This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Edison International Reports Fourth Quarter And Full-Year 2013 Results

Edison International (NYSE: EIX) today reported full-year 2013 net income attributable to common shareholders of $915 million, or $2.81 per share, compared to losses of $183 million, or $0.56 per share, in the full-year of 2012.

“Edison International's 2013 earnings were driven by Southern California Edison's electric infrastructure investments and operational efficiencies,” said Ted Craver, chairman and chief executive officer of Edison International. “Higher levels of infrastructure investments are needed to support grid reliability, while contributing to our expectation that core earnings in 2014 will be in the range of $3.60 to $3.80 per share.”

Full-year 2013 results included $322 million, or $0.99 per share, of net charges and losses from discontinued operations, which are not considered part of core earnings. Adjusting for these net charges, Edison International earned $1,237 million, or $3.80 per share, of core earnings in 2013. Full-year 2012 results included $1,461 million, or $4.48 per share, of net non-core charges and losses from discontinued operations that, when adjusted, result in core earnings of $1,278 million, or $3.92 per share. Southern California Edison's 2013 core earnings decreased $73 million, or $0.22 per share, primarily due to lower income tax benefits and the impact from ceasing to record a return on rate base for San Onofre after the decision to permanently retire the plant, partially offset by lower incremental inspection and repair costs at San Onofre and lower operating costs. The earnings increase from rate base growth was offset by the lower authorized 2013 return on common equity.

For the fourth quarter of 2013 Edison International reported net income attributable to common shareholders of $301 million, or $0.92 per share, compared to losses of $539 million, or $1.65 per share, in 2012.

Fourth quarter 2013 results included $37 million, or $0.11 per share, of earnings from discontinued operations, which are not considered part of core earnings. Adjusting for earnings from discontinued operations, Edison International earned $264 million, or $0.81 per share, of core earnings in the fourth quarter of 2013. Fourth quarter 2012 results included $1,121 million, or $3.44 per share, of net charges and losses from discontinued operations resulting in core earnings of $582 million, or $1.79 per share. Southern California Edison's core earnings decreased $344 million, or $1.06 per share, due to the delay of the 2012 CPUC general rate case decision, which resulted in recognizing a full year of revenue in the fourth quarter of 2012, higher income taxes and the impact from ceasing to record a return on rate base for San Onofre after the decision to permanently retire the plant. Partially offsetting these decreases were lower operating and maintenance expenses and incremental inspection and repair costs at San Onofre. The earnings increase from the rate base growth for the quarter was offset by the lower authorized 2013 return on common equity.

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,279.74 +13.75 0.08%
S&P 500 2,010.40 -0.96 -0.05%
NASDAQ 4,579.7890 -13.6380 -0.30%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs