By Angela Chen
Edison International on Thursday said its core earnings rose in
the June quarter thanks to federal tax benefits.
Shares of the utilities company were up less than 1% in recent
after-hours trading. They had fallen about 10% this year through
Wednesday's close.
"Earnings improved in the second quarter primarily from federal
tax benefits, but until SCE receives a decision in its 2015 general
rate case, comparative results are not meaningful," said Chief
Executive Ted Craver. The company will give guidance after the
general rate case is decided.
Southern California Edison, 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.
In June, the U.S. government said it was investigating a unit of
Edison over whether it violated labor and immigration laws by
replacing American workers with foreigners on temporary work
visas.
For the quarter ended in June, Edison International earned $379
million, or $1.16 cents a share, compared with $536 million, or
$1.64 a share, a year earlier.
Core earnings were $1.16 a share, up from $1.08 a share in the
prior-year period.
Operating revenue fell to $2.91 billion from $3.02 billion.
Analysts had expected per-share earnings of 83 cents on revenue
of $3.08 billion.
The company benefited from Federal Energy Regulatory Commission
revenue from rate base growth, though this was partially offset by
lower other income and tax items.
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