Edison International Earnings Fall Due to SCE Rate Case
October 27 2015 - 6:18PM
Dow Jones News
By Josh Beckerman
Edison International said its core earnings fell 23% in the
third quarter, partly due to an estimated revenue refund based on
the rate case for its Southern California Edison utility.
The California Public Utilities Commission issued a proposed
decision for the rate case on Sept. 18. When a final decision is
reached, the revenue requirement will be retroactive to Jan. 1,
2015.
Edison International said "while the case is generally
constructive overall, SCE has identified several important items
that the CPUC should correct."
The company said it expects core earnings of $3.77 to $3.87 for
the year, while analysts polled by Thomson Reuters project
$3.75.
Edison International shares were flat in after-hours trading at
$64.38.
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.
For the quarter ended Sept. 30, Edison International earned $421
million, or $1.29 a share, compared with $480 million, or $1.47 a
share, a year earlier.
Core earnings fell to $389 million, or $1.19 a share, from $503
million, or $1.54 a share. On an adjusted basis, core earnings were
$1.16 a share, the company said.
Operating revenue fell to $3.76 billion from $4.36 billion.
Analysts polled by Thomson Reuters had expected earnings of
$1.17 a share on revenue of $4.2 billion.
Write to Josh Beckerman at josh.beckerman@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
October 27, 2015 18:03 ET (22:03 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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