Edison Intl First Quarter Income Jumps 29 Pct
Edison International (NYSE: EIX) reported a 29 percent rise quarterly earnings on Wednesday, helped by results at its Southern California Edison utility subsidiary.
The firm said net income for its first fiscal quarter was $333 million, or $1.01 per share, compared with the gain of $258 million, or 78 cents per share seen during the same period last year.
Analysts expected earnings of 64 cents per share according to a Thomson Financial Poll.
We began 2007 with strong financial performance across our businesses, said John E. Bryson, chairman and CEO, Edison International.
The firmâ€™s Southern California Edison division, saw core earnings up 22 percent to $149 million primarily from the impact associated with last yearâ€™s delay in receipt of the 2006 rate case decision, when California regulators authorized SCE to recover its revenue requirement effective back to January of 2006.
Edison Mission Groupâ€™s (EMG) core earnings more than doubled from improved margins from its generation fleet.
Shares of the energy company gained $1.09, or 1.98 percent to close at $56.11 on the New York Stock Exchange.