FOR IMMEDIATE RELEASE
Investor relations contact:
Sam Ramraj, (626) 302-2540
Media relations contact:
Ron Gales, (626) 302-7927
Edison International Reports Third Quarter and Year-to-Date 2019 Results
ROSEMEAD, Calif., October 29, 2019 - Edison International (NYSE: EIX) today reported third quarter 2019 net income of $471 million, or $1.36 per share, compared to net income of $513 million, or $1.57 per share a year ago. As adjusted, third quarter 2019 core earnings were $519 million, or $1.50 per share, compared to core earnings of $510 million, or $1.56 per share, in the third quarter 2018.
Southern California Edison's (SCE) third quarter 2019 earnings per share (EPS) decreased by $0.19 from the third quarter 2018, consisting of lower core EPS of $0.03 and lower non-core EPS of $0.16. The decrease in SCE's core EPS from prior year was primarily due to the increase in shares outstanding related to the equity offering in July 2019 and higher wildfire mitigation expenses, which were partially offset by the adoption of the 2018 General Rate Case (GRC) final decision in the second quarter of 2019 and higher Federal Energy Regulatory Commission (FERC) revenue due to the pending settlement of SCE's 2018 Formula Rate proceeding. SCE's lower non-core EPS was due to the amortization of SCE's contributions to the Wildfire Insurance Fund.
Edison International Parent and Other’s third quarter 2019 loss per share from continuing operations increased by $0.02 compared to third quarter 2018, consisting of higher core loss per share of $0.03 and lower non-core loss per share of $0.01. The higher core loss per share was primarily due to higher interest expense as a result of increased borrowings.
“During the quarter, we filed our 2021 General Rate Case application that strikes a balance across SCE’s core work of improving the reliability and security of electric service, helping California meet its clean energy goals, and reducing the risk of catastrophic wildfires,” said Pedro Pizarro, president and chief executive officer of Edison International. “Additionally, we continued to implement elements of Assembly Bill 1054 by making our initial contribution of $2.4 billion to the wildfire fund.”
For the nine months ended September 30, 2019, Edison International reported net income of $1.1 billion, or $3.43 per share, compared to $1.0 billion, or $3.09 per share, during the same period in 2018. As adjusted, Edison International’s core earnings were $1.2 billion, or $3.73 per share, compared to $1.0 billion, or $3.21 per share, in the year-to-date period in 2018.
The following information was filed by Southern California Edison Co on Tuesday, October 29, 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.