FOR IMMEDIATE RELEASE
Media relations contact: Charles Coleman, (626) 302-7982
Investor relations contact: Scott Cunningham, (626) 302-2540
Edison International Reports Fourth Quarter and Full-Year 2016 Results;
Introduces 2017 Earnings Guidance
ROSEMEAD, Calif., February 21, 2017 - Edison International (NYSE: EIX) today reported fourth quarter 2016 net income of $345 million, or $1.06 per share, compared to a net loss of $79 million, or $0.24 loss per share, in the fourth quarter 2015. As adjusted, fourth quarter 2016 core earnings were $332 million, or $1.02 per share, compared to core earnings of $287 million, or $0.88 per share, in the fourth quarter 2015.
Southern California Edison's (SCE) fourth quarter 2016 net income increased by $419 million, or $1.29 per share, from the fourth quarter 2015. SCE's increase in net income consisted of $49 million of higher core earnings and $370 million of higher non-core earnings. The increase in core earnings was due to an increase in revenue from the escalation mechanism as set forth in the 2015 General Rate Case (GRC) and lower operations and maintenance expenses, partially offset by higher net financing costs and tax expense. There were no SCE non-core items in the fourth quarter 2016 results. Fourth quarter 2015 SCE core earnings excluded losses of $370 million, or $1.14 per share. This is primarily related to the $382 million, or $1.18 per share, write-down of SCE deferred income tax regulatory asset from certain 2012-2014 tax repair deductions.
Fourth quarter 2016 losses from continuing operations at Edison International Parent and Other increased by $16 million, or $0.05 per share, compared to fourth quarter 2015. This increase consisted of $4 million of higher core losses and $12 million of non-core income related to the fourth quarter 2015. The higher core losses reflected lower revenue from Edison Capital's affordable housing investment portfolio, partially offset by lower corporate expenses. There were no non-core items in the fourth quarter 2016 for Edison International Parent and Other. Fourth quarter 2015 non-core items included income of $10 million, or $0.03 per share, related to the completion of the sale of Edison Capital's affordable housing investment portfolio and $2 million, or $0.01 per share, of income under the hypothetical liquidation at book value (HLBV) accounting method. Additionally, Edison International recorded $13 million of income, or $0.04 per share, and losses of $8 million, or $0.02 per share, from discontinued operations for the fourth quarter 2016 and fourth quarter 2015, respectively.
“Edison International delivered excellent fourth quarter and full-year results at the high end of our guidance range, led by SCE’s strong operating performance,” said Pedro Pizarro, Edison International president and chief executive officer. “Additionally, we have introduced 2017 earnings guidance with the midpoint above consensus analyst estimates.”
Full Year Earnings
For 2016, Edison International reported net income of $1,311 million, or $4.02 per share, compared to $1,020 million, or $3.13 per share, in 2015. On an adjusted basis, Edison International’s core earnings were $1,294 million, or $3.97 per share, compared to $1,336 million, or $4.10 per share, in 2015.
The following information was filed by Edison International (EIX) on Tuesday, February 21, 2017 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.