Edison International (
EIX) reported its 1st quarter 2009 earnings.
Consolidated net income for the reported quarter totaled $250 million, or $0.76 per basic and diluted share, down 16.5%, compared with $299 million or $0.91 per basic and diluted share in the year-ago quarter.
Excluding non-core items, Core earnings totaled $258 million, or $0.79 per share, representing a 15.1% decrease compared to $304 million, or $0.92 per share, in the 1st quarter of 2008. Core earnings decreased due to Edison Mission Group registering lower power prices and generation levels at Midwest Generation and Homer City apart from reduced trading income.
Cash flow from operating activities increased significantly in 1st quarter 2009 from 1st quarter 2008, despite lower net income. Net cash used in investing activities increased marginally as the company incurred more capital expenditures and on account of lower proceeds from nuclear decommissioning trust sales. This was partially offset by lower purchases of nuclear decommissioning trust investments.
During the quarter, the company used cash for financing activities in comparison to cash provided by financing activities in the year-ago quarter. This was due to higher short-term debt financing and repayment of long-term debt. In effect, the company recorded $3.54 billion cash & cash equivalents, up 129.3% at the end of 1st quarter 2009, compared with $1.55 billion recorded after the end of year-ago quarter.
Guidance: The company reaffirmed its core earnings guidance of $2.90 - $3.20 per share for fiscal 2009. However, the company revised its 2009 GAAP earnings guidance from $2.90 - $3.20 to $1.98 - $2.51, on account of certain non-core items in the range of $0.92 - $0.69.
California-based Edison International, through its subsidiaries, is a generator and distributor of electric power and an investor in infrastructure and energy assets, including renewable energy. Headquartered in Rosemead, California, Edison International is the parent company of Southern California Edison -- a regulated electric utility -- and Edison Mission Group, a competitive power generation business.
