The loss posted includes $0.81 per share charge from finalizing a global settlement with the Internal Revenue Service in May 2009 and the related termination of cross-border, leveraged leases.
During the second quarter 2009, excluding the overall tax settlement charge and other non-core items, the company’s core earnings were $0.78 per share, which is $0.01 per share less than the second quarter 2008. The core earnings decline is attributable to lower results at Edison Mission Group (EMG) offset by higher results at Southern California Edison (SCE).
Theodore F. Craver, Jr., chairman and chief executive officer of Edison International, said: “Although not reflected in our reported earnings, our second quarter core earnings are on track with our expectations for the quarter. We established several key milestones to accomplish this year and are pleased with the progress to date such as the completion of the global tax settlement with the IRS which removes a major uncertainty for investors.”
Southern California Edison’s (SCE) second quarter 2009 GAAP earnings from continuing operations were $1.53 per share and core earnings were $0.61 per share compared to $0.48 per share GAAP earnings from continuing operations and core earnings in the same quarter in 2008.
EMG reported a GAAP loss from continuing operations of $1.69 per share in the second quarter of 2009 and core earnings of $0.19 per share compared to GAAP earnings from continuing operations and core earnings of $0.34 per share in the second quarter of the previous year.
Edison International reported GAAP earnings of $0.72 per share for the six-month period ending June 30, 2009, compared to $1.70 per share for the same period in 2008.
