Edison International (NYSE: EIX) today reported fourth quarter 2011 basic losses of $(2.57) per share, compared to basic earnings of $0.51 per share in the same quarter last year. Fourth quarter 2011 core earnings were $0.75 per share, compared to core earnings of $0.58 per share in the fourth quarter of 2010. Higher fourth quarter core earnings at Southern California Edison (SCE) were partially offset by losses at EMG driven by lower energy prices, capacity prices, and generation.
For 2011, the company reported basic losses of $(0.11) per share compared to basic earnings of $3.84 per share in 2010, while core earnings for 2011 decreased 7 percent to $3.22 per share compared to $3.48 per share in 2010. The increase in core earnings at SCE was more than offset by losses at EMG driven by lower energy prices, capacity prices, and generation.
"For 2011, Edison International posted core earnings above its earnings guidance range and above Street consensus, although we reported a full-year loss due to impairment charges at our competitive generation subsidiary, EMG," said Ted Craver, chairman and chief executive officer of Edison International. "Southern California Edison continued to contribute strong earnings growth from its ongoing capital investment program. Given the challenging power market conditions facing EMG, we have taken important steps at EMG to preserve and enhance liquidity."
Note: GAAP earnings and losses refer to net income or losses attributable to Edison International throughout this release. Core earnings are a non-GAAP financial measure. See Reconciliation of Core Earnings to GAAP Earnings and Reconciliation of Core Earnings Per Share Guidance to Basic Earnings Per Share Guidance.Fourth Quarter Earnings Detail SCE’s fourth quarter 2011 basic and core earnings were $0.76 per share compared to $0.56 per share in the fourth quarter of 2010. Core earnings increased primarily due to rate base growth and also included a $0.09 per share benefit related to cumulative changes to deferred income taxes.
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