Edison International 3rd-quarter profit falls

AP News
Posted: Nov 06, 2009 11:02 AM

California utility operator Edison International said Friday its third-quarter profit fell on lower earnings at its Edison Mission Group.

Edison earned $403 million, or $1.23 per share, down from $439 million, or $1.33 per share, for the same quarter last year.

Excluding regulatory items and discontinued operations, the company posted core earnings of $358 million, or $1.09 per share.

Revenue fell 15 percent to $3.66 billion from $4.29 billion.

Analysts polled by Thomson Reuters expected a profit of $1.04 per share on $3.76 billion in revenue.

Profit at the company's Southern California Edison rose, but was more than offset by lower earnings at Edison Mission Group, where earnings from coal- and gas-fired projects dropped as a result of lower energy prices and from lower trading income.

The company also narrowed its 2009 earnings guidance range to $2.23 to $2.43 per share, compared with a previous estimate of $2.18 to $2.48 per share. The company predicts income of $2.95 to $3.15 per share excluding items.

Analysts, on average, expect a profit of $3.02 per share for the year.

Edison shares rose 26 cents to $32.44 in morning trading.