Edison International reported a lower first quarter profit, but its core earnings rose as the company benefited from revenue growth, lower expenses and workforce reductions.
After the markets closed Tuesday, the Rosemead parent of utility Southern California Edison reported net income of $176 million (54 cents a share), compared with $271 million (82 cents) in the same period a year earlier. Operating revenue rose 11 percent to $2.93 billion.
The results include non-core charges of $96 million (-29 cents) related to the utility’s settlement for the shuttered San Onofre Nuclear Generation Station, and $22 million (-7 cents) in non-core losses from defunct operations. The company recently completed the bankruptcy sale of its Edison Mission Energy unit to NRG Energy Inc.
Adjusted earnings per share from Edison’s continuing operations were 90 cents a share. Analysts surveyed by Thomson Reuters on average had expected the company to report adjusted earnings of 82 cents a share on operating revenue of $2.79 billion.
“Our first quarter results were a solid start to the year," Chief Executive Ted Craver said in a statement. “In addition, we have significantly reduced uncertainties through the resolution of the Edison Mission Energy bankruptcy and pending settlement of the cost recovery associated with the San Onofre."
Shares on Wednesday closed down 13 cents, or less than 1 percent, to $56.56 on the New York Stock Exchange.