Edison International · NYSE:EIX
Edison International — Q3 2018 Earnings Presentation
12 slides from Edison International's earnings presentation, Oct 30, 2018
Slide 1: Third Quarter 2018 Financial Results
Exhibit 99.3 Third Quarter 2018 Financial Results October 30, 2018
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: Wildfire Legislation Update: Summary of Senate Bill 901
Wildfire Legislation Update Summary of Senate Bill 901 Key Components Wildfire Mitigation • Requires annual detailed wildfire mitigation plans with objectives, preventive strategies, metrics and Plans specific details regarding de-energization protocols, vegetation management and inspections Requi
Slide 4: Third Quarter Earnings Summary
Third Quarter Earnings Summary Q3 Q3 Key SCE EPS Drivers4 2018 2017 Variance Revenue 5,6,7 $ (0.03) Basic Earnings Per Share (EPS)1 - CPUC revenue (0.02) SCE $ 1.64 $ 1.43 $ 0.21 - FERC revenue (0.01) EIX Parent & Other (0.07) 0.01 (0.08) Lower O&M 0.08 Higher depreciation (0.02) Basic EPS $ 1.57 $
Slide 5: Year to Date Earnings Summary
Year to Date Earnings Summary YTD YTD Key SCE EPS Drivers4 2018 2017 Variance Revenue 5,6,7 $ 0.04 Basic Earnings Per Share (EPS) 1 - CPUC revenue 0.02 SCE $ 3.43 $ 3.44 $ (0.01) - FERC and other operating revenue 0.02 Higher O&M (0.10) EIX Parent & Other (0.34) (0.03) (0.31) Lower depreciation 0.01
Slide 6: SCE Capital Expenditure Forecast
SCE Capital Expenditure Forecast ($ billions) $13.7 Billion 2018-2020 Capital Program Traditional Capital Spending: • Capital expenditure forecast incorporates GRC, FERC and Distribution1 Transmission Generation non-GRC CPUC spending Grid Modernization Capital Spending: Grid Modernization 2 GRC de
Slide 7: SCE Rate Base Forecast – Request Level
SCE Rate Base Forecast – Request Level ($ billions) 3-year CAGR of 9.8% Traditional Grid Modernization CPUC • Rate base based on request levels from $34.7 2018 GRC Tax Reform February Update $31.8 FERC $29.1 $26.2 • FERC rate base, including Construction Work in Progress (CWIP), is approximately 19%
Slide 8: 2018 Financial Assumptions
2018 Financial Assumptions ($ billions) SCE Capital Expenditures SCE Weighted Average Rate Base Distribution $3.4 Traditional $28.8 Transmission 0.6 Grid Mod 0.3 Generation 0.2 2018 Request $29.1 2018 Plan $4.2 • Based on 2018 budgeted expenditures at SCE • FERC comprises about 20% of total rate bas
Slide 9: Appendix
Appendix Energy for What's Ahead 8
Slide 10: Earnings Non-GAAP Reconciliations
Earnings Non-GAAP Reconciliations ($ millions) Reconciliation of EIX GAAP Earnings to EIX Core Earnings Q3 Q3 YTD YTD Earnings Attributable to Edison International 2018 2017 2018 2017 SCE $536 $465 $1,119 $1,121 EIX Parent & Other (23) 5 (112) (11) Basic Earnings $513 $470 $1,007 $1,110 Non-Core Ite
Slide 11: EIX Core EPS Non-GAAP Reconciliations
EIX Core EPS Non-GAAP Reconciliations Reconciliation of Edison International Basic Earnings Per Share to Edison International Core Earnings Per Share Earnings Per Share Attributable to Edison International 2015 2016 2017 CAGR Basic EPS 3.13 $4.02 $1.73 (26%) Non-Core Items SCE Write down, impairment
Slide 12: 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