Edison International profit rises 27%
Edison International, parent of Southern California Edison, said earnings jumped 27% in the third quarter, beating analysts’ expectations. The Rosemead company also raised its earnings guidance for 2010.
Both Edison’s utility and its unregulated generation subsidiary “delivered solid earnings growth this quarter,” said Theodore F. Craver Jr., chairman and chief executive of Edison International.
Craver credited Edison International’s “focus on our three primary operating principles of superior execution, financial discipline and innovative solutions.” Edison said that it was hiking its earnings outlook for the full year to $3.45 to $3.60 a share, compared with previous guidance of $3.15 to $3.45 a share.
For the quarter ended Sept. 30, Edison reported net income of $510 million, or $1.56 a share, compared with $403 million, or $1.22 a share, in the same quarter a year earlier. Adjusted earnings were $1.46 a share after excluding discontinued operations, a tax settlement and the tax effects of healthcare legislation, the company said. That easily beat the consensus expectation of $1.18 a share among analysts polled by Thomson Reuters.
Edison revenue increased 3% to $3.79 billion, from $3.67 billion. Nearly $3.1 billion of that came from the electric utility, with another $691 million coming from Edison Mission Energy, which generates power in the Midwest.
Shares of Edison International closed Thursday at $36.90, up 93 cents, or almost 3%.
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