March 2, 2009
- 2008 GAAP earnings were $3.69 per share compared to $3.33 per share in 2007.
- Core earnings increased 4 percent in 2008 to $3.84 per share from $3.69 per share last year.
- Fourth quarter 2008 GAAP earnings were $0.66 per share compared to $0.64 per share in the same quarter last year.
- Core earnings in the fourth quarter were $0.66 per share compared to $0.65 per share in the same quarter last year.
- Edison International will provide 2009 earnings guidance after Southern California Edison Company has received a California Public Utilities Commission (CPUC) decision on its 2009 General Rate Case.
Note: GAAP earnings refer to net income and GAAP earnings per share refer to basic earnings per share throughout this release. Core earnings is a non-GAAP financial measure. See Reconciliation of Core Earnings to GAAP Earnings.
ROSEMEAD, Calif., March 2, 2009 – Edison International (NYSE: EIX) today reported fourth quarter and full year 2008 results.
“Edison International had solid performance in 2008 amidst the dramatic decline in both the economy and financial markets,” said Theodore F. Craver, Jr., chairman and chief executive officer of Edison International.
Fourth Quarter Earnings Detail
Southern California Edison Company’s (SCE) fourth quarter 2008 GAAP and core earnings were $0.43 per share, compared to $0.37 per share in the same quarter last year. This increase was primarily due to higher operating income related to rate base growth, including $0.05 per share of energy efficiency rewards.
Edison Mission Group’s (EMG) GAAP earnings were $0.25 per share in the fourth quarter of 2008 compared to $0.29 per share in the fourth quarter of 2007. Excluding a $0.01 per share charge for discontinued operations in the 2007 period, EMG’s core earnings decreased $0.05 per share. A loss arising from the termination of a natural gas turbine supply agreement, lower results from the Big 4 projects, lower interest income, and lower trading income at Edison Mission Marketing & Trading (EMMT) were partially offset by higher operating income at Midwest Generation, positive results from new wind projects in operation, and lower corporate expenses.
Full-Year Earnings Detail
SCE’s GAAP earnings in 2008 were $2.10 per share, a decrease of $0.07 per share compared to $2.17 per share in 2007. SCE’s 2008 results include a non-core charge of $0.15 per share associated with the CPUC decision on SCE’s performance-based ratemaking mechanism. SCE’s 2007 results include a non-core tax benefit of $0.10 per share from the resolution of the income tax treatment of certain environmental remediation costs. Excluding these non-core items, SCE’s 2008 core earnings were $2.25 per share compared to $2.07 per share in 2007. This $0.18 per share core earnings increase is primarily attributable to higher operating income related to rate base growth, including authorized energy efficiency rewards, and lower net interest expense.
EMG’s GAAP earnings in 2008 were $1.72 per share compared to $1.26 per share in 2007. EMG’s 2007 results include non-core charges of $0.46 per share, mainly due to $0.45 per share for early debt extinguishment costs. EMG’s 2008 core earnings remained at the 2007 level of $1.72 per share. Higher operating income at Midwest Generation, positive results from new wind projects in operation, and higher trading income at EMMT were offset by lower results from the Big 4 projects, lower interest income, a loss arising from the termination of a natural gas turbine supply agreement, and lower results at Homer City and Edison Capital.
Edison International parent company and other GAAP earnings were down from the prior year due to higher net interest expense.
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Media relations contact: Charles Coleman, (626) 302-7982
Investor relations contact: Scott Cunningham, (626) 302-2540
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 and parent company to Edison Mission Energy and Edison Capital.
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