Smaller Quarterly Loss for EdisonTuesday, February 26, 2013
Edison International reported a small fourth quarter loss as the Rosemead electrical utility decided to unload its struggling coal-fired power plant unit.
After the markets closed on Tuesday, the Rosemead parent of Southern California Edison reported a net loss of $539 million ($1.64 a share), 36 percent smaller than the same period a year earlier. Revenue rose 21 percent to $3.06 billion.
Excluding the impact of one-time items and halted operations, adjusted earnings rose 127 percent to $1.79 a share. Analysts surveyed by Thomson Reuters on average expected adjusted earnings of $1.04 a share on revenue of $2.2 billion.
The adjusted earnings included the impact of a rate increase approved by the California Public Utilities Commission in November.
Santa Ana-based Edison Mission Energy, the utility’s unregulated coal-fired power plant unit, filed for Chapter 11 reorganization in December. Under a negotiated agreement, Edison International will transfer its stake in Edison Mission to unsecured creditors.
Also, Edison also said in regulatory filings today that it spent $402 million last year on the San Onofre nuclear plant, which was taken off line in January 2012 due to damaged steam generators. State regulators have opened an investigation to decide whether Edison can recover some of the costs from its ratepayers.
Shares earlier closed up 17 cents, or less than 1 percent, to $46.12 on the New York Stock Exchange.