The parent of Southern California Edison Co. beat earnings estimates on Tuesday, returning to a profit in the second-quarter, driven by improved results from its independent power business, higher utility revenue and lower net interest expense. The Rosemead-based company also raised its guidance for the year.
Edison International reported that its consolidated businesses had a net income of $201 million (61 cents per diluted share) for the second quarter ended June 30, compared with a loss of $374 million ($1.15) for the like period a year earlier. The company said its 2004 results were hurt by a charge from a lease termination at an Illinois power station.
Analysts had forecast earnings of 51 cents per share.
Second-quarter consolidated revenue grew 3 percent to $2.65 billion, up from $2.57 billion in the comparable period of the prior year. Revenues at Edison International's Southern California Edison dropped 81 million to $161 million, while revenues at its Mission Energy Holding Co. rose $636 million to recover from the prior-year's deep loss. Edison Capital had $25 million in revenues, from $11 million a year earlier.
Edison said it now expects full-year earnings of between $2.87 and $2.97 per share, up from previous guidance of $2.20 per share. "Core earnings," which exclude gains from a tax settlement and a loss from debt repayment along with discontinued operations, are anticipated to range from $2.53 to $2.63 per share, up from previous guidance $2.14 per share.
Shares of Edison International closed down 0.4 percent to $40 on Tuesday.
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