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 firm’s Southern California Edison division, saw core earnings up 22 percent to $149 million primarily from the impact associated with last year’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 Group’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.