Earnings Roundup: Edison, Tutor PeriniTuesday, February 25, 2014
Edison International moved to a profit in the fourth quarter as the company nears completion of the sale of its money-losing power-generation unit.
After the markets closed, the Rosemead parent of Southern California Edison reported fourth-quarter net income of $301 million (92 cents a share), compared with a net loss of $539 million (-$1.65) in the same period a year earlier. Revenue fell 4 percent to $2.94 billion.
Edison in October agreed to sell its Edison Mission Energy business, which is in Chapter 11 bankruptcy, to NRG Energy Inc. in a deal valued at $2.6 billion. Edison began reporting Edison Mission's results as discontinued operations in the third quarter.
Shares earlier closed down 26 cents, or less than 1 percent, to $51.24 on the New York Stock Exchange.
Shares of Tutor Perini Corp. popped more than 6 percent on Tuesday following the release of the company’s fourth-quarter and 2013 results.
The Sylmar construction company reported net income of $33.3 million (68 cents a share) for the quarter ended Dec. 31, compared to $41.6 million (86 cents) for the same quarter a year earlier. Revenue fell 1.3 percent to $1 billion.
For the full year, the company reported net income of $87.3 million ($1.80) compared to a loss of $265 million (-$5.59) for the previous year.
Tutor Perini announced the results after market close on Monday. Shares closed up $1.49, or 6.5 percent, at $24.49 on the New York Stock Exchange.