ROSEMEAD - Edison International (NYSE: EIX) today reported third quarter 2020 net loss of $288 million, or $0.76 loss per share, compared to net income of $471 million, or $1.36 per share, in the third quarter 2019.
As adjusted, third quarter 2020 core earnings were $632 million, or $1.67 per share, compared to core earnings of $519 million, or $1.50 per share, in the third quarter 2019.
Southern California Edison's (SCE) third quarter 2020 earnings per share (EPS) decreased by $2.15 from the prior year period, consisting of higher core EPS of $0.14 and higher non-core loss per share of $2.29. Higher core EPS was primarily due to higher CPUC-related revenue due to the escalation mechanism as set forth in the 2018 GRC decision and lower expenses from regulatory deferrals related to wildfire mitigation activities. These were partially offset by higher operation and maintenance expenses, including customer uncollectibles resulting from the COVID-19 pandemic and SCE's response to it, and the increase in shares outstanding related to the equity offerings in July 2019 and May 2020.
SCE's higher non-core loss per share was attributable to a charge of $2.33 for the 2017/2018 Wildfire/Mudslide Events claims and expenses, net of expected recoveries from FERC customers, and $0.02 from higher amortization of SCE's contributions to the Wildfire Insurance Fund. These were partially offset by a gain of $0.06 recorded in third quarter 2020 for SCE's sale of San Onofre nuclear fuel.
Edison International Parent and Other's third quarter 2020 loss per share decreased by $0.03 compared to third quarter 2019. The lower loss per share was primarily due to higher tax benefits.
'Edison International's improved third quarter results were primarily due to higher CPUC-related revenue from the 2018 GRC escalation mechanism and lower expenses from regulatory deferrals related to wildfire mitigation activities, partially offset by equity share dilution,' said Pedro J. Pizarro, president and chief executive officer of Edison International. 'Reflecting our strong year-to-date performance and our confidence in the outlook for the year, we are narrowing our 2020 guidance range to $4.47 to $4.62 by raising the low end.'
Pizarro added, 'In preparation for this year's wildfire season, SCE's mitigation efforts augment those of State and local agencies. SCE has made substantial progress in implementing its wildfire mitigation plan. For instance, it is on track to meet or exceed the target of 700 miles of installed covered conductor set in the 2020 Wildfire Mitigation Plan. Further, the utility made significant enhancements over the past year to its Public Safety Power Shutoff (PSPS) program. SCE has also enhanced communication and coordination with government and communities and improved its capabilities to sectionalize circuits to reduce the number of customers impacted when a preventive de-energization is initiated.'
About Edison International
Edison International (NYSE: EIX) is one of the nation's largest electric utility holding companies, providing clean and reliable energy and energy services through its independent companies. Headquartered in Rosemead, California, Edison International is the parent company of Southern California Edison Company, a utility that delivers electricity to 15 million people across Southern, Central and Coastal California. Edison International is also the parent company of Edison Energy, a global energy advisory company delivering comprehensive, data-driven energy solutions to commercial and industrial users to meet their cost, sustainability and risk goals.
Contact:
Jeff Monford
Tel: (626) 476-8120
EDISON INTERNATIONAL 
