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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 2010 Results;
Announces 2011 Earnings Guidance
ROSEMEAD, Calif., Feb. 28, 2011 Edison International (NYSE: EIX) today reported fourth quarter 2010 basic earnings of $0.51 per share, compared to $0.65 per share in the same quarter last year. Fourth quarter 2010 core earnings were $0.58 per share, compared to core earnings of $0.59 per share in the fourth quarter of 2009. Higher fourth quarter earnings at Southern California Edison (SCE) were more than offset by lower results at Edison Mission Group (EMG) and higher parent company costs.
For 2010, the company reported basic earnings of $3.84 per share compared to $2.59 per share in 2009, while core earnings for 2010 increased 7 percent to $3.48 per share compared to $3.25 per share in 2009. The improvement in core earnings was driven by higher earnings at SCE, offset by a decline in earnings at EMG and a slight increase in parent company costs.
Edison International had a solid year, led by SCEs strong earnings growth, said Theodore F. Craver, Jr., chairman and chief executive officer of Edison International. Looking ahead to 2011, we expect continued earnings growth at SCE. EMG faces weak power market fundamentals in the year ahead, but we see positive value in the business as power market fundamentals improve.
Fourth Quarter Earnings Detail
SCEs fourth quarter 2010 basic earnings were $0.56 per share compared to $0.53 per share in the fourth quarter of 2009. Core earnings were also $0.56 per share while fourth quarter 2009 earnings were $0.51 per share. The core earnings increase was primarily driven by rate base growth. Fourth quarter 2009 results included a non-core benefit related to tax settlements.
Note: GAAP earnings and losses refer to net income or losses attributable to Edison International throughout this release. Core earnings is a non-GAAP financial measure. See Reconciliation of Core Earnings to GAAP Earnings and Reconciliation of Core Earnings Guidance to GAAP Earnings Guidance.
The following information was filed by Edison International (EIX) on Monday, February 28, 2011 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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