Edison’s Fourth-Quarter Profit Surges

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Edison International, parent of Southern California Edison, reported Friday that its earnings for the fourth quarter nearly doubled on gains from the sale of overseas assets and the resolution of regulatory and tax issues.


The Rosemead-based company reported fourth-quarter net income of $379 million ($1.16 cents per diluted share), compared with $179 million (60 cents) for the like period a year earlier. Operating revenue increased to $2.3 billion from $2.2 billion in the comparable quarter of the prior year.


The company said core earnings, which exclude regulatory and tax items, gains or losses from the sale of assets, debt retirement and other items, were 42 cents per share in the 2004 period versus 52 cents per share a year earlier.


Southern California Edison posted earnings of $315 million (97 cents per share), compared with $222 million (68 cents) in the year-ago period, with $97 million of the latest quarter’s results stemming from favorable regulatory rulings and tax settlements.


The business had gains of $157 million from regulatory rulings, $74 million from tax benefits and $12 million from generator refunds and other regulatory items. A year earlier, the utility had a $60 million gain due to the resolution of a federal regulatory case.


Shares of Edison International were up 0.9 percent to $34.19 in late-morning trading.

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