EIX Edison International

   By Ezequiel Minaya 
 

Edison International's profit fell 27% in the second quarter because of income-tax benefits recorded in the same period last year and the delay in receiving a rate-case decision for its Southern California Edison utility.

The public utility said it registered some $100 million in income-tax benefits in the second quarter in 2015, hurting the comparison for the latest quarter. The timing of the rate-case decision in 2015 also affected the data, rendering a comparison between the latest quarter and the same period last year "not meaningful," the company said.

The California Public Utilities Commission's final decision in November had a 2015 revenue requirement that was below existing rates and was retroactive to Jan. 1, 2015.

Shares of the utility, which have climbed 30% over the past year, were inactive after hours.

For the June quarter, Edison earned $301 million before the payout of preferred dividends, down from $405 million a year earlier. On a per-share basis, the company's earnings were 84 cents compared with $1.15 a year earlier.

Total operating revenue declined 4.5% to $2.78 billion.

Analysts surveyed by Thomson Reuters had expected earnings of 97 cents on $3.15 billion in revenue.

Write to Ezequiel Minaya at Ezequiel.Minaya@wsj.com

(END) Dow Jones Newswires

July 28, 2016 17:08 ET (21:08 GMT)

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