Media Relations Contact: Charles Coleman, (626) 302-7982
Investor Relations Contact: Scott Cunningham, (626) 302-2540
ROSEMEAD, Calif., May 1, 2017 - Edison International (NYSE: EIX) today reported first quarter 2017 net income of $362 million, or $1.11 per share, compared to $281 million, or $0.86 per share, in the first quarter of 2016. There were no non-core items in the first quarter 2017 results. First quarter 2016 core earnings were $278 million or $0.85 per share.
Southern California Edison's (SCE) first quarter 2017 net income increased by $54 million, or $0.17 per share, from the first quarter 2016 due to an increase in revenue from the escalation mechanism set forth in the 2015 General Rate Case (GRC) decision, lower operation and maintenance expenses and higher income tax benefits partially offset by higher net financing costs to finance SCE's capital spending program.
Edison International Parent and Other’s first quarter 2017 net income increased by $28 million, or $0.08 per share, compared to first quarter 2016. The increase in net income was due to higher core earnings of $30 million, or $0.09 per share, and $2 million, or $0.01 per share, of lower non-core earnings. The higher core earnings were due to higher income tax benefits related to stock option exercises.
"Edison International is off to a solid start in 2017, reporting first quarter earnings of $1.11 per share," said Pedro Pizarro, Edison International president and chief executive officer. "It is early in the year, so for now we have left our full year guidance unchanged. Our normal practice is to wait until more of the year has gone by before formally updating guidance. At the same time, we recognize there is a bias toward the upper half of the range."
2017 Earnings Guidance
The company reaffirmed its earnings guidance for 2017 as summarized in the following chart. See the presentation accompanying the company’s conference call for further information including key guidance assumptions.
| 2017 Earnings Guidance | ||||||||
|---|---|---|---|---|---|---|---|---|
|
2017 Earnings Guidance
as of February 21, 2017 |
2017 Earnings Guidance |
|||||||
|
Low
|
Mid
|
High
|
Low
|
Mid
|
High
|
|||
| EIX Basic EPS |
$4.04
|
$4.14
|
$4.24
|
|
$4.04
|
$4.14
|
$4.24
|
|
| Less: Non-core Items* |
-
|
-
|
-
|
|
-
|
-
|
-
|
|
| EIX Core EPS |
$4.04
|
$4.14
|
$4.24
|
|
$4.04
|
$4.14
|
$4.24
|
|
| * There were no non-core items recorded for the three months ended March 31, 2017. | ||||||||
A Note on 2016 Results
In March 2016, the Financial Accounting Standards Board issued a new accounting standard for employee share-based payments. Edison International adopted this accounting standard during the fourth quarter of 2016, effective January 1, 2016. Under this new standard, share-based payments may create a permanent difference between the amount of compensation expense recognized for book and tax purposes. The tax impact of this permanent difference is recognized in earnings in the period it is created. First quarter 2016 earnings were updated to reflect the implementation of the accounting standard for share-based payments effective January 1, 2016. See page 5 of the full press release 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, 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 Group, a portfolio of competitive businesses that provide commercial and industrial customers with energy management and procurement services and distributed solar generation. Edison Energy Group companies are independent from Southern California Edison.
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