Edison Int'l 1Q profit falls after tax gain last year

Net income for the three months ended March 31 fell to $299 million, or 91 cents per share, compared with $333 million, or $1 per share, a year earlier. Last year's total included a 10 cent per share tax benefit.

Analysts predicted earnings of 92 cents per share, on average, according to Thomson Financial. Those forecasts typically exclude one-time items.

Revenue rose to $3.08 billion from $2.91 billion. Analysts estimated revenue of $3.01 billion.

The company said it continues to expect profit of $3.61 per share to $4.01 per share in 2008, with "core earnings" near the high end of the guidance range.

Edison shares fell 6 cents to $51.13 in morning trading.