Power Generation Unit Weighs Down Edison’s Profits

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Edison International on Monday said that its first-quarter earnings fell 15 percent as poor results from its power generation group offset growth at its Southern California Edison utility. The results fell short of Wall Street expectations.

The Rosemead parent of Southern California Edison reported net income of $200 million (61 cents per share), compared with $236 million (72 cents) a year earlier.

Revenue fell 1 percent to $2.78 billion. Sales at SoCal Edison rose 3.4, but fell 15 percent at Edison Mission Group, the power generation group, which reported a core loss of 5 cents per share.

Excluding results from discontinued operations, adjusted per-share profit was 62 cents

Analysts polled by Thomson Reuters were expecting a per-share profit of 63 cents on revenue of $3.14 billion.

Chief Executive Ted Craver noted that the results were consistent with the company’s own earnings outlook. The company reaffirmed adjusted full-year core earnings outlook of $2.60 to 2.90 per share. The Wall Street consensus is for $2.80 per share.

Shares were up 2 cents, or less than 1 percent, to $39.29 in midday trading on the New York Stock Exchange.

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