By Michael Calia
Edison International's (EIX) third-quarter profit more than
doubled due to strength from its core operations.
The company also increased its core earnings estimate for the
year to a range of $3.60 to $3.70 a share from $3.25 to $3.45 a
share.
The company earlier this month agreed to sell its Edison Mission
Energy business, which filed for Chapter 11 bankruptcy protection
last year, to NRG Energy Inc. (NRG). Bondholders supported the $2.6
billion deal, and last week, a bankruptcy judge approved bidder
protections, including a $65 million breakup fee, to NRG as it
works to close its offer to take Edison Mission out of bankruptcy
next year.
The company reported Edison Mission's results as noncore,
discontinued operations.
Overall, Edison International reported a profit of $463 million,
or $1.34 a share, up from $215 million, or 58 cents a share, a year
ago. Core per-share earnings, excluding an eight-cent impact from
discontinued operations, were $1.42, up from $1 in the year-ago
period.
Revenue climbed 6.1% to $3.96 billion.
Analysts polled by Thomson Reuters had projected an adjusted
profit of $1.23 a share and revenue of $3.84 billion.
Operating expenses rose 5%.
Shares of Edison were inactive at $49.11 after-hours Tuesday.
Through the close, the stock is up 8.7% so far this year.
Write to Michael Calia at michael.calia@wsj.com
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