Edison International reported 22 percent lower fourth-quarter profit as higher revenue at its Southern California Edison utility was offset by a write-down on its struggling wholesale power generation business.

The Rosemead company on Monday reported net income of $166 million (51 cents per share), compared with $212 million (65 cents) a year earlier. Socal Edison operating income rose more than 5 percent, but income at the smaller Edison Mission Group power unit was down 82 percent. Revenue rose less than a percent to $3.07 billion.

Adjusted for write-offs, a prior-year tax settlement and other one-time items, earnings were down 2 percent $190 million (58 cents). Analysts surveyed by Thomson Reuters on average expected the company to report adjusted per-share profit of 60 cents on revenue of $4.2 billion.

Full-year net income rose 2 percent to $52 million. For the current year, the company expects per-share earnings of $2.60 to $2.90, less than the $3 Wall Street had expected.

We expect continued earnings growth at (Southern California Edison),” Chief Executive Theodore F. Craver, Jr. said in a statement “Looking ahead to 2011, (Edison Mission) faces weak power market fundamentals in the year ahead, but we see positive value in the business as power market fundamentals improve.”

Shares were up $1.16, or 3 percent, to $37.17 in midday trading on the New York Stock Exchange.