By Josh Beckerman
Edison International said its fourth-quarter profit rose 36.5%
as its Southern California Edison utility saw rate base growth,
higher tax benefits and lower severance costs.
The company said electric grid investments and cost management
were "key factors" in a strong full-year performance.
Edison International said in July that 2014 core earnings would
be well above previous guidance. Core earnings exclude discontinued
operations and other items.
In December, Edison increased its annual dividend to $1.67 from
$1.42.
Earlier this month, Southern California Edison said it filed an
"ex parte" notice with the California Public Utilities Commission
related to an executive's March 2013 discussion with the
then-president of the CPUC. SCE said it strengthened its policies
and practices regarding contact with the CPUC.
SCE, with about 4.9 million customer accounts, has been active
in alternative energy. Last year, it unveiled a Tehachapi, Calif.,
facility that uses electric-car batteries to store energy. The
utility has signed many contracts for solar and other clean energy
to replace some of the power lost after the San Onofre nuclear
plant closed.
For the quarter ended Dec. 31, Edison International earned $445
million, or $1.29 a share, compared with $326 million, or 92 cents
a share, a year earlier. Core earnings rose to $1.08 a share from
81 cents a share.
Operating revenue rose 6% to $3.11 billion, topping the $2.8
billion expected by analysts.
Full-year core earnings were $4.59 a share, above the updated
guidance of $4.25 to $4.35 a share issued in October.
Write to Josh Beckerman at josh.beckerman@wsj.com
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