Edison International EIX
Q1 2011 Earnings Call Transcript

Transcript Call Date 05/02/2011

Operator: Good morning. My name is Candy and I'll be your conference operator today. At this time, I would like to welcome everyone to the Edison International First Quarter 2011 Financial Teleconference. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. Today's call is being recorded.

I would now like to turn the call over to Mr. Scott Cunningham, Vice President of Investor Relations. Thank you, Mr. Cunningham. You may begin your conference.

Scott S. Cunningham - VP, IR: Thank you and good morning, everyone. Our principal speakers today will be Chairman and CEO, Ted Craver; and Chief Financial Officer, Jim Scilacci. Also with us are other members of the management team. The presentation that accompanies Jim's financial review, together with the earnings press release and our 10-Q filings are available on our website at This afternoon, we'll be posting on our website our quarterly business update presentation, but we'll use these slides in the regular order for our ongoing investor discussions.

During this call, we will make forward-looking statements about the financial outlook for Edison International and its subsidiaries, and about other future events. Actual results could differ materially from current expectations. Important factors that could cause different results are set forth in our SEC filings. We encourage you to read these carefully.

The presentation include certain outlook assumptions, as well as reconciliation of non-GAAP measures to the nearest GAAP measure.

When we get to Q&A, please limit yourself to one question and one follow-up. If you have further questions, please return to the queue.

With that, I'll turn the call over to Ted Craver.

Theodore (Ted) F. Craver Jr. - Chairman, President and CEO: Thank you, Scott, and good morning, everyone. Our first quarter results are fully consistent with our 2011 outlook. Core earnings were $0.62 per share compared to $0.82 per share last year, due to expected loss of Edison Mission Group.

Southern California Edison delivered a 10% increase in earnings to $0.68 per share, reflecting continued growth in rate base as SCE implements its multibillion dollar capital program. We are also reaffirming our core earnings guidance for 2011 of $2.60 to $2.90 per share with the midpoint of $2.75 per share.

Jim will provide some additional detail on our financial results in his remarks.

I would like to review a few key developments that have occurred thus far this year, starting with SCE's 2012 to 2014 general rate case. In early March, the CPUC approved the timeline for the rate case, which still calls for a Commission decision by year end. As with our last rate case, should the case carry over into the next year, we have received CPUC approval to make any rate case decision retroactive to January 1, 2012.

We will shortly be moving into a phase in the case involving intervenor testimony and responses, along with public hearings. Last week, SCE made an important procedural filing to reduce its revenue request, primarily to reflect last year's tax law change on bonus depreciation.

Read our Earnings Call Transcript disclaimer.
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