FOR IMMEDIATE RELEASE
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Sam Ramraj, (626) 302-2540
Media relations contact:
Charles Coleman, (626) 302-7982
Edison International Reports Second Quarter and Year-to-Date 2019 Results
ROSEMEAD, Calif., July 25, 2019 - Edison International (NYSE: EIX) today reported second quarter 2019 net income of $392 million, or $1.20 per share, compared to net income of $276 million, or $0.85 per share, in the second quarter 2018. As adjusted, second quarter 2019 core earnings were $515 million, or $1.58 per share, compared to core earnings of $274 million, or $0.85 per share, in the second quarter 2018.
SCE's second quarter 2019 earnings increased by $122 million, or $0.37 per share, from the second quarter 2018, consisting of $245 million, or $0.75 per share, of higher core earnings and $123 million, or $0.38 per share, of higher non-core losses. The increase in core earnings was primarily due to adoption of the 2018 General Rate Case (GRC) final decision in the second quarter 2019, the timing of regulatory deferrals related to wildfire insurance and wildfire mitigation costs and higher revenue due to a change in estimate under the FERC formula rate mechanism. The higher non-core losses for the second quarter 2019 were mainly related to the $170 million ($123 million after-tax), or $0.38 per share, impairment charge resulting from the disallowance of certain historical capital expenditures in SCE's 2018 GRC final decision.
Edison International Parent and Other’s second quarter 2019 loss from continuing operations increased by $6 million, or $0.02 per share, compared to second quarter 2018, consisting of $4 million, or $0.02 per share, of higher core losses and $2 million of higher non-core losses. The higher core losses were primarily due to higher interest expense as a result of increased borrowings.
“The increase in core earnings in the second quarter 2019 was primarily due to the adoption of the 2018 GRC final decision, the timing of regulatory deferrals related to wildfire insurance and mitigation costs,” said Pedro J. Pizarro, president and chief executive officer of Edison International. “We remain committed to improving our wildfire risk profile through enhanced operational capabilities, while continuing to make significant investments in grid hardening and resiliency, as well as other capital programs that support California’s energy goals.”
Pizarro added, “On the legislative front, SCE appreciates the significant leadership that Governor Newsom and the legislature have shown and their willingness to act with urgency to address this wildfire crisis through the passage of Assembly Bill 1054 and companion measures. We supported passage of these bills, which improve the current regulatory framework. The state must ensure careful implementation and make some refinements in the future to ensure their success; we will work hard to see those changes made.”
For the six months ended June 30, 2019, Edison International reported net income of $670 million, or $2.05 per share, compared to $494 million, or $1.52 per share, during the same period in 2018. As adjusted, Edison International’s core earnings were $721 million, or $2.21 per share, compared to $536 million, or $1.65 per share, in the year-to-date period in 2018.
The following information was filed by Southern California Edison Co on Thursday, July 25, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.