Exhibit 99.1

ex9911q3image3a24.jpg
 
NEWS
 
 
 
FOR IMMEDIATE RELEASE        
Investor relations contact:
Sam Ramraj, (626) 302-2540
Media relations contact:
Ron Gales, (626) 302-7927
 

Edison International Reports Fourth Quarter and Full-Year 2019 Results

ROSEMEAD, Calif., February 27, 2020 - Edison International (NYSE: EIX) today reported fourth quarter 2019 net income of $143 million, or $0.40 per share, compared to a net loss of $1.4 billion, or $4.39 loss per share, in the fourth quarter 2018. As adjusted, fourth quarter 2019 core earnings were $355 million, or $0.99 per share, compared to core earnings of $305 million, or $0.94 per share, in the fourth quarter 2018.

Southern California Edison's (SCE) fourth quarter 2019 net income of $194 million, or $0.54 per share, compared favorably to a net loss of $1.4 billion, or $4.38 loss per share, in the fourth quarter 2018. SCE's fourth quarter 2019 earnings per share (EPS) increased by $4.92 from the prior year period, consisting of $0.07 of higher core EPS and $4.85 of lower non-core loss per share. Higher core EPS was primarily due to the adoption of the 2018 General Rate Case (GRC) final decision and higher Federal Energy Regulatory Commission (FERC) revenue due to the settlement of SCE's 2018 Formula Rate proceeding and rate base growth, partially offset by higher wildfire mitigation expenses that were not deferred as regulatory assets and the increase in shares outstanding in 2019. Lower non-core loss per share was mainly related to the absence of an after-tax charge of $1.8 billion, or $5.60 per share, recorded in the fourth quarter 2018 related to wildfire-related claims associated with the 2017/2018 wildfire events, net of recoveries, and the increase in shares outstanding in 2019. This was partially offset by an after-tax charge of $157 million, or $0.44 per share, recorded in the fourth quarter 2019 related to wildfire-related claims associated with the 2017/2018 wildfire events, net of recoveries, and an after-tax expense of $61 million, or $0.17 per share, related to the amortization of SCE's contributions to the Wildfire Insurance Fund.

Edison International Parent and Other's fourth quarter 2019 net loss of $51 million, or $0.14 loss per share, was higher than a net loss of $35 million, or $0.11 loss per share, reported in the fourth quarter 2018. Edison International Parent and Other’s fourth quarter 2019 loss per share increased by $0.03 compared to fourth quarter 2018, consisting of $0.02 of higher core loss per share and $0.01 of higher non-core loss per share. Higher core loss per share was primarily due to higher interest expense and corporate expenses, partially offset by the increase in shares outstanding in 2019 and the absence of an after-tax goodwill impairment charge of $13 million, or $0.04 per share, on the Edison Energy reporting unit in 2018. The higher non-core loss per share was mainly related to an after-tax goodwill impairment charge of $18 million, or $0.05 per share, on the Edison Energy reporting unit in 2019.

Additionally, Edison International recorded net income of $34 million, or $0.10 per share, from discontinued operations in the fourth quarter 2018.
    



    




The following information was filed by Southern California Edison Co on Thursday, February 27, 2020 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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