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|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 2009 Earnings
ROSEMEAD, Calif., Mar. 1, 2010 Edison International (NYSE: EIX) today reported fourth quarter 2009 basic earnings of $0.65 per share, compared to $0.66 per share in the same quarter last year. Fourth quarter 2009 core earnings were $0.59 per share compared to $0.66 per share in the fourth quarter of 2008. The decline is largely attributable to lower earnings at Edison Mission Group (EMG), partially offset by higher operating results at Southern California Edison (SCE). Core earnings exclude discontinued operations and other non-core items as discussed below.
Despite a difficult economy, our 2009 performance was solid, and we are pleased we were able to achieve earnings above the high end of our earnings guidance range, said Theodore F. Craver, Jr., chairman and chief executive officer of Edison International.
Fourth Quarter Earnings Detail
SCEs fourth quarter 2009 basic earnings were $0.53 per share compared to $0.43 per share in the fourth quarter 2008. Core earnings were $0.51 per share compared to $0.43 per share in the same quarter last year. This increase was primarily due to higher operating income associated with the California Public Utilities Commission (CPUC) and Federal Energy Regulatory Commission (FERC) General Rate Case (GRC) decisions, partially offset by higher income taxes. Fourth quarter 2009 non-core results include $0.02 per share from revised interest costs related to the global tax settlement with the Internal Revenue Service (IRS).
Note: Basic earnings or losses per share refer to basic earnings or losses per common share attributable to Edison International throughout this release. Core earnings is a non-GAAP financial measure. See Reconciliation of Core Earnings to Basic Earnings and Reconciliation of Core Earnings Guidance to Basic Earnings Guidance.
The following information was filed by Edison International (EIX) on Monday, March 1, 2010 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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