Edison Int'l (EIX) Tops Q2 EPS by 33c

Edison Int'l (NYSE: EIX) reported Q2 EPS of $1.16, $0.33 better than the analyst estimate of $0.83. Revenue for the quarter came in at $2.91 billion versus the consensus estimate of $3.08 billion.

“SCE remains focused on improving its safety and operational performance and continues to invest at high levels to support system reliability, public safety and California’s renewables mandates,” said Ted Craver, chairman and chief executive officer of Edison International. “Earnings improved in the second quarter primarily from federal tax benefits, but until SCE receives a decision in its 2015 General Rate Case, comparative results are not meaningful.”

Southern California Edison’s (SCE) second quarter 2015 core earnings increased by $22 million, or $0.07 per share, from the second quarter 2014 primarily due to a $100 million, or $0.31 per share, tax benefit from revisions to liabilities for uncertain tax positions. In addition, earnings benefited from higher Federal Energy Regulatory Commission (FERC)-related revenue from rate base growth and earnings on funds used during construction. These were partially offset by lower other income and other tax items. SCE continues to recognize revenue from CPUC activities in 2015 largely based on 2014 authorized base revenue requirements included in customer rates. The revenue requirement ultimately adopted by the CPUC will be retroactive to January 1, 2015.

For earnings history and earnings-related data on Edison Int'l (EIX) click here.

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