenses in 2024.

Source · Based on the MD&A text of the filing

Wildfire-Related Claims Expense

The company said wildfire-related claims, net of insurance recoveries, for the 6 months were $614 million in 2024 and $96 million in 2023, related to the 2017/2018 Wildfire/Mudslide Events and Other Wildfires.

Source · Based on the MD&A text of the filing

SCE Liquidity and Funding

As of June 30, 2024, the company said SCE had cash on hand of $68 million and could borrow about $1.8 billion under its $3.4 billion revolving credit facility. It also said SCE issued $3.8 billion of first and refunding mortgage bonds in the first six months of 2024.

Source · Based on the MD&A text of the filing

SCE Income Tax and Effective Tax Rate

The company said SCE's income tax expense increased $15 million for the quarter ended June 30, 2024 and decreased $98 million for the 6 months to date. The effective tax rate was 12.7% for the quarter, compared with 13.2% a year earlier.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

View the original filing on SEC EDGAR ↗

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