Edison International says 4Q profit fell
California utility Edison International said on Monday that its fourth-quarter profit fell, but the results were still ahead of what it and analysts had expected.
The company earned $212 million, or 65 cents per share, during the quarter that ended Dec. 31, down from $217 million, or 66 cents per share, during the same period a year earlier. Revenue fell 5.5 percent to $3.05 billion.
Not counting discontinued operations, the company earned 59 cents per share. Analysts surveyed by Thomson Reuters expected profit of 41 cents per share on revenue of $3.69 billion.
The company said the profit decline was mostly because of lower earnings at its Edison Mission Group, partially offset by better results at Southern California Edison.
Edison International expects to earn $3.15 to $3.45 per share. Analysts forecast $3.30 per share.
For the full year, profit fell 30.1 percent to $849 million, or $2.58 per share, from $1.22 billion, or $3.68 per share a year earlier. Revenue for 2009 fell 12.4 percent to $12.36 billion.
Edison International shares rose 56 cents to $33.19 in afternoon trading.