Edison International Reports Second Quarter 2021 Results

July 29, 2021

Investor Relations: Sam Ramraj, (626) 302-2540
Media Contact: Jeff Monford, (626) 476-8120

  • Second Quarter 2021 GAAP EPS of $0.84; Core EPS of $0.94
  • In July, the CPUC issued a proposed decision on track 1 of SCE’s 2021 General Rate Case
  • SCE continues wildfire mitigation execution, meeting annual inspections target and deploying over 540 miles of covered conductor through the first half of the year

ROSEMEAD, Calif., July 29, 2021 — Edison International (NYSE: EIX) today reported second quarter 2021 net income of $318 million, or $0.84 per share, compared to net income of $318 million, or $0.85 per share, in the second quarter of 2020. As adjusted, second quarter 2021 core earnings were $356 million, or $0.94 per share, compared to core earnings of $375 million, or $1.00 per share, in the second quarter of 2020.

Southern California Edison (SCE) received a proposed decision from the California Public Utilities Commission (CPUC) on track 1 of its 2021 General Rate Case (GRC) on July 9, 2021.SCE accounts for regulatory decisions in the period in which they are received. Consequently, during the second quarter 2021, SCE recognized revenue from CPUC activities based on 2020 authorized base revenue requirements.

SCE’s second quarter 2021 core earnings per share decreased year-over-year primarily due to higher depreciation, partially offset by higher FERC revenue and lower expenses related to wildfire mitigation activities. Wildfire mitigation expenses were lower in the second quarter primarily because fewer remediations were identified through the inspection process.

Edison International Parent and Other's second quarter 2021 loss per share increased year-over-year primarily due to higher preferred dividends as a result of preferred equity issuance in 2021, partially offset by lower corporate expenses and the recognition of unrealized gains from an increase in the fair value of marketable securities.

“SCE’s recently received proposed decision on its 2021 General Rate Case supports critical safety and reliability investments and provides the foundation for capital spending and rate base through 2023,” said Pedro J. Pizarro, president and CEO of Edison International. “SCE is making meaningful progress in mitigating wildfire risk for its customers. However, we believe additional CPUC-authorized funding for SCE’s covered conductor deployment is warranted to protect customers’ and communities’ vital interests and achieve the state’s objective for minimizing wildfire risk.”

Pizarro added, “Investing in grid resiliency is a key element of our sustainability strategy. SCE is progressing toward its sustainability goals and is making substantial investments, including over $800 million to accelerate vehicle electrification across the utility’s service area. SCE currently maintains one of the largest energy storage portfolios in the nation, supporting reliability and increasing levels of clean energy.”

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.

2021 Earnings Guidance

Edison International will provide 2021 earnings guidance after a final decision has been adopted by the CPUC on track 1 of the Southern California Edison 2021 GRC, consistent with the company's prior practice.

Second Quarter 2021 Earnings Conference Call and Webcast Details

When: Thursday, July 29, 2021, 1:30 p.m. (Pacific Time)
Telephone Numbers: 1-888-673-9780 (US) and 1-312-470-0178 (Int'l) - Passcode: Edison
Telephone Replay: 1-800-934-9697 (US) and 1-203-369-3395 (Int’l) - Passcode: 3754
  Telephone replay available through August 12, 2021
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-Q 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 Second Quarter 2021 Results

Topics: Investor Relations