Edison International saw its profit slip slightly year over year, sending its shares downward despite beating estimates.

The Rosemead-based utility reported third quarter net income of $458 million ($1.38 per share), a 1 percent drop from $462 million ($1.39) for the same period last year. Analysts polled by Thomson Financial forecast a profit of $1.24 per share. Revenue grew 23 percent to $3.8 billion thanks to 8 percent growth in the company’s Southern California Edison group.

Shares in Edison dropped 80 cents to $44.14 in early trading Friday.