Edison International · NYSE:EIX
Edison International — Q1 2017 Earnings Presentation
15 slides from Edison International's earnings presentation, May 1, 2017
Slide 1: First Quarter 2017 Financial Results
May 1, 2017 First Quarter 2017 Financial Results Exhibit 99.3
Slide 2: Forward-looking statements
May 1, 2017 1 Statements contained in this presentation about future performance, including, without limitation, operating results, capital expenditures, rate base growth, dividend policy, financial outlook, and other statements that are not purely historical, are forward-looking statements. These f
Slide 3: First Quarter Earnings Summary
May 1, 2017 2 Q1 2017 Q1 2016 Variance Basic Earnings Per Share (EPS)1 SCE $1.07 $0.90 $0.17 EIX Parent & Other 0.04 (0.04) 0.08 Basic EPS $1.11 $0.86 $0.25 Less: Non-Core Items SCE $ − $ − $ − EIX Parent & Other2 − 0.01 (0.01) Total Non-Core Items $ − $0.01 $(0.01) Core Earnings Per Share (EPS)1 SC
Slide 4: 2017 Core Earnings Per Share Guidance – Building from SCE Rate Base
May 1, 2017 3 $4.05 $4.14(0.25)0.34 SCE 2017 EPS from Rate Base Forecast SCE Variances EIX Parent & Other EIX 2017 Core EPS Midpoint Guidance • O&M and financing benefits - $0.31 • Energy efficiency - $0.03 2017 Core Earnings Per Share Guidance – Building from SCE Rate Base • SCE authorized rate bas
Slide 5: General Rate Case Update – ORA Testimony
May 1, 2017 4 General Rate Case Update – ORA Testimony ORA submitted testimony on April 7, 2017 • Proposed 2018 revenue requirement increase of $14 million above 2017 versus SCE’s request of a $222 million increase over presently authorized base rates • Proposed post test year increases: 2.7% and 4.
Slide 6: Other First Quarter Finance Topics
May 1, 2017 5 Other First Quarter Finance Topics SCE Capital Spending and Rate Base Forecasts • At request level, continue to see 8.6% average annual rate base growth opportunity through 2020 • Potential for at least $4 billion of capital spending and at least $2 billion of rate base growth annually
Slide 7: Appendix
May 1, 2017 6 Appendix
Slide 8: SCE Capital Expenditure Forecast – Request Level
May 1, 2017 7 SCE Capital Expenditure Forecast – Request Level Note: Forecasted capital spending includes CPUC, FERC and other spending. See Capital Expenditure/Rate Base Detailed Forecast for further information, including potential investment excluded in forecasts. SCE currently sees 2017 capital
Slide 9: SCE Rate Base Forecast – Request Level
May 1, 2017 8 SCE Rate Base Forecast – Request Level CPUC • Rate base based on request levels from 2018 GRC and 2018 positive true-up from authorized to forecast 2017 rate base FERC • FERC rate base is approximately 19% of SCE’s rate base by 2020; includes Construction Work in Progress (CWIP) Other
Slide 10: SCE Large Transmission Projects
May 1, 2017 9 SCE Large Transmission Projects 1. CPUC approved 2. FEIR issued and revised costs are being developed, expected Q2 3. Morongo Transmission holds an option to invest up to $400 million, or half of the estimated cost of the transmission facilities only, at the in-service date. If the opt
Slide 11: MHI Award Accounting
May 1, 2017 10 MHI Award Accounting • On March 13, 2017, a decision was received from the International Chamber of Commerce International Court (ICC) regarding the MHI Arbitration • $47.1 million net proceeds received by SCE • CPUC will review the documentation of the final resolution of the MHI dis
Slide 12: Earnings Non-GAAP Reconciliations
May 1, 2017 11 Earnings Non-GAAP Reconciliations Note: See Use of Non-GAAP Financial Measures. First quarter 2016 earnings was updated to reflect the implementation of the accounting standard for share-based payments effective January 1, 2016 ($ millions) Reconciliation of EIX GAAP Earnings to EIX C
Slide 13: SCE Core EPS Non-GAAP Reconciliations
May 1, 2017 12 SCE Core EPS Non-GAAP Reconciliations Basic EPS Non-Core Items Regulatory and tax items Write down, impairment and other charges Insurance recoveries Less: Total Non-Core Items Core EPS Reconciliation of SCE Basic Earnings Per Share to SCE Core Earnings Per Share 5% 5% $3.33 — — — — $
Slide 14: 2016 Retrospectively Adjusted EPS by Quarter
May 1, 2017 13 2016 Retrospectively Adjusted EPS by Quarter 20161 Q4 Q3 Q2 Q1 Earnings (loss) per share attributable to Edison International Continuing Operations SCE $4.22 $1.01 $1.34 $0.98 $0.90 Edison International Parent & Other (0.23) (0.04) (0.05) (0.11) (0.04) Discontinued Operations 0.03 0.0
Slide 15: Use of Non-GAAP Financial Measures
May 1, 2017 14 Use of Non-GAAP Financial Measures Edison International's earnings are prepared in accordance with generally accepted accounting principles used in the United States. Management uses core earnings internally for financial planning and for analysis of performance. Core earnings are als