Investor Relations Contact: Sam Ramraj(626) 302-2540
Media Contact: Charles Coleman, (626) 302-7982

Edison International (NYSE: EIX) today reported second quarter 2017 net income of $278 million, or $0.85 per share, compared to $280 million, or $0.86 per share, in the second quarter of 2016. There was no impact from non-core items in the second quarter 2017 and second quarter 2016 results.

Southern California Edison's (SCE) second quarter 2017 net income decreased by $11 million, or $0.04 per share, from the second quarter 2016 due to a reduction in California Public Utilities Commission (CPUC) revenue related to prior overcollections.

Edison International Parent and Other’s second quarter 2017 losses from continuing operations decreased by $7 million, or $0.02 per share, compared to second quarter 2016.  The decrease in losses was primarily related to higher income tax benefits related to stock option exercises and the 2017 settlement of federal income tax audits for 2007 - 2012.

Edison International Parent and Other's second quarter 2016 non-core items included income of $2 million, or $0.01 per share, related to losses (net of distributions) allocated to tax equity investors under the hypothetical liquidation at book value (HLBV) accounting method. Additionally, during the second quarter 2016, Edison International recorded $2 million, or $0.01 per share, of losses from discontinued operations.

"Today, we increased our full-year earnings guidance based on strong results for the first half of the year, primarily related to tax benefits," said Pedro Pizarro, president and chief executive officer of Edison International. "At SCE, we continue to evaluate opportunities that will improve reliability and safety for customers and also keep us on the path of being a key enabler of California’s climate change policies."

Year-to-Date Earnings

For the six months ended June 30, 2017, Edison International reported net income of $640 million, or $1.96 per share, compared to $561 million, or $1.72 per share, during the same period in 2016. Edison International’s core earnings were $639 million, or $1.96 per share, compared to $558 million, or $1.71 per share, in the year-to-date period in 2016.

SCE’s net income for the six months ended June 30, 2017 increased $44 million, or $0.13 per share, from the same period in 2016, primarily related to an increase in revenue from the escalation mechanism set forth in the 2015 General Rate Case (GRC) decision and lower operation and maintenance expenses, partially offset by the CPUC revenue adjustment discussed above and higher net financing costs..   

Edison International Parent and Other’s losses from continuing operations from the six months ended June 30, 2017 decreased by $34 million, or $0.11 per share, compared to same period 2016. The decrease is primarily related to higher income tax benefits related to stock option exercises and the 2017 settlement of federal income tax audits for 2007 - 2012.

Edison International's non-core items for the six months ended June 30, 2017 included income of $1 million compared to income of $4 million, or $0.01 per share, for the same period in 2016 primarily related to losses (net of distributions) allocated to tax equity investors under the HLBV accounting method. Additionally, during the six months ended June 30, 2016, Edison International recorded $1 million of losses from discontinued operations.

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.

2017 Earnings Guidance Increased

The company increased its earnings guidance for 2017 as summarized in the following chart. See the presentation accompanying the company’s conference call for further information including key guidance assumptions

2017 Earnings Guidance
   
2017 Earnings Guidance
as of May 1, 2017
 

2017 Earnings Guidance
as of July 27, 2017

   
Low
Mid
High
 
Low
Mid
High
EIX Basic EPS  
 $4.04
$4.14
$4.24 
 
 $4.13
$4.23
$4.33  
Less: Non-core Items*  
-
 
-
EIX Core EPS  
$4.04
$4.14
$4.24
 
$4.13
$4.23
$4.33
* There were no non-core items recorded for the six months ended June 30, 2017.

A Note on 2016 Results

In March 2016, the Financial Accounting Standards Board issued a new accounting standard for employee share-based payments. Edison International adopted this accounting standard during the fourth quarter of 2016, effective January 1, 2016. Under this new standard, share-based payments may create a permanent difference between the amount of compensation expense recognized for book and tax purposes. The tax impact of this permanent difference is recognized in earnings in the period it is created. 2016 earnings were updated to reflect the implementation of the accounting standard for share-based payments effective January 1, 2016.  See the Second Quarter Reconciliation tables below and the presentation accompanying the company’s conference call for further information.

About Edison International

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

###

Appendix and Summary Financial Schedules

Edison International Reports Second Quarter 2017 Results