Media relations contact: Charles Coleman, (626) 302-7982
Investor relations contact: Scott Cunningham, (626) 302-2540
ROSEMEAD, Calif., Apr. 30, 2013 - Edison International (NYSE: EIX) today reported first quarter results, as summarized below.
|
First Quarter Results Summary | ||
|---|---|---|
|
Three Months Ended | ||
|
Per Share |
2013 |
2012 |
|
Basic earnings from continuing operations |
$0.79 |
$0.54 |
|
Basic earnings (loss) from discontinued |
0.04 |
(0.26) |
|
Basic earnings (loss) |
$0.83 |
$0.28 |
|
Core earnings |
$0.77 |
$0.54 |
Note: See Use of Non-GAAP Financial Measures in Appendix.
Core Earnings Summary
The increase in core earnings in the first quarter was largely driven by the implementation of rates approved in Southern California Edison's (SCE) 2012 General Rate Case (GRC), which was approved by the California Public Utilities Commission (CPUC) in November 2012.
"We're off to a strong start in the first quarter, with earnings consistent with our full-year guidance," said Ted Craver, chairman and chief executive officer of Edison International. "Southern California Edison continues to make substantial investments in infrastructure improvements supporting state policy objectives."
First Quarter Earnings Detail
SCE's first quarter 2013 basic and core earnings were $0.78 per share compared to $0.56 per share in the first quarter of 2012. The core earnings increase was primarily due to the delay in receiving SCE's 2012 General Rate Case, lower operating expenses, largely due to timing, and tax benefits from incremental repair deductions.
Edison International parent company and other reported first quarter 2013 basic earnings from continuing operations of $0.01 per share compared to a $(0.02) per share loss from continuing operations in the first quarter of 2012. Core losses were $(0.01) per share compared to ($0.02) per share in the same period last year.
2013 Earnings Guidance
The company reaffirmed its 2013 core earnings guidance of $3.45 to $3.65 per share and updated its basic earnings guidance to a range of $3.51 to $3.71 per share based on first quarter results. See the risk disclosure statement in the Appendix and the presentation accompanying the company's conference call for further information.
|
Reconciliation of 2013 Core Earnings Guidance to | ||
|---|---|---|
|
2013 Earnings Guidance |
2013 Earnings Guidance | |
|
SCE |
$3.70 |
$3.70 |
|
EIX Parent & Other |
(0.15) |
(0.15) |
|
EIX Core EPS |
$3.45 - $3.65 |
$3.45 - $3.65 |
|
Non-core Items |
- |
0.06 |
|
EIX Basic EPS |
$3.45 - $3.65 |
$3.51 - $3.71 |
Note: See Use of Non-GAAP Financial Measures in Appendix. Non-core items from first quarter only.
About Edison International
Edison International (NYSE:EIX), 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, Calif., Edison International is the parent company of Southern California Edison, one of the nation's largest electric utilities.
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