Southern California-based Edison International is well on its way to making good its pledge to bring its earnings per share up to 7%.
President and CEO Pedro Pizarro spoke highly of the company’s performance, basing his optimism for the future on 19 consecutive annual increases in dividend.
“Today’s 5.4% increase in our dividend reflects the board and management’s continued confidence and commitment to delivering on the company’s 5% to 7% long-term EPS (earnings per share) growth target," Pizarro said in a company news release. "This marks the 19th consecutive annual increase in Edison International’s dividend, which delivers an attractive yield and remains a key component of the company’s total return proposition."
Edison International, headquartered in Rosemead, serves approximately 15 million California residents in 50,000 square miles, according to the company website. Edison’s mission is to boost the efficiency of its environmental performance, as well as manage exposure to volatility in energy prices, building on its 136-year track record of innovation in these areas.
Edison International has its eyes on the future, and a long-term renewable energy strategy it believes in. With Pathway 2045, Edison’s internally developed strategy, California can chart its course to carbon neutrality, according to the website.
The steps required by Pathway 2045 include the total decarbonization of electricity, going electric with a significant portion of vehicles and moving toward a drop in buildings’ greenhouse gas (GHG) emissions. The plan also calls for reducing natural gas usage and sequestering the remaining carbon in the state. Carbon neutrality stands alongside compelling investor returns as an important long-term goal for Edison.
The 2023 annual dividend for Edison International will be $2.95 per share–15 cents above the previous year’s $2.80, the news release said. Recently, the Series E preference stock was declared to yield a $22.0764 quarterly dividend to shareholders, payable on Feb. 1.
Pizarro described this as “an attractive yield” and “a key component of the company’s total return proposition.”