http://www.morningstar.com/earnings/49075087-edison-international-eix-q4-2012.aspx

Edison International EIX
Q4 2012 Earnings Call Transcript

Transcript Call Date 02/26/2013

Operator: Good afternoon. My name is Melissa and I will be your conference operator today. At this time I would like to welcome everyone to the Edison International Fourth Quarter 2012 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.

At this time, I would like to welcome everyone to the Edison International Fourth Quarter 2012 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 - IR: Thank you, Melissa, and good afternoon, everyone. Our principal speakers today will be Chairman and CEO, Ted Craver; and Executive Vice President and Chief Financial Officer, Jim Scilacci. Also with us are other members of the management team.

The presentation that accompanies Jim's comments, the earnings press release, and our SEC filings are available on our website at www.edisoninvestor.com. We will be using the slide materials and our regular quarterly business update presentation that will be posted tomorrow on our website to support 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 includes 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 F. Craver Jr. - Chairman, President and CEO: Thank you, Scott, and good afternoon, everyone. Today Edison International reported full year core earnings of $3.92 a share, an 18% increase over 2011. These strong results demonstrate Southern California Edison's ongoing ability to deliver rate base growth and cost management even during an extended period of rate case uncertainty.

On a GAAP basis we reported a loss of $0.56 per share. This loss reflects the previously announced write-down of our interest in Edison Mission Energy following its bankruptcy filing last December. Although EME will no longer be part of our business portfolio going forward, I want to commend the leadership and employees of EME for their contributions to Edison International over more than 25 years. And for their professionalism during some very difficult times, we wish them every success in the future also my remarks today will concentrate on how we have been and will be working to serve our customers and thereby produce long-term value for our shareholders at Edison International.

Read our Earnings Call Transcript disclaimer.
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