Edison International said fourth-quarter profit fell 27 percent, although the previous year’s earnings were swollen from one-time gains.
Edison reported that net income dropped to $211 million (64 cents per share), from $288 million (87 cents) in the same period a year earlier. The 2006 results included gains of $44 million from investments and tax benefits related to the sale of overseas power plants, the utility provider said.
Revenue for the Rosemead-based company rose 4.7 percent to $3.21 billion.
Edison said profit from its power-generation unit fell 14 percent to $99 million.
Southern California Edison provides electricity to about 4.8 million homes and businesses.
Shares in California’s second-largest utility provider dropped 25 cents to $52.11 in early trading Wednesday on the New York Stock Exchange.