Dive Brief:
- Edison International reported first quarter 2015 net income of $299 million, or 92 cents/share, compared to $176 million in the first quarter of 2014.
- On an adjusted basis, the company said first quarter 2015 and 2014 core earnings were $294 million, consistent because of a delay in the Southern California Edison (SCE) base rate case.
- Edison said it cannot provide earnings guidance until it receives a decision on its rate case from California regulators.
Dive Insight:
Edison International posted strong earnings, but the company's CEO said comparisons are worthless until a rate case for subsidiary Southern California Electric finalized.
During the first quarter of 2015, SCE recognized revenue from activities regulated by the California Public Utilities Commission largely based on 2014 authorized base revenue requirements included in customer rates, according to the company's statement.
"Until SCE receives a decision in its 2015 General Rate Case, comparative results are not meaningful," chairman and CEO Ted Craver said in a statement. "However, we remain focused on improving our safety and operational performance while executing on our capital plans to enhance reliability and plan and build the next generation electric grid."
The revenue requirement ultimately adopted by the CPUC will be retroactive to the first of this year. Edison said the decrease from the delay in the rate case and lower income tax benefits were offset by higher FERC-related revenue from rate base growth, as well as higher earnings on funds used during construction.
The company said it would provide 2015 earnings guidance after a final decision has been issued by the CPUC.