ROSEMEAD - Edison International (NYSE: EIX) today reported second quarter 2020 net income of $318 million, or $0.85 per share, compared to net income of $392 million, or $1.20 per share, in the second quarter 2019.
As adjusted, second quarter 2020 core earnings were $375 million, or $1.00 per share, compared to core earnings of $515 million, or $1.58 per share, in the second quarter 2019.
Southern California Edison's (SCE) second quarter 2020 earnings per share (EPS) decreased by $0.26 from the prior year period, consisting of lower core EPS of $0.56 and lower non-core loss per share of $0.30. Lower core EPS was primarily due to the increase in shares outstanding related to the equity offerings in July 2019 and May 2020, the adoption of the 2018 GRC decision in the second quarter of 2019, and the timing of O&M expenses, partially offset by higher CPUC-related revenue due to the escalation mechanism as set forth in the 2018 GRC decision.
SCE's lower non-core loss per share was mainly attributable to the absence of $0.38 of disallowed historical capital expenditures in SCE's 2018 GRC decision recorded in the second quarter 2019, and a charge recorded in 2020 of $0.16 from the amortization of SCE's contributions to the Wildfire Insurance Fund. These were partially offset by a gain of $0.10 recorded in 2020 for SCE's sale of San Onofre nuclear fuel.
Edison International Parent and Other's second quarter 2020 loss per share increased by $0.09 compared to second quarter 2019, consisting of higher core loss per share of $0.02 and higher non-core loss per share of $0.07. The higher core loss per share was primarily due to higher interest expense, partially offset by the increase in shares outstanding. The higher non-core loss per share was mainly related to a goodwill impairment charge recorded in 2020 related to Edison Energy stemming from the economic impact of COVID-19.
'We are confident in our 2020 earnings guidance, although the timing of operations and maintenance expenses and deferrals of certain wildfire-related costs negatively impacted our core earnings per share for the quarter. These comparisons should improve in the second half of the year,' said Pedro J. Pizarro, president and chief executive officer of Edison International. 'I am proud of our team's steadfast performance during this COVID-19 pandemic, focusing on practices to ensure the safety and health of employees and critical operations for customers' benefit, including those laid out in SCE's 2020-2022 Wildfire Mitigation Plan.'
Pizarro added, 'While we anticipate another active fire season, SCE is entering this period better prepared than ever. In addition to advancing wildfire mitigation measures, the company has made improvements to Public Safety Power Shutoff, or PSPS, protocols since last year which we expect will reduce the number of customers affected by 30% under the same conditions as last year.'
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.
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Sam Ramraj
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EDISON INTERNATIONAL 
