Media relations contact: Jennifer Manfre, (626) 302-7964
Investor relations contact: Scott Cunningham, (626) 302-2540
ROSEMEAD, Calif., April 29, 2014 - Edison International (NYSE: EIX) today reported first quarter 2014 net income on a GAAP basis of $176 million, or $0.54 per share, compared to $271 million, or $0.83 per share, in the first quarter of 2013. On an adjusted basis, Edison International’s core earnings were $294 million, or $0.90 per share, compared to $252 million, or $0.77 per share, in the first quarter of 2013.
Southern California Edison’s (SCE) first quarter 2014 core earnings increased $48 million, or $0.15 per share, primarily due to higher authorized revenue from rate base growth, lower operation and maintenance expenses resulting from workforce reductions, and income tax benefits, partially offset by lower earnings from its investment in the San Onofre Nuclear Generating Station. Edison International Parent and Other's first quarter 2014 core losses increased $6 million, or $0.02 per share, primarily due to costs from new businesses, higher corporate expenses, and higher income tax benefits recognized in the first quarter of 2013.
First quarter 2014 adjusted earnings exclude non-core charges of $96 million, or $0.29 per share, related to SCE’s settlement agreement for San Onofre and $22 million, or $0.07 per share, of non-core losses from discontinued operations. First quarter 2013 adjusted earnings exclude $7 million, or $0.02 per share, of non-core earnings from tax benefits related to a sale of a lease investment in 2012 and $12 million, or $0.04 per share of non-core income from discontinued operations.
“Our first quarter results were a solid start to the year consistent with full-year 2014 guidance," said Ted Craver, chairman and chief executive officer of Edison International.“In addition, we have significantly reduced uncertainties through the resolution of the Edison Mission Energy bankruptcy and pending settlement of the cost recovery associated with the San Onofre Nuclear Generation Station."
Edison International uses adjusted, or core, earnings which is a non-GAAP financial measure that adjusts for significant discrete items that management does not consider representative of ongoing earnings. Edison International management believes that core earnings provide more meaningful comparisons of performance from period to period. Please see the attached tables for a reconciliation of core earnings to basic earnings.
2014 Earnings Guidance
The company reaffirmed its 2014 core earnings guidance of $3.60 to $3.80 per share and updated its basic earnings guidance to $3.24 to $3.44 per share to reflect first quarter non-core items. Future period charges that are not considered part of core earnings are not included in the guidance. See the risk disclosure statement in the Appendix and the presentation accompanying the company’s conference call for further information.
About Edison International
Edison International (NYSE:EIX), through its subsidiaries, is a generator and distributor of electric power and an investor in energy services and technologies, 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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Appendix and Summary Financial Schedules