Edison International on Feb. 22 reported fourth-quarter 2017 core earnings of $357 million, or $1.10 per share, compared to fourth-quarter 2016 core earnings of $316 million, or 97 cents per share.
The results surpassed the S&P Capital IQ normalized consensus EPS estimate for the quarter of 92 cents per share.
Southern California Edison Co. reported fourth-quarter core earnings of $372 million, or $1.15 per share, compared to $328 million, or $1.01 cents per share, in the fourth quarter of 2016.
Edison International booked a fourth-quarter 2017 net loss attributable to shareholders of $545 million, or $1.67 per share, compared to net income of $329 million, or $1.01 cents per share, in the fourth quarter of 2016.
Operating revenues for fourth quarter 2017 increased to $3.22 billion from $2.88 billion in the fourth quarter of 2016. The company booked operating losses of $16 million, compared to operating income of $566 million in the comparable quarter of 2016.
For full year 2017, Edison International reported core earnings of $1.47 billion, or $4.50 per share, compared to $1.29 billion, or $3.97 per share, in 2016. The S&P Capital IQ consensus normalized EPS estimate for 2017 is $4.31 per share.
The company attributed the increase in core earnings to higher revenue from the escalation mechanism set forth in the 2015 general rate case decision and lower operations and maintenance expenses, partially offset by higher net financing costs.
Edison International's full-year 2017 net income attributable to shareholders was $565 million, compared to $1.31 billion in the prior year.
The company plans to provide 2018 earnings guidance once the California Public Utilities Commission decides on Southern California Edison's 2018 general rate case.