News Releases

Edison International (EIX) is correcting a typographical error in a February 27, 2020 press release regarding the payment date for its common stock dividend. The corrected information is: The Board of Directors of Edison International declared a quarterly common stock dividend of $0.6375 per share, payable on April 30, 2020, to shareholders of record on March 31, 2020.

Investor relations contact: Sam Ramraj, (626) 302-2540
Media relations contact: Ron Gales, (626) 302-7927

ROSEMEAD, Calif., Feb. 27, 2020 — Edison International (NYSE: EIX) today reported fourth quarter 2019 net income of $143 million, or $0.40 per share, compared to a net loss of $1.4 billion, or $4.39 loss per share, in the fourth quarter 2018. As adjusted, fourth quarter 2019 core earnings were $355 million, or $0.99 per share, compared to core earnings of $305 million, or $0.94 per share, in the fourth quarter 2018.

Southern California Edison's fourth quarter 2019 net income of $194 million, or $0.54 per share, compared favorably to a net loss of $1.4 billion, or $4.38 loss per share, in the fourth quarter 2018. SCE's fourth quarter 2019 earnings per share (EPS) increased by $4.92 from the prior year period, consisting of $0.07 of higher core EPS and $4.85 of lower non-core loss per share. Higher core EPS was primarily due to the adoption of the 2018 General Rate Case (GRC) final decision and higher Federal Energy Regulatory Commission (FERC) revenue due to the settlement of SCE's 2018 Formula Rate proceeding and rate base growth, partially offset by higher wildfire mitigation expenses that were not deferred as regulatory assets and the increase in shares outstanding in 2019. Lower non-core loss per share was mainly related to the absence of an after-tax charge of $1.8 billion, or $5.60 per share, recorded in the fourth quarter 2018 related to wildfire-related claims associated with the 2017/2018 wildfire events, net of recoveries, and the increase in shares outstanding in 2019. This was partially offset by an after-tax charge of $157 million, or $0.44 per share, recorded in the fourth quarter 2019 related to wildfire-related claims associated with the 2017/2018 wildfire events, net of recoveries, and an after-tax expense of $61 million, or $0.17 per share, related to the amortization of SCE's contributions to the Wildfire Insurance Fund.

Edison International Parent and Other's fourth quarter 2019 net loss of $51 million, or $0.14 loss per share, was higher than a net loss of $35 million, or $0.11 loss per share, reported in the fourth quarter 2018. Edison International Parent and Other’s fourth quarter 2019 loss per share increased by $0.03 compared to fourth quarter 2018, consisting of $0.02 of higher core loss per share and $0.01 of higher non-core loss per share. Higher core loss per share was primarily due to higher interest expense and corporate expenses, partially offset by the increase in shares outstanding in 2019 and the absence of an after-tax goodwill impairment charge of $13 million, or $0.04 per share, on the Edison Energy reporting unit in 2018. The higher non-core loss per share was mainly related to an after-tax goodwill impairment charge of $18 million, or $0.05 per share, on the Edison Energy reporting unit in 2019.

Additionally, Edison International recorded net income of $34 million, or $0.10 per share, from discontinued operations in the fourth quarter 2018.

“An important part of 2019 was the State’s enactment and initial implementation of Assembly Bill 1054, including SCE’s participation in the Wildfire Fund and receipt of its approved safety certification,” said Pedro J. Pizarro, president and chief executive officer of Edison International. “SCE filed its 2021 General Rate Case which continues our significant investment in wildfire mitigation through grid hardening, increased situational awareness and enhanced operational practices, while investing in transportation electrification and infrastructure replacement. Additionally, through its Pathway 2045 whitepaper, SCE has identified substantial long-term opportunities across California to help meet the state’s 2045 carbon neutrality goal.”

Full-Year Earnings

For 2019, Edison International reported net income of $1.3 billion, or $3.78 per share, compared to a net loss of $423 million, or $1.30 loss per share, for 2018. As adjusted, Edison International’s core earnings were $1.6 billion, or $4.70 per share, compared to core earnings of $1.4 billion, or $4.15 per share, in 2018.

SCE's 2019 net income of $1.4 billion, or $4.15 per share, compared favorably to a net loss of $310 million, or $0.95 loss per share, in 2018. SCE's 2019 EPS increased by $5.10 from 2018, consisting of $0.59 of higher core EPS and $4.51 of lower non-core loss per share. Higher core EPS were due to the adoption of the 2018 GRC final decision, higher FERC revenue due to the settlement of SCE's 2018 Formula Rate proceeding and rate base growth, and the timing of regulatory deferral and cost recovery of incremental wildfire insurance expenses. These increases were partially offset by higher wildfire mitigation expenses that were not deferred as regulatory assets and the increase in shares outstanding in 2019. Lower non-core loss per share was mainly related to the absence of an after-tax charge of $1.8 billion, or $5.60 per share, recorded in 2018 related to wildfire-related claims associated with the 2017/2018 wildfire events, net of recoveries, and the increase in shares outstanding in 2019, partially offset by an after-tax charge of $157 million, or $0.46 per share, recorded in 2019 related to wildfire-related claims associated with the 2017/2018 wildfire events, net of recoveries, an after-tax impairment charge of $123 million, or $0.36 per share, related to disallowed historical capital expenditures in the 2018 GRC final decision and an after-tax expense of $109 million, or $0.32 per share, related to the amortization of SCE's contributions to the Wildfire Insurance Fund.

Edison International Parent and Other's 2019 net loss of $125 million, or $0.37 loss per share, compared favorably to a net loss of $147 million, or $0.45 loss per share, reported in 2018. Edison International Parent and Other’s 2019 loss per share decreased by $0.08 compared to 2018, consisting of $0.04 of higher core loss per share and $0.12 of lower non-core loss per share. Higher core loss per share was primarily due to higher interest expense and corporate expenses, partially offset by lower losses from the competitive businesses under Edison Energy Group, the absence of an after-tax goodwill impairment charge recorded in 2018 of $13 million, or $0.04 per share, on the Edison Energy reporting unit and the increase in shares outstanding in 2019. Lower non-core loss per share was primarily due to the absence of a loss recorded in 2018 related to the sale of SoCore Energy, partially offset by an after-tax goodwill impairment charge of $18 million, or $0.06 per share, for Edison Energy reporting unit in 2019.

Additionally, Edison International recorded net income of $34 million, or $0.10 per share, from discontinued operations in 2018.

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.

2020 Earnings Guidance

The company announced basic and core earnings guidance of $4.32 to $4.62 per share for 2020. See the presentation accompanying the company’s conference call for further information including key guidance assumptions.

Edison International and Southern California Edison Declare Dividends

Today, the Board of Directors of Edison International declared a quarterly common stock dividend of $0.6375 per share, payable on April 20, 2020, to shareholders of record on March 31, 2020. Additionally, the Board of Directors of Southern California Edison Company today declared dividends on preference and preferred stock. For more information, please see the related press release at www.edisoninvestor.com.

About Edison International

Edison International (NYSE:EIX), through its subsidiaries, is a distributor and generator 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, a portfolio of competitive businesses that provide commercial and industrial customers with energy management and procurement services. Edison Energy is independent from Southern California Edison.

Appendix and Summary Financial Schedules

Edison International Reports Fourth Quarter and Full-Year 2019 Results