Edison International Reports Second Quarter 2012 Results

Edison International (NYSE: EIX) today reported second quarter 2012 basic earnings of $0.23 per share, compared to basic earnings of $0.54 per share in the same quarter last year. Second quarter 2012 core earnings were $0.32 per share, compared to core earnings of $0.56 per share in the second quarter of 2011.

The decrease in earnings was primarily related to losses at Edison Mission Group (EMG) and to a delay in the 2012 rate case decision at Southern California Edison (SCE). SCE incurred higher costs in the quarter to support its ongoing infrastructure investment programs, but the increased revenues to support these investment programs are pending a decision from California regulators.

“Second quarter results reflect higher, unrecovered costs at SCE, which will be addressed with a final rate case decision, and continued inspection and repair costs related to the San Onofre Nuclear Station outage, which we will look to recover in the future,” said Ted Craver, chairman and chief executive officer of Edison International. “We also saw increased losses at EMG, reflecting poor power prices. This further underscores the need to restructure and stabilize our competitive generation business.”

Second Quarter Earnings Detail

SCE’s second quarter 2012 basic and core earnings were $0.59 per share compared to $0.65 per share in the second quarter of 2011. The core earnings decrease was primarily due to a delay in the 2012 California Public Utilities Commission (CPUC) General Rate Case decision as higher depreciation and interest expenses are not being recovered in currently authorized revenue. The revenue requirement ultimately adopted by the CPUC will be retroactive to January 1, 2012. SCE also incurred $0.05 per share of incremental steam generator inspection and repair costs related to outages at San Onofre Nuclear Generating Station. These are currently being offset by other operation and maintenance cost reductions.

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