Edison International on Monday said fourth-quarter earnings fell 2 percent as a Southern California Edison rate increase couldn’t offset a drop in revenue at its power generating Edison Mission Group.
The Rosemead power utility reported net income of $212 million (65 cents per share), compared with $217 million (66 cents) a year earlier. Revenues fell 5.6 percent to $3.05 billion, with lower energy prices at some Edison Mission coal-fired projects a factor.
Excluding discontinued operations and one-time items, core earnings fell 10 percent to $194 million (59 cents). Analysts surveyed by Thomson Reuters on average expected the company to report per-share earnings of 41 cents on revenue of $3.69 billion.
The company also provided a full year forecast that was in line with analyst expectations. The company predicted 2010 earnings of $3.15 to $3.45 a share.
Edison International reported 2009 earnings of $2.59 per share, compared with $3.69 in 2008, with core earnings of $3.25 per share. The company during the year terminated leases at its Edison Capital subsidiary and divested some power generating projects at Edison Mission.
“Despite a difficult economy, our 2009 performance was solid, and we are pleased we were able to achieve earnings above the high end of our earnings guidance range,” Chief Executive Theodore Craver Jr. said in a press release.
Shares were up 50 cents, or 1.5 percent, to $33.13 in midday trading on the New York Stock Exchange.