Edison reports profit is up slightly

Edison International, California’s largest utility owner, said Friday that its third-quarter profit was little changed after the company spent more money to develop new power plants and lacked a gain that swelled earnings a year earlier.

Net income rose slightly to $461 million, or $1.40 a share, from $458 million, or $1.38, a year earlier, the Rosemead-based utility said. Revenue grew 2.6% to $3.9 billion.

The company’s Edison Mission Group electricity-generation unit, which has coal-fueled plants that account for 80% of the utility’s capacity, said higher energy prices were offset partially by costs to develop wind-power projects.

Edison International also said inflation wouldn’t temper growth projections at its Southern California Edison unit, which had gains from charging higher rates.

The company said this year’s core per-share earnings, which exclude discontinued items and regulatory gains, would be at the high end of a previously forecast range of $3.24 to $3.59.

Edison International had core earnings of $3.04 through the first nine months of the year.

The utility provides power to about 4.8 million homes and businesses and plans to spend $17.3 billion over the next five years on generators, power lines and new customer meters.