EIX » Topics » Edison International Reports Second Quarter 2009 Results

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

Edison International Reports Third Quarter 2009 Results

ROSEMEAD, Calif., Nov. 6, 2009 – Edison International (NYSE: EIX) today reported third quarter 2009 GAAP earnings of $1.23 per share, compared to $1.33 per share in the same quarter last year. Third quarter 2009 core earnings were $1.09 per share compared to $1.46 per share in the third quarter 2008. The decline is largely attributable to lower earnings at Edison Mission Group (EMG), partially offset by higher operating results at Southern California Edison (SCE). Core earnings exclude discontinued operations and other non-core items as discussed below.

“Edison International is on track to meet its financial objectives laid out for investors at the beginning of the year. Our strong focus on execution in managing our operations helped us to achieve a good quarter,” said Theodore F. Craver, Jr., chairman and chief executive officer of Edison International.

Third Quarter Earnings Detail

SCE’s third quarter 2009 GAAP earnings were $1.06 per share compared to $0.72 per share in the third quarter 2008. Core earnings were $0.92 per share compared to $0.87 per share in the same quarter last year. This increase was primarily due to higher operating income associated with the utility’s 2009 General Rate Case (GRC) and lower nonoperating expenses, partially offset by higher income tax expense. SCE also recorded a non-core benefit in the third quarter 2009 of $0.14 per share to reflect the non-cash accounting benefit from the final regulatory approval to transfer its Mountainview power plant to utility rate base. SCE recorded a $0.15 per share non-core charge in the third quarter 2008 resulting from the California Public Utilities Commission (CPUC) performance-based ratemaking decision.

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Note: GAAP earnings and losses refer to net income or losses attributable to Edison International and GAAP earnings or losses per share refer to basic earnings or losses per common share attributable to Edison International throughout this release. Core earnings is a non-GAAP financial measure. See Reconciliation of Core Earnings to GAAP Earnings and Reconciliation of Core Earnings Guidance to GAAP Earnings Guidance.


Edison International Reports Third Quarter 2009 Financial Results

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

Edison International Reports Second Quarter 2009 Results

ROSEMEAD, Calif., August 7, 2009 – Edison International (NYSE: EIX) today reported a second quarter 2009 GAAP loss of $0.05 per share. The loss includes a $0.81 per share charge from finalizing a global settlement with the Internal Revenue Service in May 2009 and the related termination of cross-border, leveraged leases (the “overall tax settlement”). The overall tax settlement resolves numerous federal income tax issues dating back to 1986.

Excluding the overall tax settlement charge and other non-core items, second quarter 2009 core earnings were $0.78 per share, or $0.01 per share less than the second quarter 2008. The core earnings decline is attributable to lower results at Edison Mission Group (EMG) offset largely by higher results at Southern California Edison (SCE).

“Although not reflected in our reported earnings, our second quarter core earnings are on track with our expectations for the quarter,” said Theodore F. Craver, Jr., chairman and chief executive officer of Edison International. “We established several key milestones to accomplish this year and are pleased with the progress to date such as the completion of the global tax settlement with the IRS which removes a major uncertainty for investors.”

Second Quarter Earnings Detail

SCE’s second quarter 2009 GAAP earnings from continuing operations were $1.53 per share and core earnings were $0.61 per share compared to $0.48 per share GAAP earnings from continuing operations and core earnings in the same quarter last year. The increase in core earnings was primarily due to higher operating income associated with the 2009 General Rate Case (GRC) and lower operating expenses due mainly to timing differences. SCE second quarter 2009 core earnings exclude the impact of the overall tax settlement.

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Note: GAAP earnings and losses refer to net income or losses attributable to Edison International and GAAP earnings or losses per share refer to basic earnings or losses per common share attributable to Edison International throughout this release. Core earnings is a non-GAAP financial measure. See Reconciliation of Core Earnings to GAAP Earnings and Reconciliation of Core Earnings Guidance to GAAP Earnings Guidance.


Edison International Reports Second Quarter 2009 Financial Results

EXCERPTS ON THIS PAGE:

8-K
Nov 6, 2009
8-K
Aug 7, 2009

RELATED TOPICS for EIX:

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