Edison International Reports Second Quarter 2013 Results

August 01, 2013

Media relations contact: Charles Coleman, (626) 302-7982
Investor relations contact: Scott Cunningham, (626) 302-2540

ROSEMEAD, Calif., Aug. 1, 2013 – Edison International (NYSE: EIX) today reported second quarter results, as summarized below.

Second Quarter and Year-to-Date Results Summary

 

Three Months Ended
June 30,

Six Months Ended
June 30,

Per Share

2013

2012

2013

2012

Basic earnings (loss) from continuing operations

$(0.33)

$0.56

$0.47

$1.10

Basic earnings (loss) from discontinued operations

0.04

(0.33)

0.07

(0.59)

Basic earnings (loss)

$(0.29)

$0.23

$0.54

$0.51

Core earnings

$0.79

$0.56

$1.57

$1.10

Note: See Use of Non-GAAP Financial Measures in Appendix.

“As in the first quarter, strong operating results from Southern California Edison reflect higher authorized investment in our electric grid infrastructure, good cost management, and favorable tax benefits,” said Ted Craver, chairman and chief executive officer of Edison International. “These results are consistent with the updated Edison International earnings guidance that we provided in June and that we reaffirmed today.”

Second Quarter Earnings Detail

Southern California Edison's (SCE) second quarter 2013 basic losses were $(0.28) per share compared to earnings of $0.59 per share in the second quarter of 2012, and includes an impairment charge of $1.12 per share related to the early retirement of San Onofre Nuclear Generating Station (SONGS) Units 2 and 3.

SCE's second quarter 2013 core earnings, excluding the SONGS impairment charge, were $0.84 per share compared to $0.59 per share in the second quarter of 2012. The core earnings increase was primarily due to the timing of the 2012 General Rate Case (GRC) which was approved by the California Public Utilities Commission (CPUC) in November 2012, lower operating expenses, and tax benefits, offset by severance costs.

Edison International parent company and other reported second quarter 2013 basic and core losses from continuing operations of $(0.05) per share compared to $(0.03) per share in the second quarter of 2012. The decrease in core earnings was mainly due to consolidated taxes.

Year-to-Date Earnings Summary

Edison International reported basic earnings of $0.54 per share for the year-to-date period ending June 30, 2013, compared to $0.51 per share for the same period last year. Core earnings for the first six months of 2013 were $1.57 per share compared to $1.10 per share for the first half of 2012. 

Year-to-Date Earnings Detail

SCE's year-to-date 2013 basic earnings were $0.51 per share, including the second quarter SONGS impairment charge of $1.12 per share, compared to $1.14 per share for the same period last year.

SCE's year-to-date core earnings were $1.63 per share compared to $1.14 per share for the same period last year.  The core earnings increase was primarily due to the timing of finalizing SCE's 2012 General Rate Case, lower operating expenses, and tax benefits from incremental repair deductions, partially offset by severance costs. The increased return on rate base growth was offset by the lower authorized return on equity.

Edison International parent company and other reported year-to-date 2013 basic losses from continuing operations of $(0.04) per share compared to $(0.04) per share in the same period in 2012. Core losses from continuing operations in the year-to-date period of 2013 were $(0.06) per share compared to $(0.04) per share in the same period in 2012. The decrease in core earnings for the year-to-date period in 2013 was mainly due to consolidated taxes.

2013 Earnings Guidance

The company reaffirmed its 2013 core earnings guidance of $3.25 to $3.45 per share and updated its basic earnings guidance to $2.22 to $2.42 per share. See the risk disclosure statement in the Appendix and the presentation accompanying the company’s conference call for further information.

Reconciliation of 2013 Core Earnings Guidance to
Basic Earnings Guidance

 

2013 Earnings Guidance
as of 6/7/13

2013 Earnings Guidance
as of 8/1/13

SCE

$3.50

$3.50

EIX Parent & Other

(0.15)

(0.15)

EIX Core EPS

$3.25 - $3.45

$3.25 - $3.45

Non-core Items

(1.24) - (0.86)

(1.03)

EIX Basic EPS

$2.01 - $2.59

$2.22 - $2.42

Note: See Use of Non-GAAP Financial Measures in Appendix. Non-core items from year-to-date period only.

About Edison International

Edison International (NYSE:EIX), 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, Calif., Edison International is the parent company of Southern California Edison, one of the nation’s largest electric utilities.

 

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Appendix and Summary Financial Schedules

Edison International Reports Second Quarter 2013 Results

Topics: Investor Relations