Edison International Reports Fourth Quarter and Full Year 2012 Results
ROSEMEAD, Calif., Feb. 26, 2013 – Edison International (NYSE: EIX) today reported fourth quarter and full-year results, as summarized below.
Fourth Quarter and Full-Year Results Summary
Year Ended December 31,
Basic earnings from continuing operations
Basic earnings (loss) from discontinued operations
Basic earnings (loss)
Note: Basic losses include results from Edison Mission Energy.
Core Earnings Summary
The increase in core earnings in the fourth quarter and full-year was driven by the implementation of Southern California Edison’s (SCE) 2012 General Rate Case, which was approved by the California Public Utilities Commission in November 2012.
“These strong results demonstrate Southern California Edison's ongoing ability to deliver rate base growth and cost management during an extended period of rate case uncertainty,” said Ted Craver, chairman and chief executive officer of Edison International. “Looking ahead, success in providing our customers with safe, reliable and affordable electricity provides the foundation for sustainable growth in earnings and dividends.”
Fourth Quarter Earnings Detail
Southern California Edison’s (SCE) fourth quarter 2012 basic earnings were $2.56 per share compared to $0.76 per share in the fourth quarter of 2011. Core earnings were $1.85 per share compared to fourth quarter 2011 core earnings of $0.76 per share. The core earnings increase was primarily due to implementation of SCE’s 2012 General Rate Case which allowed SCE to recover its revenue requirement retroactive to January 1, 2012, and record certain tax benefits. The fourth quarter 2012 results also include rate base growth and solid operating results, offset by severance costs as SCE continues to optimize its cost structure and minimize impacts on customer rates. Non-core items included a benefit from regulatory treatment of repair deductions for tax purposes during 2009 – 2011 as adopted in the 2012 General Rate Case.
Note: Basic earnings and losses refer to net income or losses attributable to Edison International common shareholders throughout this release. Core earnings is a non-GAAP financial measure. See Reconciliation of Core Earnings to Basic Earnings.
The following information was filed by Edison International (EIX) on Tuesday, February 26, 2013 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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Form Type: 10-K Annual Report Accession Number: 0000827052-13-000024 Submitted to the SEC: Tue Feb 26 2013 4:04:21 PM EST Accepted by the SEC: Tue Feb 26 2013 Period: Monday, December 31, 2012 Industry: Electric Services