FOR IMMEDIATE RELEASE
Investor relations contact:
Sam Ramraj, (626) 302-2540
Media relations contact:
Charles Coleman, (626) 302-7982
Edison International Reports Fourth Quarter and Full-Year 2017 Results
ROSEMEAD, Calif., February 22, 2018 - Edison International (NYSE: EIX) today reported fourth quarter 2017 net loss of $545 million, or $1.67 loss per share, compared to net income of $329 million, or $1.01 per share, in the fourth quarter of 2016. As adjusted, fourth quarter 2017 core earnings were $357 million, or $1.10 per share, compared to core earnings of $316 million, or $0.97 per share, in the fourth quarter 2016.
Southern California Edison's (SCE) fourth quarter 2017 earnings decreased by $437 million, or $1.34 per share, from the fourth quarter 2016, consisting of $44 million, or $0.14 per share, of higher core earnings, offset by $481 million, or $1.48 per share, of higher non-core losses. The $44 million increase in core earnings was due to higher revenue from the escalation mechanism set forth in the 2015 General Rate Case (GRC) decision. Fourth quarter 2017 SCE core earnings excluded non-core losses of $481 million, or $1.48 per share, which is primarily related to the $448 million, or $1.38 per share, after-tax impairment and other charges related to the Revised San Onofre Settlement Agreement. There were no SCE non-core items in the fourth quarter 2016 results.
Edison International Parent and Other’s fourth quarter 2017 losses from continuing operations increased by $424 million, or $1.30 per share, compared to fourth quarter 2016, consisting of $3 million, or $0.01 per share, of higher core losses and $421 million, or $1.29 per share, of higher non-core losses. The increase in core losses was primarily related to lower tax benefits related to stock based compensation, partially offset by higher operating revenue. Edison International Parent and Other's fourth quarter 2017 core losses excluded non-core losses of $421 million, or $1.29 per share, primarily related to a $433 million, or $1.33 per share, write-down from the re-measurement of deferred taxes as a result of the Tax Cuts and Jobs Act. There were no Edison International Parent and Other non-core items in the fourth quarter 2016 results.
Additionally, Edison International recorded $13 million of income, or $0.04 per share, from discontinued operations for the fourth quarter 2016.
“Edison International delivered excellent fourth quarter and full-year results which were largely driven by strong operating performance and tax benefits at SCE and better-than-expected cost performance at the parent company,” said Pedro Pizarro, Edison International president and chief executive officer. “However, this year also had its challenges with the effects of wildfires and concerns over the associated legal and regulatory framework. In 2018, we will focus on addressing the risks and issues surrounding wildfires and other climate change impacts. Our strategy is rooted in enabling California’s ambitious environmental policies, which in turn will require strong, healthy utilities.”
For 2017, Edison International reported net income of $565 million, or $1.73 per share, compared to $1.3 billion, or $4.02 per share, during 2016. As adjusted, Edison International’s core earnings were $1.5 billion, or $4.50 per share, compared to $1.3 billion, or $3.97 per share, in 2016.
The following information was filed by Edison International (EIX) on Thursday, February 22, 2018 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.