Edison International Reports First Quarter 2011 Financial Results

May 02, 2011

Media relations contact: Charles Coleman, (626) 302-7982
Investor relations contact: Scott Cunningham, (626) 302-2540

ROSEMEAD, Calif., May 2, 2011 – Edison International (NYSE: EIX) today reported first quarter 2011 basic earnings of $0.61 per share, compared to $0.72 per share in the same quarter last year.  Core earnings in the first quarter of 2011 were $0.62 per share compared to $0.82 per share in the first quarter of 2010.  Higher first quarter earnings at Southern California Edison (SCE) were more than offset by lower results at Edison Mission Group (EMG). 

"Our first quarter results are consistent with our 2011 earnings outlook,” said Ted Craver, chairman and chief executive officer of Edison International.

Note: Basic earnings (losses) per share refer to basic earnings (losses) per common share attributable to Edison International throughout this release. Core earnings (losses) is a non-GAAP financial measure.  See Reconciliation of Core Earnings to Basic Earnings and Reconciliation of Core Earnings Per Share Guidance to Revised Basic Earnings Per Share Guidance.

First Quarter Earnings Detail

SCE’s first quarter 2011 basic earnings were $0.68 per share compared to $0.50 per share in the first quarter of 2010.  This increase reflects a non-core charge of $0.12 per share related to federal health care legislation recorded during the first quarter of 2010.  Core earnings were $0.68 per share for the first quarter of 2011 compared to $0.62 per share in the same quarter last year.  The increase in core earnings was primarily due to rate base growth. 

EMG’s first quarter 2011 basic losses were $(0.06) per share compared to earnings of $0.24 per share in the first quarter of 2010.  Core losses were $(0.05) per share compared to core earnings of $0.22 per share in the same quarter last year.  The decline in results was driven by lower generation, realized energy prices and trading revenue.  In addition, EMG recorded income from two projects of $0.06 per share in the first quarter of 2010 without comparable amounts in 2011.  

Edison International parent company and other losses were $(0.01) per share in the first quarter of 2011, compared to losses of $(0.02) per share in the first quarter of 2010.

2011 Earnings Guidance

Previously announced annual core earnings guidance of $2.60 - $2.90 per share is reaffirmed.  See the risk disclosure statement on page 3 and the financial teleconference presentation accompanying the company’s earnings conference call for further information.

Reconciliation of Core Earnings Guidance to
Basic Earnings Guidance1

Core Earnings Per Share1

February 28, 2011   
2011 Earnings Guidance   

 

May 2, 2011
2011 Earnings Guidance


EIX core earnings

$2.60 – $2.90

 

$2.60 – $2.90

Non-Core Items2

--

 

(0.01)


EIX basic earnings per share

$2.60 – $2.90

 

$2.59 – $2.89


Midpoint of 2011 core guidance by business segment:

 

 

 

   SCE

$3.08

 

$3.08

   EMG

  (0.19)

 

  (0.19)

   EIX parent company and other

  (0.14)

 

  (0.14)


Total

$2.75

 

$2.75


  1. See Use of Non-GAAP Financial Measures in the appendix. Basic earnings per share refer to basic earnings per common share attributable to Edison International common shareholders.
  2. Represents results of discontinued operations for the first quarter of 2011.

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.

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Appendix and Summary Financial Schedules

Edison International Reports First Quarter 2011 Financial Results