Edison International · NYSE:EIX
Edison International — Q1 2016 Earnings Presentation
10 slides from Edison International's earnings presentation, May 2, 2016
Slide 1: First Quarter 2016 Financial Results
First Quarter 2016 Financial Results May 2, 2016
Slide 2: Forward-Looking Statements
Forward-Looking Statements 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 statem
Slide 3: First Quarter Earnings Summary
First Quarter Earnings Summary Q1 Q1 Variance Key SCE Core EPS Drivers 2016 2015 Core Earnings Per Share (EPS)1 Revenue3,4 $0.04 - CPUC – Timing of GRC (0.06) SCE $0.88 $0.93 $(0.05) - CPUC – Escalation 0.08 EIX Parent & Other (0.06) (0.03) (0.03) - FERC revenue 0.02 Core EPS1 $0.82 $0.90 $(0.08) Hi
Slide 4: SCE Capital Expenditure Forecast Unchanged
SCE Capital Expenditure Forecast Unchanged ($ billions) $8.0 – $8.3 Billion Capital Program for Distribution Transmission Generation 2016-2017 • Reflects CPUC 2015 GRC decision $4.1 $4.2 $3.9 • Includes up to 115% of capital spending for the pole loading and deteriorated poles program for 2016 and 2
Slide 5: SCE Rate Base Forecast Unchanged
SCE Rate Base Forecast Unchanged ($ billions) 7% Average Annual Rate Base Growth for 2015-2017 Outlook • Incorporates 2015 GRC final decision with Range bonus depreciation provision, except “rate $26.8 base offset” excluded because of write off $25.1 of regulatory asset related to 2012-2014 $23.3 in
Slide 6: SCE Large Transmission Projects
SCE Large Transmission Projects Large Transmission Projects Tehachapi 4-11 • $2.5 billion total project cost; remaining investment $250 million • 2016-17 in service date West of Devers • $1.1 billion total project cost; remaining investment $1.0 billion • 2021 in service date; majority of capital sp
Slide 7: 2016 Core and Basic Earnings Guidance
2016 Core and Basic Earnings Guidance 2016 Earnings Guidance Key Assumptions (core) As of February 23, 2016 As of May 2, 2016 • Revenues based on GRC final decision Low Mid High Low Mid High • Weighted-average 2016 rate base of SCE $4.09 $4.09 $25.1 billion (see Rate Base Forecast) EIX Parent & Othe
Slide 8: Appendix
Appendix May 2, 2016 7
Slide 9: Earnings Non-GAAP Reconciliations
Earnings Non-GAAP Reconciliations ($ millions) Reconciliation of EIX Core Earnings to EIX GAAP Earnings Earnings Attributable to Edison International Q1 Q1 2016 2015 Core Earnings SCE $287 $305 EIX Parent & Other (19) (11) Core Earnings $268 $294 Non-Core Items SCE $ – $ – EIX Parent & Other 2 5 Dis
Slide 10: Use of Non-GAAP Financial Measures
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 also used when com