Edison International said Friday that first quarter earnings fell 16 percent on lower power prices and generation levels, particularly for its wind power operations. The profit still exceeded Wall Street estimates, although revenue was lower.

The Rosemead parent of Southern California Edison reported net income of $250 million (76 cents per share), compared with $299 million (91 cents) a year ago. Revenue dropped 10 percent to $2.8 billion

Analysts surveyed by Thomson Reuters on average expected net income of 67 per share on revenue of $2.9 billion.

The company’s Edison Mission Group, which owns a portfolio of wind energy, saw its operating profit fall to 14 cents a share, compared with 48 cents a year ago.

“Looking forward, our ability to realize our growth potential rests on two key initiatives,” Chief Executive Theodore F. Craver said in a statement. “At Southern California Edison, it is our five-year, approximately $20 billion, investment in California’s electricity infrastructure and at EMG, it is the development of a large pipeline of potential wind and solar energy projects.”

Edison lowered its 2009 earnings outlook to between $1.98 and $2.51 per share, reflecting an expected charge related to the company’s settlement with the Internal Revenue Service. Edison reaffirmed a core full-year earnings outlook of $2.90 to $3.20 per share. Analysts are expecting $3.03 per share in profit.

Edison International shares closed up 48 cents, or 1.6 percent, to $30.27 on the New York Stock Exchange.