EIX Edison International

   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

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(END) Dow Jones Newswires

October 27, 2015 18:03 ET (22:03 GMT)

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