Media Relations Contact: Charles Coleman, (626) 302-7982
Investor Relations Contact: Scott Cunningham, (626) 302-2540

ROSEMEAD, Calif., November 1, 2016 - Edison International (NYSE: EIX) today reported third quarter 2016 net income of $419 million, or $1.29 per share, compared to $421 million, or $1.29 per share, in the third quarter of 2015. There were no non-core items in the third quarter 2016 results. As adjusted, third quarter 2015 core earnings were $377 million or $1.16 per share.

SCE's third quarter 2016 net income increased by $46 million, or $0.15 per share, from the third quarter 2015 primarily due to the timing of the implementation of the 2015 General Rate Case (GRC) proposed decision and incremental return on pole loading rate base, partially offset by higher income tax expense.

SCE's 2015 earnings were impacted by the timing of the 2015 GRC decision. During 2015, SCE recorded revenue refunds to customers which totaled $451 million to reflect the final decision in the 2015 GRC.  In the third quarter of 2015, SCE recorded a refund of $233 million as a result of receiving the proposed GRC decision, of which a total of $70 million ($41 million after-tax), or $0.13 per share, was attributable to the first six months of 2015.  In addition, third quarter 2016 earnings included an increase in revenue of approximately $46 million ($27 million after-tax), or $0.08 per share, from the revenue escalation mechanism in the 2015 GRC decision.

Edison International Parent and Other’s third quarter 2016 losses from continuing operations increased by $5 million, or $0.02 per share, compared to third quarter 2015.  The higher losses reflected higher operating and development costs and lower revenue and gross margin from the sale of solar systems at Edison Energy Group.

Edison International Parent and Other's third quarter 2015 non-core items included income of $1 million related to losses (net of distributions) allocated to tax equity investors under the hypothetical liquidation at book value (HLBV) accounting method. Additionally, during the third quarter 2015, Edison International recorded $43 million, or $0.13 per share, of earnings from discontinued operations.

“Third quarter results reflect the ongoing strength of SCE’s earnings and we’ve reaffirmed our 2016 earnings guidance accordingly,” said Pedro Pizarro, president and chief executive officer of Edison International. “We continue to see a long-term opportunity for above-average earnings and dividend growth based on SCE infrastructure replacement and electric grid modernization helping achieve California’s vision for a low-carbon economy.”

Year-to-Date Earnings

For the nine months ended September 30, 2016, Edison International reported net income of $965 million, or $2.96 per share, compared to $1,099 million, or $3.37 per share, during the same period in 2015. On an adjusted basis, Edison International’s core earnings were $961 million, or $2.95 per share, compared to $1,049 million, or $3.22 per share, in the year-to-date period in 2015.    

SCE’s net income for the nine months ended September 30, 2016 decreased $42 million, or $0.13 per share, from the same period in 2015, primarily due to $100 million, or $0.31 per share, of income tax benefits from revisions to liabilities for uncertain tax positions recorded in the second quarter of 2015, partially offset by an increase in revenues of $142 million ($84 million after-tax), or $0.26 per share, from the escalation mechanism in the 2015 GRC decision and 2016 incremental return on the pole loading rate base.    

Edison International Parent and Other’s losses from continuing operations from the nine months ended September 30, 2016 increased by $48 million, or $0.15 per share, compared to same period 2015.  During the second quarter 2016, Edison International Parent and Other recorded an after-tax charge of $13 million, or $0.04 per share, related to the buy-out of an earn-out provision with the former shareholders of a company acquired by Edison Energy at the end of 2015.  In addition, the increased losses also reflect higher operating and development costs and lower revenue and gross margin from the sale of solar systems at Edison Energy Group, as well as losses at Edison Capital compared to income from investments in affordable housing projects sold at the end of 2015.

Edison International's non-core items for the nine months ended September 30, 2016 included income of $5 million, or $0.01 per share, compared to income of $7 million, or $0.02 per share, for the same period in 2015 related to losses (net of distributions) allocated to tax equity investors under the HLBV accounting method.  Additionally, during the nine months ended September 30, 2016, Edison International recorded $1 million of losses from discontinued operations as compared to $43 million, or $0.13 per share, of earnings in the same period of 2015.

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.

Reaffirmed 2016 Earnings Guidance

The company reaffirmed its earnings guidance for 2016 as summarized in the following chart. See the presentation accompanying the company’s conference call for further information including key guidance assumptions.

2016 Earnings Guidance
   
2016 Earnings Guidance
as of July 28, 2016
  

2016 Earnings Guidance
as of November 1, 2016

   
Low
Mid
High
  
Low
Mid
High
EIX Basic EPS  
$3.82
$3.92
$4.02
 
$3.87
$3.92
$3.97
Less: Non-core Items*  
0.01
0.01
0.01
 
0.01
0.01
0.01
EIX Core EPS  
$3.81
$3.91
$4.01
 
$3.86
$3.91
$3.96
* Non-core items recorded for the nine months ended September 30, 2016.

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, Calif., 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.

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Appendix and Summary Financial Schedules

Edison International Reports Third Quarter 2016 Results; Reaffirms 2016 Earnings Guidance