ROSEMEAD, Calif.--(BUSINESS WIRE)--Edison International (NYSE: EIX) today declared a quarterly common stock dividend of $0.6125 per share, payable on January 31, 2019, to shareholders of record on December 31, 2018. This action increases the annual dividend by $0.03 per share. The 2019 annual dividend rate will be $2.45 per share.
“The company’s top priority continues to be the safety of our customers, communities and employees, particularly given the tragic consequences of recent wildfires,” said Pedro Pizarro, president and CEO of Edison International. “We will continue to make the investments necessary to deliver safe, reliable and affordable electricity. Over the long term, providing value in the form of earnings growth and dividends, like the one announced today, helps us maintain a lower cost of capital to manage customer rates. In declaring this dividend, the Board considered the likely ability of the company to meet its liabilities as they mature, as well as a broad range of potential negative outcomes related to the Thomas and Woolsey fires. Our dividend rate is within our targeted payout ratio of 45 to 55 percent of Southern California Edison’s earnings.”
Pizarro added, “We have flexibility to utilize short- and long-term debt as we continue to evaluate options to fund rate base growth and other operational needs included in the 2018 General Rate Case application and other requested capital programs and those arising from potential wildfire liabilities.”
Details on SCE Preferred Stock Dividends
Additionally, Southern California Edison today declared the following dividends:
- A semiannual dividend of $31.25 per share on the Series E preference stock, payable on February 1, 2019, to shareholders of record on January 4, 2019.
- Quarterly dividends of $0.255 per share on the 4.08% series of cumulative preferred stock, $0.265 per share on the 4.24% series of cumulative preferred stock and $0.29875 per share on the 4.78% series of cumulative preferred stock. Each of these dividends is payable on February 28, 2019, to shareholders of record on February 5, 2019.
- A quarterly dividend of $0.27 per share on the 4.32% series of cumulative preferred stock, payable on March 31, 2019, to shareholders of record on March 5, 2019.
About Edison International
Edison International (NYSE:EIX), through its subsidiaries, is a generator and distributor of electric power, as well as a provider of energy services and technologies, including renewable energy. Headquartered in Rosemead, California, Edison International is the parent company of Southern California Edison, one of the nation’s largest electric utilities. Edison International is also the parent company of Edison Energy, a portfolio of competitive businesses that provide commercial and industrial customers with energy management and procurement services. Edison Energy is independent from Southern California Edison.
Safe Harbor Statement
Forward-looking statements about the financial outlook for Edison International and its subsidiaries are included in this news release, including potential growth in future earnings and dividends. These forward-looking statements reflect our current expectations; however, such statements involve risks and uncertainties. Actual results could differ materially from current expectations. Important factors that could cause different results are discussed under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Edison International’s Form 10-K, most recent Form 10-Q, and other reports and presentations filed with the Securities and Exchange Commission which are available at: www.edisoninvestor.com. These forward-looking statements represent our expectations only as of the date of this news release, and Edison International assumes no duty to update them to reflect new information, events or circumstances.
