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  • Fourth Quarter 2021 GAAP earnings per share of $1.38; Core EPS of $1.16
  • Full-Year 2021 GAAP EPS of $2.00; Core EPS of $4.59 exceeds guidance
  • Edison International declares quarterly dividend of $0.70 per share; annualized rate of $2.80 per share
  • EIX announces 2022 EPS guidance of $4.40–4.70 and reiterates long-term EPS growth rate target of 5–7%

ROSEMEAD, Calif., February 24, 2022 — Edison International (NYSE: EIX) today reported fourth quarter 2021 net income of $523 million, or $1.38 per share, compared to net income of $526 million, or $1.39 per share, in the fourth quarter of 2020. As adjusted, fourth quarter 2021 core earnings were $440 million, or $1.16 per share, compared to core earnings of $451 million, or $1.19 per share, in the fourth quarter of 2020.

Southern California Edison’s (SCE) fourth quarter 2021 core earnings per share (EPS) increased year-over-year primarily due to higher revenue from the 2021 General Rate Case (GRC) final decision and income tax benefits from the settlement of 2007 – 2012 California tax audits, partially offset by higher operation and maintenance expenses and higher net financing costs.

Edison International Parent and Other's fourth quarter 2021 loss per share increased year-over-year primarily due to higher preferred dividends as a result of preferred equity issuances in 2021.

“We delivered solid 2021 results with EPS exceeding the guidance range. Additionally, SCE continues to significantly reduce wildfire risk and the utility’s ongoing and planned mitigation actions give us increased confidence of further risk reduction,” said Pedro J. Pizarro, president and CEO of Edison International.

Pizarro added, “SCE sees substantial investment opportunities over the next several years to bolster grid safety and resiliency. Furthermore, with one of the strongest electrification profiles in the industry, SCE is accelerating economywide electrification with investments in transportation and building electrification to help meet California’s climate goals. All these initiatives give us high confidence in achieving EPS growth of 5 to 7% from 2021 to 2025. Combined with the 4%+ current dividend yield, we see strong potential for double-digit total return for EIX shares — before potential P/E multiple expansion to recognize significant utility and government risk reduction progress to-date and yet ahead.”

Full-Year Earnings

For 2021, Edison International reported net income of $759 million, or $2.00 per share, compared to $739 million, or $1.98 per share, for 2020. As adjusted, Edison International's core earnings were $1,741 million, or $4.59 per share, compared to $1,686 million, or $4.52 per share, in 2020.

SCE's full-year core EPS was higher due to higher revenue from the 2021 GRC final decision, higher FERC revenue and income tax benefits from the settlement of 2007 – 2012 California tax audits, partially offset by lower insurance benefits and higher property taxes.

Edison International Parent and Other’s full-year loss per share increased primarily due to higher preferred dividends as a result of preferred equity issuances in 2021.

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.

2022 Earnings Guidance

The company announced its earnings guidance range for 2022 as summarized in the following chart. See pages 12 and 13 of the presentation accompanying the company’s conference call for further information and assumptions.

  2022 Earnings Guidance
of February 24, 2022
  Low High
EIX Basic EPS $4.40 $4.70
Less: Non-core Items
EIX Core EPS $4.40 $4.70

Edison International and Southern California Edison Declare Dividends

Today, the Board of Directors of Edison International declared a quarterly common stock dividend of $0.70 per share, payable on April 30, 2022, to shareholders of record on March 31, 2022. They also declared dividends on preferred stock. Additionally, the Board of Directors of Southern California Edison Company today declared dividends on preference stock. For more information, please see the related news release at www.edisoninvestor.com.

Fourth Quarter and Full-Year 2021 Earnings Conference Call and Webcast Details

When: Thursday, February 24, 2022, 1:30 p.m. (Pacific Time)
Telephone Numbers: 1-888-673-9780 (US) and 1-312-470-0178 (Int'l) - Passcode: Edison
Telephone Replay: 1-800-835-8067 (US) and 1-203-369-3354 (Int’l) - Passcode: 3482
  Telephone replay available through March 10, 2022
Webcast: www.edisoninvestor.com

Edison International has posted its earnings conference call prepared remarks by the CEO and CFO, the teleconference presentation, and Form 10-K 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 Fourth Quarter and Full-Year 2021 Results