Summary
Edison International (EIX) reported net income attributable to common shareholders of $344 million, or $1.05 per diluted share, for the three months ended June 30, 2010. This represents a significant improvement from a net loss of $16 million in the same period of the prior year. For the six months ended June 30, 2010, net income was $580 million, or $1.77 per diluted share, compared to $234 million, or $0.72 per diluted share, in the prior year's comparable period. These results were positively impacted by a significant tax benefit related to the Global Settlement with the IRS and a change in tax accounting for asset removal costs. The company's operating performance was mixed. Southern California Edison (SCE) reported higher core earnings due to increased authorized revenue and lower income tax expense. However, Edison Mission Group (EMG) saw a decrease in core earnings, primarily due to increased maintenance activities and scheduled plant outages, along with unrealized losses on hedging activities. Despite these challenges, the company's liquidity remains adequate, supported by available credit facilities and cash flow from operations.
Financial Highlights
44 data points| Revenue | $2.74B |
| Operating Expenses | $2.39B |
| Operating Income | $351.00M |
| Interest Expense | $175.00M |
| Net Income | $357.00M |
| EPS (Basic) | $1.05 |
| EPS (Diluted) | $1.05 |
| Shares Outstanding (Basic) | 326.00M |
| Shares Outstanding (Diluted) | 327.00M |
Key Highlights
- 1Edison International reported a significant year-over-year increase in net income for both the second quarter and the first six months of 2010, driven by substantial tax benefits and improved core earnings at SCE.
- 2Southern California Edison (SCE) saw core earnings rise, supported by higher authorized revenue for rate base growth and lower income tax expenses.
- 3Edison Mission Group (EMG) experienced a decline in core earnings due to increased plant maintenance, scheduled outages, and unrealized losses on hedging activities.
- 4The company received a significant benefit from a Global Settlement with the IRS and a change in tax accounting for asset removal costs, which positively impacted net income.
- 5SCE's capital program continues to focus on transmission upgrades, system reliability, solar energy development, and the EdisonSmartConnect™ smart meter initiative.
- 6EMG faces ongoing environmental compliance challenges, particularly at its Midwest Generation and Homer City facilities, with significant estimated capital expenditures for emissions controls.
- 7The company maintains adequate liquidity, with available credit facilities and positive cash flows from operations, although EMG's capital expenditures are subject to financing availability and environmental compliance decisions.