Edison International Reports First Quarter 2013 Results

Edison International Reports First Quarter 2013 Results

ROSEMEAD, Calif.--(BUSINESS WIRE)-- Edison International (NYS: EIX) today reported first quarter results, as summarized below.

           

 

 

First Quarter Results Summary

 
Three Months Ended March 31,
Per Share       2013                 2012
Basic earnings from continuing operations $ 0.79                 $ 0.54
Basic earnings (loss) from discontinued operations         0.04                   (0.26 )
Basic earnings (loss)       $ 0.83                 $ 0.28  
Core earnings       $ 0.77                 $ 0.54  

Note: See Use of Non-GAAP Financial Measures in Appendix.

 

Core Earnings Summary


The increase in core earnings in the first quarter was largely driven by the implementation of rates approved in Southern California Edison's (SCE) 2012 General Rate Case (GRC), which was approved by the California Public Utilities Commission (CPUC) in November 2012.

"We're off to a strong start in the first quarter, with earnings consistent with our full-year guidance," said Ted Craver, chairman and chief executive officer of Edison International. "Southern California Edison continues to make substantial investments in infrastructure improvements supporting state policy objectives."

First Quarter Earnings Detail

SCE's first quarter 2013 basic and core earnings were $0.78 per share compared to $0.56 per share in the first quarter of 2012. The core earnings increase was primarily due to the delay in receiving SCE's 2012 General Rate Case, lower operating expenses, largely due to timing, and tax benefits from incremental repair deductions.

Edison International parent company and other reported first quarter 2013 basic earnings from continuing operations of $0.01 per share compared to a $(0.02) per share loss from continuing operations in the first quarter of 2012. Core losses were $(0.01) per share compared to $(0.02) per share in the same period last year.

2013 Earnings Guidance

The company reaffirmed its 2013 core earnings guidance of $3.45 to $3.65 per share and updated its basic earnings guidance to a range of $3.51 to $3.71 per share based on first quarter results. See the risk disclosure statement in the Appendix and the presentation accompanying the company's conference call for further information.

                               

Reconciliation of 2013 Core Earnings Guidance to

Basic Earnings Guidance

 
       

2013 Earnings Guidance

as of 2/26/13

               

2013 Earnings Guidance

as of 4/30/13

SCE       $3.70                 $3.70
EIX Parent & Other       (0.15)                 (0.15)
EIX Core EPS       $3.45 - $3.65                 $3.45 - $3.65
Non-core Items                       0.06
EIX Basic EPS       $3.45 - $3.65                 $3.51 - $3.71

Note: See Use of Non-GAAP Financial Measures in Appendix. Non-core items from first quarter only.

 

About Edison International

Edison International (NYS: EIX) , through its subsidiaries, is a generator and distributor of electric power and an investor in infrastructure and energy assets, 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.

Appendix

Use of Non-GAAP Financial Measures

Edison International's earnings are prepared in accordance with generally accepted accounting principles used in the United States and represent the company's earnings as reported to the Securities and Exchange Commission. Our management uses core earnings and core earnings per share (EPS) internally for financial planning and for analysis of performance. We also use core earnings and core EPS when communicating with analysts and investors regarding our earnings results to facilitate comparisons of the Company's performance from period to period. Financial measures referred to net income, basic EPS, core earnings, or core EPS also applies to the description of earnings or earnings per share.

Core earnings and core EPS are non-GAAP financial measures and may not be comparable to those of other companies. Core earnings and core EPS are defined as basic earnings and basic EPS excluding income or loss from discontinued operations and income or loss from significant discrete items that management does not consider representative of ongoing earnings. Basic earnings and losses refer to net income or losses attributable to Edison International shareholders. Core earnings are reconciled to basic earnings in the attached tables. The impact of participating securities (vested stock options that earn dividend equivalents that may participate in undistributed earnings with common stock) for the principal operating subsidiary is not material to the principal operating subsidiary's EPS and is therefore reflected in the results of the Edison International holding company, which is included in EIX parent & other.

Risk Disclosure Statement

Forward-looking statements about the financial outlook for Edison International and its subsidiaries are included in this news release. These forward-looking statements reflect our current expectations; however, such statements involve risks and uncertainties. Actual results could differ materially from current expectations. Important factors that could cause different results are discussed under the headings "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Edison International's 2012 Form 10-K, and other reports and other reports and presentations filed with the Securities and Exchange Commission which are available at: www.edisoninvestor.com. These forward-looking statements represent our expectations only as of the date of this news release, and Edison International assumes no duty to update them to reflect new information, events or circumstances.

Reminder: Edison International Will Hold a Conference Call Today

When:           Tuesday, April 30, 2013, 2:00 p.m. (Pacific Daylight Time)
Telephone Numbers:

1-800-369-2198 (US) and 1-773-756-4618 (Int'l) - Passcode: Edison

Telephone Replay:

1-800-925-1773 (US) and 1-402-220-3092 (Int'l) - Passcode: 468529

Telephone replay available through May 9, 2013
Webcast:

www.edisoninvestor.com

 

Summary Financial Schedules

                 

First Quarter Basic Earnings Per Share

 
Three Months Ended March 31,

Earnings (Loss) Per Share

Attributable to Edison International

     

2013

         

2012

         

Change

SCE $ 0.78           $ 0.56 $ 0.22
  EIX parent & other         0.01             (0.02 )             0.03
Earnings from continuing operations         0.79             0.54               0.25
Earnings (loss) from discontinued operations1         0.04             (0.26 )             0.30
Basic earnings2       $ 0.83           $ 0.28             $ 0.55
Diluted earnings       $ 0.82           $ 0.28             $ 0.54
1.     Results for Edison Mission Energy reported as non-core discontinued operations for both periods.
2. The impact of participating securities on the per share amounts is included in EIX parent & other and was zero per share for both quarters.
 
 
                 

First Quarter Reconciliation of Core Earnings Per Share

to Basic Earnings Per Share

 
Three Months Ended March 31,

Earnings Per Share

Attributable to Edison International

     

2013

         

2012

         

Change

Core earnings (loss)1,2          
SCE $ 0.78 $0.56 $ 0.22
  EIX parent & other         (0.01 )           (0.02 )             0.01
Core earnings         0.77             0.54               0.23
Non-core items
EIX parent & other 0.02 0.02
Earnings (loss) from discontinued operations         0.04             (0.26 )             0.30
Total non-core items         0.06             (0.26 )             0.32
Basic earnings1       $ 0.83             $0.28             $ 0.55
1.     See Use of Non-GAAP Financial Measures in Appendix. The impact of participating securities on the per share amounts is included in EIX parent & other and was zero per share for both periods.
2. Results for Edison Mission Energy reported as non-core discontinued operations for both periods.
 
 
                 

First Quarter Basic Earnings

 
Three Months Ended March 31,
Earnings (Loss) (in millions)

Attributable to Edison International

     

2013

         

2012

         

Change

SCE $ 256           $ 182 $ 74
  EIX parent & other         3             (5 )             8
Earnings from continuing operations         259             177               82
Earnings (loss) from discontinued operations         12             (84 )             96
Basic earnings       $ 271           $ 93             $ 178

Note: Results for Edison Mission Energy reported as non-core discontinued operations for both periods.

 
 
                 

First Quarter Reconciliation of Core Earnings to Basic Earnings

 
Three Months Ended March 31,
Earnings (in millions)

Attributable to Edison International

     

2013

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