Edison International EIX
Q4 2011 Earnings Call Transcript

Transcript Call Date 02/29/2012

Operator: Good afternoon. My name is Sharon and I will be your conference operator today. At this time, I would like to welcome everyone to the Edison International Fourth Quarter 2011 Financial Teleconference. All lines have been placed on mute to prevent 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: Thanks, Sharon, and good afternoon, 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.

Ted's prepared remarks, the presentation that accompanies Jim's comments, the earnings press release and our Edison International 10-K are available on our website at Tomorrow we will issue our regular quarterly business update presentation that will use these and other slides 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 them carefully.

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

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

Theodore F. Craver Jr. - Chairman, President and CEO: Thank you, Scott and good afternoon, everyone. Today, Edison International reported fourth quarter earnings of $0.75 per share and full year core earnings of $3.22 per share. We are pleased that our fourth‐quarter results have allowed us to deliver 2011 core earnings well above the high end of our guidance range.

Southern California Edison, Edison Mission Group and the Parent all contributed to outperforming the earnings guidance. Of particular note, Southern California Edison's core earnings increased $0.20 in the quarter and $0.32 for the full year due to rate base growth and a favorable tax adjustment that Jim will discuss a little later.

Typically at this time of the year we provide earnings guidance for the coming year. However, we will not be providing 2012 guidance until we receive a final decision in Southern California Edison's general rate case, which we hope will be in the first half of 2012. In the absence of specific earnings guidance, Jim will discuss some of the key drivers to our 2012 earnings in his remarks.

On a reported basis, we showed a loss for the full year of $0.11 per share. Due primarily to impairment charges at EMG. These impairment charges, are largely the result of a sharp decline in power prices, combined with the need for substantial investment in retrofits to our coal fleet, to comply with environmental regulations. I will say more about those charges later during my remarks about EMG.

Read our Earnings Call Transcript disclaimer.
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