Media relations contact: Charles Coleman, (626) 302-7982
Investor relations contact: Scott Cunningham, (626) 302-2540
ROSEMEAD, Calif., Oct. 29, 2013 – Edison International (NYSE: EIX) today reported third quarter results, as summarized below.
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Third Quarter and Year-to-Date Results Summary |
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Three Months Ended |
Nine Months Ended |
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|
Per Share |
2013 |
2012 |
2013 |
2012 |
|
Basic earnings from continuing operations |
$1.42 |
$1.09 |
$1.88 |
$2.20 |
|
Basic earnings (loss) from discontinued operations |
(0.08) |
(0.51) |
0.00 |
(1.11) |
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Basic earnings |
$1.34 |
$0.58 |
$1.88 |
$1.09 |
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Core earnings |
$1.42 |
$1.00 |
$2.98 |
$2.11 |
Note: See Use of Non-GAAP Financial Measures in Appendix.
“Edison International's earnings performance was solid this quarter reflecting continued cost management efforts and favorable tax benefits,” said Ted Craver, chairman and chief executive officer of Edison International. “Based on our year to date performance and positive outlook, we have increased our 2013 earnings guidance.”
Third Quarter Earnings Detail
Southern California Edison's (SCE) third quarter 2013 basic and core earnings were $1.46 per share compared to earnings of $1.11 per share in the third quarter of 2012. The change in core earnings was primarily due to the timing of finalizing SCE's 2012 General Rate Case and income tax benefits. In addition, SCE's return on its investment resulting from rate base growth was offset by a lower authorized 2013 return on common equity.
Edison International parent company and other reported third quarter 2013 basic losses from continuing operations of $(0.04) per share compared to $(0.02) per share in the third quarter of 2012. Third quarter 2013 core losses were $(0.04) per share compared to $(0.11) per share in the third quarter of 2012.The change in core earnings was mainly due to lower consolidated state income taxes.
Year-to-Date Earnings Detail
SCE's year-to-date 2013 basic earnings were $1.97 per share compared to $2.26 per share for the same period last year. SCE's year-to-date core earnings were $3.09 per share compared to $2.26 per share for the same period last year. The change in core earnings was primarily due to the timing of finalizing SCE's 2012 General Rate Case and income tax benefits. In addition, SCE's return on its investment resulting from rate base growth was offset by a lower authorized 2013 return on common equity.
Edison International parent company and other reported year-to-date 2013 basic losses from continuing operations of $(0.09) per share compared to $(0.06) per share in the same period in 2012. Core losses from continuing operations in the year-to-date period of 2013 were $(0.11) per share compared to $(0.15) per share in the same period in 2012. The change in core earnings for the year-to-date period in 2013 was mainly due to lower consolidated state income taxes.
2013 Earnings Guidance
The company increased its 2013 core earnings guidance to $3.60 to $3.70 per share and its basic earnings guidance to $2.50 to $2.60 per share. Guidance increased largely due to updated income tax and lower operation and maintenance cost assumptions. See the risk disclosure statement in the Appendix and the presentation accompanying the company’s conference call for further information.
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Reconciliation of 2013 Core Earnings Guidance to |
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2013 Earnings Guidance |
2013 Earnings Guidance |
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|
SCE |
$3.50 |
$3.80 |
|
EIX Parent & Other |
(0.15) |
(0.15) |
|
EIX Core EPS |
$3.25 - $3.45 |
$3.60 - $3.70 |
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Non-core Items |
(1.03) |
(1.10) |
|
EIX Basic EPS |
$2.22 - $2.42 |
$2.50 - $2.60 |
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 energy services and technologies, 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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