News Releases

Investor Relations: Sam Ramraj, (626) 302-2540
Media Contact: Jeff Monford, (626) 476-8120

• First Quarter 2022 GAAP earnings per share of $0.22; Core EPS of $1.07
• Through the end of the first quarter, SCE has deployed over 3,200 miles of covered conductor, nearly double the miles installed at the same time last year
• Revises best estimate of expected losses for 2017/2018 Wildfire/Mudslide Events, resulting in net after-tax charge of $281 million; Anticipates cost recovery filing by late 2023
• Affirms 2022 EPS guidance of $4.40–4.70 and long-term EPS growth rate target of 5–7%

ROSEMEAD, Calif., May 3, 2022 — Edison International (NYSE: EIX) today reported first quarter 2022 net income of $84 million, or $0.22 per share, compared to net income of $259 million, or $0.68 per share, in the first quarter of 2021. As adjusted, first quarter 2022 core earnings were $407 million, or $1.07 per share, compared to core earnings of $301 million, or $0.79 per share, in the first quarter of 2021.

Southern California Edison’s (SCE) first quarter 2022 core earnings per share (EPS) increased year-over-year primarily due to the adoption of the 2021 General Rate Case final decision in the third quarter of 2021, partially offset by interest expense from increased borrowings.

Edison International Parent and Other's first quarter 2022 loss per share increased year-over-year primarily due to higher preferred dividends.

SCE's non-core loss during the quarter was primarily attributable to a charge recorded for 2017/2018 Wildfire/Mudslide Events claims and expenses, net of expected recoveries from FERC customers. This charge is described further below.

“SCE continues to make solid progress in substantially improving its wildfire risk profile.” said Pedro J. Pizarro, president and CEO of Edison International. “The cornerstone of SCE’s grid hardening measures is the wildfire covered conductor program. Over the past year the utility nearly doubled its miles of installed covered conductor. SCE will continue to drive this valuable program forward and by year-end expects 40% of its overhead distribution lines in high fire risk areas will be covered.”

Pizarro added, “We strongly believe Edison International is the best investment vehicle to participate in California’s clean energy transition. SCE’s approach to wildfire mitigation has shown positive results over the last three wildfire seasons and the utility is expeditiously hardening the grid every day, to the benefit of both customers and investors. As an electric-only, wires-focused utility, SCE’s ongoing investment in the grid will enable an electric-led future.”

Edison International uses 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 GAAP earnings.

Revision to Best Estimate of Losses for 2017/2018 Wildfire/Mudslide Events
EIX and SCE revised the estimated losses for the 2017/2018 Wildfire Mudslide Events higher by $416 million as a result of management's first quarter 2022 review, including a review of large damage claims presented by a small number of plaintiffs and new lawsuits filed in the Woolsey Fire litigation. As a result, Edison International and SCE also recorded expected recoveries through FERC electric rates of $26 million against the charge, and the resulting net charge to earnings was $390 million ($281 million after-tax).

Anticipated Timing of Cost Recovery Applications
As previously disclosed, SCE will seek rate recovery at the CPUC of prudently-incurred, actual losses realized in connection with the 2017/2018 Wildfire/Mudslide Events. Based on EIX's and SCE's current best estimate of expected losses, SCE currently expects to seek CPUC-jurisdictional rate recovery of approximately $5.2 billion by filing multiple future applications with the CPUC. SCE currently anticipates filing the first application for cost recovery by late 2023.

2022 Earnings Guidance
The company affirmed its earnings guidance range for 2022 as summarized in the following chart. See the presentation accompanying the company’s conference call for further information and assumptions.

* There were ($323) million, or ($0.85) per share of non-core items recorded for the three months ended March 31, 2022, calculated based on an assumed weighted average share count for 2022. Basic EIX EPS guidance only incorporates non-core items to March 31, 2022.

First Quarter 2022 Earnings Conference Call and Webcast Details

Edison International has posted its earnings conference call prepared remarks by the CEO and CFO, the teleconference presentation, and Form 10-Q to the company's investor relations website. These materials are available at www.edisoninvestor.com.

About Edison International

Edison International (NYSE: EIX) is one of the nation’s largest electric utility holding companies, providing clean and reliable energy and energy services through its independent companies. Headquartered in Rosemead, California, Edison International is the parent company of Southern California Edison Company, a utility that delivers electricity to 15 million people across Southern, Central and Coastal California. Edison International is also the parent company of Edison Energy, a global energy advisory company delivering comprehensive, data-driven energy solutions to commercial and industrial users to meet their cost, sustainability and risk goals.

Appendix and Summary Financial Schedules

Edison International Reports First Quarter 2022 Results