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This excerpt taken from the EIX 8-K filed Nov 6, 2009.

Page 3 of 13

 

2009 Earnings Guidance

The company narrowed its 2009 earnings guidance range to $2.23 to $2.43 per share on a GAAP basis and $2.95 to $3.15 per share on a core basis. See the risk disclosure statement on page 4 and the presentation accompanying the company’s conference call for further information.

This excerpt taken from the EIX 8-K filed Aug 7, 2009.

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2009 Earnings Guidance

Previously announced core earnings guidance of $2.90—$3.20 per share is reaffirmed. The company has updated its prior GAAP earnings guidance to a range of $2.18 to $2.48 per share to reflect the actual charge of $0.85 per share associated with the overall tax settlement and other expected non-core items. See the risk disclosure statement on page 4 and the presentation accompanying the company’s conference call for further information.

This excerpt taken from the EIX 8-K filed May 8, 2009.

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2009 Earnings Guidance

Previously announced core earnings guidance of $2.90 - $3.20 per share is reaffirmed. The company has revised its 2009 GAAP earnings guidance to reflect expected recognition of certain non-core charges related to the company’s global settlement with the U.S. Internal Revenue Service, which was finalized in the second quarter of this year.

See the risk disclosure statement on page 3 and the presentation accompanying the company’s conference call for further information.

This excerpt taken from the EIX 8-K filed Mar 2, 2009.

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Edison Mission Group’s (EMG) GAAP earnings were $0.25 per share in the fourth quarter of 2008 compared to $0.29 per share in the fourth quarter of 2007. Excluding a $0.01 per share charge for discontinued operations in the 2007 period, EMG’s core earnings decreased $0.05 per share. A loss arising from the termination of a natural gas turbine supply agreement, lower results from the Big 4 projects, lower interest income, and lower trading income at Edison Mission Marketing & Trading (EMMT) were partially offset by higher operating income at Midwest Generation, positive results from new wind projects in operation, and lower corporate expenses.

Full-Year Earnings Detail

SCE’s GAAP earnings in 2008 were $2.10 per share, a decrease of $0.07 per share compared to $2.17 per share in 2007. SCE’s 2008 results include a non-core charge of $0.15 per share associated with the CPUC decision on SCE’s performance-based ratemaking mechanism. SCE’s 2007 results include a non-core tax benefit of $0.10 per share from the resolution of the income tax treatment of certain environmental remediation costs. Excluding these non-core items, SCE’s 2008 core earnings were $2.25 per share compared to $2.07 per share in 2007. This $0.18 per share core earnings increase is primarily attributable to higher operating income related to rate base growth, including authorized energy efficiency rewards, and lower net interest expense.

EMG’s GAAP earnings in 2008 were $1.72 per share compared to $1.26 per share in 2007. EMG’s 2007 results include non-core charges of $0.46 per share, mainly due to $0.45 per share for early debt extinguishment costs. EMG’s 2008 core earnings remained at the 2007 level of $1.72 per share. Higher operating income at Midwest Generation, positive results from new wind projects in operation, and higher trading income at EMMT were offset by lower results from the Big 4 projects, lower interest income, a loss arising from the termination of a natural gas turbine supply agreement, and lower results at Homer City and Edison Capital.

Edison International parent company and other GAAP earnings were down from the prior year due to higher net interest expense.

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, California, 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 and parent company to Edison Mission Energy and Edison Capital.

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Edison International Reports Fourth Quarter 2008 Financial Results

This excerpt taken from the EIX 8-K filed Nov 7, 2008.

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Edison Mission Group’s (EMG) reported earnings were $0.66 per share for the third quarter of 2008 compared to $0.63 per share for the third quarter of 2007. EMG earnings from continuing operations and core earnings for the third quarter of 2008 remained flat compared to 2007 at $0.64 per share. Higher gross margins at Homer City and Midwest Generation were offset by a $0.05 per share charge related to hedge contracts with Lehman Brothers, lower income from the Big 4 projects and Edison Capital, lower interest income and other items.

Year-to-Date Earnings Summary

Edison International reported earnings were $3.03 per share for the nine-month period ending September 30, 2008, compared to $2.69 per share for the same period last year. Excluding non-core items, Edison International’s core earnings for the nine-month period in 2008 were $3.18 per share compared to $3.04 per share in the same period in 2007.

Year-to-Date Earnings Detail

SCE’s reported earnings through September 30, 2008 were $1.66 per share, a decrease of $0.14 per share compared to the same period last year. SCE’s 2008 results include a $0.15 per share charge associated with the CPUC’s performance-based ratemaking decision, and its 2007 results include income tax benefits of $0.10 per share related to an IRS settlement for the tax treatment of certain environmental remediation costs. Excluding these non-core items, SCE’s 2008 year-to-date core earnings were $1.81 per share, compared to $1.70 per share for the same period last year. This increase reflects higher operating income, lower financing costs and lower income taxes.

EMG’s reported earnings for the first nine months of 2008 were $1.47 per share compared to $0.96 per share for the same period last year. EMG’s 2007 results include a $0.45 per share charge for early debt extinguishment costs. Excluding non-core items, EMG’s year-to-date 2008 core earnings were $1.47 per share compared to $1.41 per share during the first nine months of 2007, an increase of $0.06 per share. This increase primarily reflects higher gross margin at Midwest Generation from increased generation and higher average realized prices, and higher energy trading income at EMMT. These increases were partially offset by lower income from the Big 4 projects and Homer City, lower interest income, and higher project development costs associated with EME’s growth activities.

2008 Earnings Guidance

The company’s 2008 core EPS guidance range of $3.61 - $4.01 is reaffirmed, although management now expects results to be near the middle of the range instead of the high end of the range. See the risk disclosure statement on page 4 and the presentation accompanying the company’s conference call for further information. GAAP guidance has been updated to reflect year-to-date non-core items.

–MORE–


EDISON INTERNATIONAL REPORTS THIRD QUARTER 2008 FINANCIAL RESULTS

This excerpt taken from the EIX 8-K filed Aug 8, 2008.

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operating subsidiary internally for financial planning and for analysis of performance. We also use core earnings and EPS by principal operating subsidiary as primary performance measurements when communicating with analysts and investors regarding our earnings results and outlook, as it allows us to more accurately compare the company’s ongoing performance across periods. Core earnings exclude discontinued operations and other non-core items and are reconciled to GAAP earnings per share.

EPS by principal operating subsidiary is based on the principal operating subsidiary net income and Edison International’s weighted average outstanding common shares. The impact of participating securities (vested stock options that earn dividend equivalents that may participate in undistributed earnings with common stock) for each principal operating subsidiary is not material to each principal operating subsidiary’s EPS and is therefore reflected in the results of the Edison International holding company, which we refer to as EIX parent company. EPS and core EPS by principal operating subsidiary are reconciled to GAAP earnings per share.

This excerpt taken from the EIX 8-K filed Aug 9, 2007.

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     Quarter Ended June 30,        

Earnings (Loss) (in millions) (Unaudited)

   2007     2006     Change  

Southern California Edison Company

   $ 144     $ 234     $ (90 )

Edison Mission Group

     (49 )     (56 )     7  

EIX parent company and other

     (4 )     (5 )     1  
                        

EIX income from continuing operations

     91       173       (82 )
                        

Income from discontinued operations

     2       4       (2 )
                        

EIX net income

   $ 93     $ 177     $ (84 )
                        
This excerpt taken from the EIX 8-K filed May 9, 2007.

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the ability to provide sufficient collateral in support of hedging activities and purchased power and fuel;

 

 

the risk of counter-party default in hedging transactions or power-purchase and fuel contracts;

 

 

the extent of additional supplies of capacity, energy and ancillary services from current competitors or new market entrants, including the development of new generation facilities and technologies;

 

 

the difficulty of predicting wholesale prices, transmission congestion, energy demand and other aspects of the complex and volatile markets in which EMG and its subsidiaries participate;

 

 

general political, economic and business conditions;

 

 

weather conditions, natural disasters and other unforeseen events; and

 

 

changes in the fair value of investments and other assets.

Additional information about risks and uncertainties, including more detail about the factors described above, is contained in Edison International’s reports filed with the Securities and Exchange Commission. Readers are urged to read such reports and carefully consider the risks, uncertainties and other factors that affect Edison International’s business. Readers also should review future reports filed by Edison International with the Securities and Exchange Commission. The information contained in this release is subject to change without notice. Forward-looking statements speak only as of the date they are made and Edison International is not obligated to publicly update or revise forward-looking statements.

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Rosemead, Calif.-based Edison International (NYSE:EIX) is an electric power generator and distributor, and an investor in infrastructure and renewable energy projects with assets totaling more than $36 billion. The company is comprised of a regulated utility, Southern California Edison, and an unregulated group of business units, EMG. The California Public Utilities Commission does not regulate the terms of EMG’s products and services.


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