Media relations contact: Charles Coleman (626) 302-7982
Investor relations contact: Scott Cunningham (626) 302-2540
ROSEMEAD, Calif., May 2, 2012 – Edison International (NYSE: EIX) today reported first quarter 2012 basic earnings of $0.28 per share, compared to basic earnings of $0.61 per share in the same quarter last year. First quarter 2012 core earnings were $0.35 per share, compared to core earnings of $0.65 per share in the first quarter of 2011.
The decrease in earnings primarily related to losses at Edison Mission Group' (EMG) Midwest Generation unit and to a delay in the 2012 rate case decision at Southern California Edison (SCE). SCE incurred higher costs in the quarter to support its ongoing investment programs, but the revenues to support these investment programs are pending a decision from California regulators.
"The timing impact on SCE’s first quarter results should correct itself when a final rate case decision is received," said Ted Craver, chairman and chief executive officer of Edison International. "Prospects remain strong for rate base and earnings growth at SCE."
In anticipation of the transfer of EMG’s Homer City station to its owner-lessors, results for Homer City are now classified as non-core for both periods.
First Quarter Earnings Detail
SCE' first quarter 2012 basic and core earnings were $0.56 per share compared to $0.68 per share in the first quarter of 2011. The core earnings decrease was primarily due to a delay in the 2012 California Public Utilities Commission (CPUC) general rate case decision as higher depreciation and net interest expenses are not being recovered in currently authorized revenue. The revenue requirement ultimately adopted by the CPUC will be retroactive to January 1, 2012. SCE also incurred $0.04 per share of incremental steam generator inspection and repair costs related to outages at the San Onofre Nuclear Generating Station that were offset by other operation and maintenance cost reductions.
Note: GAAP earnings and losses refer to net income or losses attributable to Edison International throughout this release. Core earnings are a non-GAAP financial measure. See Reconciliation of Core Earnings to GAAP Earnings and Reconciliation of Core Earnings Per Share Guidance to Basic Earnings Per Share Guidance.
EMG' first quarter 2012 basic losses were $(0.26) per share compared to losses of ($0.06) per share in the first quarter of 2011. Core losses were $(0.19) per share compared to losses of ($0.02) per share in the same quarter last year. 2012 core losses were due to lower generation, average realized energy, and capacity prices, along with higher fuel costs at Midwest Generation. Non-core items for both quarters included the results for Homer City in anticipation of the transfer of Homer City to the owner-lessors.
Edison International parent company and other reported a first quarter 2012 basic and core loss of $(0.02) per share compared to a $(0.01) per share basic and core loss in the same quarter last year.
2012 Earnings Guidance
The company will provide 2012 earnings guidance after SCE has received a final decision on its 2012 General Rate Case from the CPUC. See the risk disclosure statement on page 3 and the financial teleconference presentation accompanying the company’s earnings conference call for further information.
About Edison International
Edison International, 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, and Edison Mission Group, a competitive power generation business.
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Appendix and Summary Financial Schedules
Edison International Reports First Quarter 2012 Results