Investor relations contact: Sam Ramraj, (626) 302-2540
Media relations contact: Ron Gales, (626) 302-7927
 
 
ROSEMEAD, Calif., October 29, 2019 - Edison International (NYSE: EIX) today reported third quarter 2019 net income of $471 million, or $1.36 per share, compared to net income of $513 million, or $1.57 per share a year ago. As adjusted, third quarter 2019 core earnings were $519 million, or $1.50 per share, compared to core earnings of $510 million, or $1.56 per share, in the third quarter 2018.
 
Southern California Edison's (SCE) third quarter 2019 earnings per share (EPS) decreased by $0.19 from the third quarter 2018, consisting of lower core EPS of $0.03 and lower non-core EPS of $0.16. The decrease in SCE's core EPS from prior year was primarily due to the increase in shares outstanding related to the equity offering in July 2019 and higher wildfire mitigation expenses, which were partially offset by the adoption of the 2018 General Rate Case (GRC) final decision in the second quarter of 2019 and higher Federal Energy Regulatory Commission (FERC) revenue due to the pending settlement of SCE's 2018 Formula Rate proceeding. SCE's lower non-core EPS was due to the amortization of SCE's contributions to the Wildfire Insurance Fund.
 
Edison International Parent and Other’s third quarter 2019 loss per share from continuing operations increased by $0.02 compared to third quarter 2018, consisting of higher core loss per share of $0.03 and lower non-core loss per share of $0.01. The higher core loss per share was primarily due to higher interest expense as a result of increased borrowings.
 
“During the quarter, we filed our 2021 General Rate Case application that strikes a balance across SCE’s core work of improving the reliability and security of electric service, helping California meet its clean energy goals, and reducing the risk of catastrophic wildfires,” said Pedro Pizarro, president and chief executive officer of Edison International. “Additionally, we continued to implement elements of Assembly Bill 1054 by making our initial contribution of $2.4 billion to the wildfire fund.”
 
Year-to-Date Earnings
 
For the nine months ended September 30, 2019, Edison International reported net income of $1.1 billion, or $3.43 per share, compared to $1.0 billion, or $3.09 per share, during the same period in 2018. As adjusted, Edison International’s core earnings were $1.2 billion, or $3.73 per share, compared to $1.0 billion, or $3.21 per share, in the year-to-date period in 2018.
 
SCE's year-to-date 2019 EPS increased $0.22 from the same period prior year, consisting of higher core EPS of $0.54, offset by higher non-core loss per share of $0.32. The increase in SCE's core EPS was primarily due to the adoption of the 2018 GRC final decision in the second quarter 2019, higher FERC revenue due to the pending settlement of SCE's 2018 Formula Rate proceeding and timing of regulatory deferrals of wildfire insurance costs, which were partially offset by the increase in shares outstanding related to the equity offering in July 2019 and higher wildfire mitigation and other maintenance expenses. SCE's higher non-core loss per share was mainly due to a $0.14 loss per share of amortization related to SCE's contributions to the Wildfire Insurance Fund and $0.38 loss per share related to the impairment charge resulting from the disallowance of certain historical capital expenditures in SCE's 2018 GRC final decision recorded in the second quarter 2019, which were partially offset by $0.21 per share of income tax benefits related to changes in the allocation of deferred tax re-measurement between customers and shareholders as a result of a California Public Utilities Commission (CPUC) resolution issued in February 2019.
 
Edison International Parent and Other’s year-to-date 2019 loss per share from continuing operations decreased by $0.12 compared to the same period in 2018, consisting of higher core loss per share of $0.02 and lower non-core loss per share of $0.14. The higher core loss per share was primarily due to higher interest expense, partially offset by lower loss per share at the competitive business under Edison Energy Group. The lower non-core loss per share was primarily related to the absence of the loss recorded in connection with the sale of SoCore Energy in April 2018.
 
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.
 
2019 Earnings Guidance
 
The company updated its earnings guidance for 2019 as summarized in the following chart. See the presentation accompanying the company’s conference call for further information including key guidance assumptions.
 
2019 Earnings Guidance
  2019 Earnings Guidance as of July 25, 2019 2019 Earnings Guidance as of October 29, 2019
  Low Mid High Low Mid High
EIX Basic EPS $4.46 $4.56 $4.66 $4.41 $4.51 $4.61
Less: Non-core Items* (0.15) (0.15) (0.15) (0.29) (0.29) (0.29)
EIX Core EPS $4.61 $4.71 $4.81 $4.70 $4.80 $4.90

* There were ($99) million, or ($0.29) per share of non-core items recorded for the nine months ended September 30, 2019, calculated based on an assumed weighted average share count for 2019.

About Edison International

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

Appendix and Summary Financial Schedules

Edison International Reports Third Quarter and Year-to-Date 2019 Results