Edison International Reports First Quarter 2009 Earnings

May 08, 2009

May 8, 2009

ROSEMEAD, Calif., May 8, 2009 – Edison International (NYSE: EIX) today reported first quarter 2009 results.

First quarter 2009 GAAP earnings were $0.76 per share compared to $0.91 per share in the same quarter last year, reflecting significantly lower earnings at Edison Mission Group (EMG). Core earnings in the first quarter were $0.79 per share compared to $0.92 per share in the same quarter last year.

 “Our first quarter results are consistent with our 2009 outlook. Looking forward, our ability to realize our growth potential rests on two key initiatives. At Southern California Edison, it is our five-year, approximately $20 billion, investment in California’s electricity infrastructure and at EMG, it is the development of a large pipeline of potential wind and solar energy projects,” said Theodore F. Craver, Jr., chairman and chief executive officer of Edison International.

Note: GAAP earnings refer to net income attributable to Edison International and GAAP earnings per share refer to basic earnings per common share attributable to Edison International throughout this release. Core earnings is a non-GAAP financial measure. See Reconciliation of Core Earnings to GAAP Earnings and Reconciliation of Core Earnings Guidance to GAAP Earnings Guidance.

First Quarter Earnings Detail

Southern California Edison Company’s (SCE) first-quarter 2009 GAAP and core earnings were $0.64 per share, compared to $0.46 per share in the same quarter of 2008. This increase was primarily due to SCE’s 2009 General Rate Case (GRC) decision in March, which was effective January 1, 2009, and expense timing differences arising from the delay in receiving the utility’s GRC decision.

EMG reported GAAP earnings of $0.14 per share in the first quarter of 2009 compared to $0.48 per share in the first quarter of 2008. Core earnings were $0.17 per share compared to $0.49 per share, excluding a $0.04 per share non-core charge in the first quarter of 2009 reflecting termination of two lease agreements at Edison Capital as well as discontinued operations. EMG earnings for the quarter decreased over the same quarter last year primarily due to a significant decline in Midwest Generation and Homer City results from lower power prices and generation levels as well as reduced trading income. Partially offsetting these decreases were higher earnings from the wind projects in operation. Results for the first quarter of 2008 also included the favorable buy-out of a coal contract at Midwest Generation.

2009 Earnings Guidance

Previously announced core earnings guidance of $2.90 - $3.20 per share is reaffirmed. The company has revised its 2009 GAAP earnings guidance to reflect expected recognition of certain non-core charges related to the company’s global settlement with the U.S. Internal Revenue Service, which was finalized in the second quarter of this year.

See the risk disclosure statement on page 3 of the appendix and the presentation accompanying the company’s conference call for further information.

Reconciliation of Core Earnings Guidance to GAAP Earnings Guidance1

 

Core Earnings Per Share1

2009 Guidance
      as of March 16, 2009

2009 GAAP Guidance
      Revised as of May 8, 2009


   SCE

$ 2.49

$ 2.49

   EMG

$ 0.70

$ 0.70

   EIX parent company and other

$ (0.14)

$ (0.14)


EIX core earnings

$ 2.90 - $ 3.20

$ 2.90 - $ 3.20


    Non-core items

(0.92) - (0.69)


EIX GAAP earnings

$    2.90 - $ 3.20

$    1.98 - $ 2.51


1 See Use of Non-GAAP Financial Measures on page 3 of the appendix. GAAP earnings refers to basic earnings per common share attributable to Edison International common shareholders. The expected impact of participating securities is $(0.02) per share and is included in EIX parent company and other.

Appendix and Summary Financial Tables

 

Media relations contact: Charles Coleman, (626) 302-7982

Investor relations contact: Scott Cunningham, (626) 302-2540

 

About Edison International

Edison International, through its subsidiaries, is a generator and distributor of electric power and an investor in infrastructure and energy assets, 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, and Edison Mission Group, a competitive power generation business and parent company to Edison Mission Energy and Edison Capital.