EIX Edison International

By Maria Armental

Edison International's core earnings in the most recent period missed Wall Street targets, driven by higher wildfire mitigation costs.

First-quarter profit rose to $278 million, or 85 cents a share, from $218 million, or 67 cents a share, helped by income-tax benefits in the most recent period.

But core earnings fell to 63 cents a share from 80 cents a share a year earlier, which the company largely attributed to wildfire mitigation expenses and higher net financing costs.

Operating revenue rose to $2.82 billion from $2.56 billion a year earlier.

Analysts surveyed by FactSet expected core earnings of 87 cents a share on $2.76 billion in revenue.

"We remain focused on mitigating increased wildfire risk and its related financial impacts on our communities and the health of the state's electric utilities," Chief Executive Pedro Pizarro said in a statement.

Company executives said they expect about $350 million in capital expenditures for wildfire mitigation this year and $500 million to $700 million in 2020.

Edison said it will provide earnings guidance for the year after California public utility regulators issue a final decision on its general rate case.

Analysts expect the company to swing back to a profit of $4.54 a share, with core earnings increasing to $4.43 a share and revenue to $13.16 billion.

Write to Maria Armental at maria.armental@wsj.com

(END) Dow Jones Newswires

April 30, 2019 16:51 ET (20:51 GMT)

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