EIX Edison International

Edison International (NYSE: EIX) today reported second quarter 2015 net income on a GAAP basis of $379 million, or $1.16 per share, compared to $536 million, or $1.64 per share, in the second quarter of 2014. On an adjusted basis, Edison International’s second quarter 2015 core earnings were $378 million, or $1.16 per share, compared to $352 million, or $1.08 per share, in the second quarter of 2014.

“SCE remains focused on improving its safety and operational performance and continues to invest at high levels to support system reliability, public safety and California’s renewables mandates,” said Ted Craver, chairman and chief executive officer of Edison International. “Earnings improved in the second quarter primarily from federal tax benefits, but until SCE receives a decision in its 2015 General Rate Case, comparative results are not meaningful.”

Southern California Edison’s (SCE) second quarter 2015 core earnings increased by $22 million, or $0.07 per share, from the second quarter 2014 primarily due to a $100 million, or $0.31 per share, tax benefit from revisions to liabilities for uncertain tax positions. In addition, earnings benefited from higher Federal Energy Regulatory Commission (FERC)-related revenue from rate base growth and earnings on funds used during construction. These were partially offset by lower other income and other tax items. SCE continues to recognize revenue from CPUC activities in 2015 largely based on 2014 authorized base revenue requirements included in customer rates. The revenue requirement ultimately adopted by the CPUC will be retroactive to January 1, 2015.

During the second quarter of 2014, SCE recorded $29 million, or $0.09 per share, of income tax benefits from revisions to liabilities for uncertain tax positions and $14 million ($9 million after-tax), or $0.03 per share, of benefits related to generator settlements.

Edison International Parent and Other’s second quarter 2015 core losses decreased by $4 million, or $0.01 per share, compared to second quarter 2014 core losses primarily due to lower corporate expenses.

Edison International’s second quarter 2015 core earnings exclude income of $1 million related to losses allocated to tax equity investors under the hypothetical liquidation at book value accounting method. Edison International’s second quarter 2014 core earnings exclude income of $184 million, or $0.56 per share, from discontinued operations.

Year-to-Date Earnings

For the six months ended June 30, 2015, Edison International reported net income on a GAAP basis of $678 million, or $2.08 per share, compared to $712 million, or $2.18 per share, during the same period in 2014. On an adjusted basis, Edison International’s core earnings were $672 million, or $2.06 per share, compared to $646 million, or $1.98 per share, in the year-to-date period in 2014.

SCE’s core earnings for the six months ended June 30, 2015 increased $23 million, or $0.08 per share, from the same period in 2014, due to higher income tax benefits, FERC-related revenue from rate base growth and earnings on funds used during construction, partially offset by lower other income. Edison International Parent and Other’s year-to-date 2015 core losses were comparable to core losses in the same period of 2014.

Edison International’s year-to-date 2015 core earnings exclude income of $6 million, or $0.02 per share, related to losses allocated to tax equity investors under the hypothetical liquidation at book value accounting method. Edison International’s year-to-date 2014 core earnings exclude a charge of $96 million, or $0.29 per share, related to the SCE San Onofre Settlement Agreement and $162 million, or $0.49 per share, of income from discontinued operations.

Edison International uses core earnings, which is a non-GAAP financial measure that adjusts for significant discrete items that management does not consider representative of ongoing earnings. Edison International management believes that core earnings provide more meaningful comparisons of performance from period to period. Please see the attached tables for a reconciliation of core earnings to basic earnings.

2015 Earnings Guidance

Edison International will provide 2015 earnings guidance after a final decision has been issued by the CPUC on the Southern California Edison 2015 General Rate Case. See the presentation accompanying the company’s conference call for further information.

About Edison International

Edison International (NYSE:EIX), through its subsidiaries, is a generator and distributor of electric power and an investor in energy services and technologies, including renewable energy. Headquartered in Rosemead, Calif., Edison International is the parent company of Southern California Edison, one of the nation’s largest electric utilities.

Appendix

Use of Non-GAAP Financial Measures

Edison International’s earnings are prepared in accordance with generally accepted accounting principles used in the United States and represent the company’s earnings as reported to the Securities and Exchange Commission. Our management uses core earnings and core earnings per share (EPS) internally for financial planning and for analysis of performance. We also use core earnings and core EPS when communicating with analysts and investors regarding our earnings results to facilitate comparisons of the Company’s performance from period to period. Financial measures referred to net income, basic EPS, core earnings, or core EPS also applies to the description of earnings or earnings per share.

Core earnings and core EPS are non-GAAP financial measures and may not be comparable to those of other companies. Core earnings and core EPS are defined as basic earnings and basic EPS excluding income or loss from discontinued operations and income or loss from significant discrete items that management does not consider representative of ongoing earnings. Basic earnings and losses refer to net income or losses attributable to Edison International shareholders. Core earnings are reconciled to basic earnings in the attached tables. The impact of participating securities (vested awards that earn dividend equivalents that may participate in undistributed earnings with common stock) for the principal operating subsidiary is not material to the principal operating subsidiary’s EPS and is therefore reflected in the results of the Edison International holding company, which is included in Edison International Parent and Other.

Risk Disclosure Statement

Forward-looking statements about the financial outlook for Edison International and its subsidiaries are included in this news release. These forward-looking statements reflect our current expectations; however, such statements involve risks and uncertainties. Actual results could differ materially from current expectations. Important factors that could cause different results are discussed under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Edison International’s Form 10-K, most recent Form 10-Q, and other reports and presentations filed with the Securities and Exchange Commission which are available at: www.edisoninvestor.com. These forward-looking statements represent our expectations only as of the date of this news release, and Edison International assumes no duty to update them to reflect new information, events or circumstances.

Reminder: Edison International Will Hold a Conference Call Today

      When: Thursday, July 30, 2015, 1:30 p.m. (Pacific Time) Telephone Numbers: 1-800-369-2198 (US) and 1-773-756-4618 (Int’l) - Passcode: Edison Telephone Replay: 1-888-567-0459 (US) and 1-402-998-1812 (Int’l) - Passcode: 85749 Telephone replay available through August 10, 2015 Webcast:

www.edisoninvestor.com

      Second Quarter and Year-to-Date Reconciliation of Core Earnings Per Share to Basic Earnings Per Share         Three months ended June 30,             Six months ended June 30,               2015       2014       Change       2015       2014       Change Earnings (loss) per share attributable to Edison International             Continuing operations SCE $ 1.18 $ 1.11 $ 0.07 $ 2.12 $ 1.75 $ 0.37 Edison International Parent and Other (0.02 ) (0.03 ) 0.01 (0.04 ) (0.06 ) 0.02 Discontinued operations   —           0.56           (0.56 )         —           0.49           (0.49 ) Edison International   1.16           1.64           (0.48 )         2.08           2.18           (0.10 ) Less: Non-core items SCE — — — — (0.29 ) 0.29 Edison International Parent and Other — — — 0.02 — 0.02 Discontinued operations   —           0.56           (0.56 )         —           0.49           (0.49 ) Total non-core items   —           0.56           (0.56 )         0.02           0.20           (0.18 ) Core earnings (losses) SCE 1.18 1.11 0.07 2.12 2.04 0.08 Edison International Parent and Other   (0.02 )         (0.03 )         0.01           (0.06 )         (0.06 )         —   Edison International       $ 1.16         $ 1.08         $ 0.08         $ 2.06         $ 1.98         $ 0.08    

Note: Diluted earnings were $1.15 and $1.63 per share for the three months ended June 30, 2015 and 2014, respectively, and $2.06 and $2.17 per share for the six months ended June 30, 2015 and 2014, respectively.

    Second Quarter and Year-to-Date Reconciliation of Core Earnings to Basic Earnings (in millions)     Three months ended June 30,             Six months ended June 30,       (in millions) 2015       2014       Change       2015       2014       Change Net income (loss) attributable to Edison International       Continuing operations       SCE $ 384 $ 362 $ 22 $ 689 $ 570 $ 119 Edison International Parent and Other (5 ) (10 ) 5 (11 ) (20 ) 9 Discontinued operations   —           184           (184 )         —           162           (162 ) Edison International   379           536           (157 )         678           712           (34 ) Less: Non-core items SCE — — — — (96 ) 96 Edison International Parent and Other 1 — 1 6 — 6 Discontinued operations   —           184           (184 )         —           162           (162 ) Total non-core items   1           184           (183 )         6           66           (60 ) Core earnings (losses) SCE 384 362 22 689 666 23 Edison International Parent and Other   (6 )         (10 )         4           (17 )         (20 )         3   Edison International   $ 378         $ 352         $ 26         $ 672         $ 646         $ 26         Consolidated Statements of Income       Edison International   Three months ended June 30,       Six months ended June 30, (in millions, except per-share amounts, unaudited)       2015       2014       2015       2014 Total operating revenue $ 2,908         $ 3,016         $ 5,420         $ 5,943   Purchased power and fuel 1,078       1,239 1,864       2,382 Operation and maintenance 743 715 1,380 1,442 Depreciation, decommissioning and amortization 481 414 945 824 Property and other taxes 82 73 171 158 Impairment and other charges   —           —           —           231   Total operating expenses   2,384           2,441           4,360           5,037   Operating income 524 575 1,060 906 Interest and other income 43 46 82 69 Interest expense (138 ) (139 ) (281 ) (281 ) Other expenses   (17 )         (16 )         (24 )         (23 ) Income from continuing operations before income taxes 412 466 837 671 Income tax expense   6           84           113           65   Income from continuing operations 406 382 724 606 Gain from discontinued operations, net of tax   —           184           —           162   Net income 406 566 724 768 Preferred and preference stock dividend requirements of utility 28 30 56 56 Other noncontrolling interests   (1 )         —           (10 )         —   Net income attributable to Edison International common shareholders $ 379         $ 536         $ 678         $ 712   Amounts attributable to Edison International common shareholders: Income from continuing operations, net of tax $ 379 $ 352 $ 678 $ 550 Gain from discontinued operations, net of tax   —           184           —           162   Net income attributable to Edison International common shareholders $ 379         $ 536         $ 678         $ 712   Basic earnings per common share attributable to Edison International common shareholders: Weighted-average shares of common stock outstanding 326 326 326 326 Continuing operations $ 1.16 $ 1.08 $ 2.08 $ 1.69 Discontinued operations   —           0.56           —           0.49   Total $ 1.16         $ 1.64         $ 2.08         $ 2.18   Diluted earnings per common share attributable to Edison International common shareholders: Weighted-average shares of common stock outstanding, including effect of dilutive securities 328 329 329 329 Continuing operations $ 1.15 $ 1.07 $ 2.06 $ 1.68 Discontinued operations   —           0.56           —           0.49   Total $ 1.15         $ 1.63         $ 2.06         $ 2.17   Dividends declared per common share       $ 0.4175         $ 0.3550         $ 0.8350         $ 0.7100         Consolidated Balance Sheets       Edison International       June 30, December 31, (in millions, unaudited)       2015       2014 ASSETS Cash and cash equivalents $ 139 $ 132 Receivables, less allowances of $68 for uncollectible accounts at both dates 768 790 Accrued unbilled revenue 853 632 Inventory 276 281 Derivative assets 79 102 Regulatory assets 1,066 1,254 Deferred income taxes 288 452 Other current assets   437         376 Total current assets   3,906         4,019 Nuclear decommissioning trusts 4,836 4,799 Other investments   210         207 Total investments   5,046         5,006 Utility property, plant and equipment, less accumulated depreciation and amortization of $8,141 and $8,132 at respective dates 33,594 32,859 Nonutility property, plant and equipment, less accumulated depreciation of $79 and $76 at respective dates   132         122 Total property, plant and equipment   33,726         32,981 Derivative assets 194 219 Regulatory assets 8,009 7,612 Other long-term assets   358         349 Total long-term assets   8,561         8,180       Total assets       $ 51,239       $ 50,186       Consolidated Balance Sheets       Edison International       June 30, December 31, (in millions, except share amounts, unaudited)       2015       2014 LIABILITIES AND EQUITY Short-term debt $ 1,415 $ 1,291 Current portion of long-term debt 204 504 Accounts payable 1,294 1,580 Accrued taxes 36 81 Customer deposits 234 221 Derivative liabilities 162 196 Regulatory liabilities 454 401 Other current liabilities   1,037           1,205   Total current liabilities   4,836           5,479   Long-term debt   11,265           10,234   Deferred income taxes and credits 7,599 7,313 Derivative liabilities 1,155 1,052 Pensions and benefits 2,176 2,155 Asset retirement obligations 2,825 2,821 Regulatory liabilities 5,813 5,889 Other deferred credits and other long-term liabilities   2,220           2,255   Total deferred credits and other liabilities   21,788           21,485   Total liabilities   37,889           37,198   Commitments and contingencies Redeemable noncontrolling interest 3 6 Common stock, no par value (800,000,000 shares authorized; 325,811,206 shares issued and outstanding at respective dates) 2,472 2,445 Accumulated other comprehensive loss (56 ) (58 ) Retained earnings   8,909           8,573   Total Edison International's common shareholders' equity   11,325           10,960   Noncontrolling interests – preferred and preference stock of utility   2,022           2,022   Total equity   13,347           12,982         Total liabilities and equity       $ 51,239         $ 50,186         Consolidated Statements of Cash Flows       Edison International   Six months ended June 30, (in millions, unaudited)       2015       2014 Cash flows from operating activities:       Net income $ 724 $ 768 Less: Income from discontinued operations   —           162   Income from continuing operations 724 606 Adjustments to reconcile to net cash provided by operating activities: Depreciation, decommissioning and amortization 987 864 Allowance for equity during construction (42 ) (28 ) Impairment and other charges — 231 Deferred income taxes and investment tax credits 101 110 Other 11 11 EME settlement payments — (225 ) Changes in operating assets and liabilities: Receivables 32 (185 ) Inventory 5 (21 ) Accounts payable 130 116 Prepaid and accrued taxes (50 ) 79 Other current assets and liabilities (411 ) (471 ) Derivative assets and liabilities, net 33 64 Regulatory assets and liabilities, net 241 (317 ) Nuclear decommissioning trusts 41 83 Other noncurrent assets and liabilities   (34 )         (309 ) Net cash provided by operating activities   1,768           608   Cash flows from financing activities: Long-term debt issued or remarketed, net of discount and issuance costs of $16 and $4 at respective periods 1,415 396 Long-term debt matured or repurchased (721 ) (4 ) Preference stock issued, net — 269 Short-term debt financing, net 125 1,043 Cash contribution from redeemable noncontrolling interest 7 — Dividends to noncontrolling interests (56 ) (54 ) Dividends paid (272 ) (231 ) Other   (25 )         (51 ) Net cash provided by financing activities   473           1,368   Cash flows from investing activities: Capital expenditures (2,197 ) (1,856 ) Proceeds from sale of nuclear decommissioning trust investments 7,253 3,750 Purchases of nuclear decommissioning trust investments (7,301 ) (3,838 ) Other   11           12   Net cash used in investing activities   (2,234 )         (1,932 ) Net increase in cash and cash equivalents 7 44 Cash and cash equivalents at beginning of period   132           146   Cash and cash equivalents at end of period       $ 139         $ 190    

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Edison InternationalMedia relations contact:Charles Coleman, (626) 302-7982orInvestor relations contact:Scott Cunningham, (626) 302-2540