us earns edison international 110609
On the homepage
Vikings
Out There
Crimefighting
Mental health
Edison International posts lower 3rd-quarter profit on lower earnings from Edison Mission
Print this story
E-mail this story
Save to del.icio.us
Share on Facebook
Share on Digg
Minnesota business by the numbers
See Minnesota's top earning companies, CEOs and non-profits
More from Business
ROSEMEAD, Calif. - California utility operator Edison International said Friday its third-quarter profit fell on lower earnings at its Edison Mission Group.
Edison earned $403 million, or $1.23 per share, down from $439 million, or $1.33 per share, for the same quarter last year.
Excluding regulatory items and discontinued operations, the company posted core earnings of $358 million, or $1.09 per share.
Revenue fell 15 percent to $3.66 billion from $4.29 billion.
Analysts polled by Thomson Reuters expected a profit of $1.04 per share on $3.76 billion in revenue.
Profit at the company's Southern California Edison rose, but was more than offset by lower earnings at Edison Mission Group, where earnings from coal- and gas-fired projects dropped as a result of lower energy prices and from lower trading income.
The company also narrowed its 2009 earnings guidance range to $2.23 to $2.43 per share, compared with a previous estimate of $2.18 to $2.48 per share. The company predicts income of $2.95 to $3.15 per share excluding items.
Analysts, on average, expect a profit of $3.02 per share for the year.
Edison shares rose 26 cents to $32.44 in morning trading.
Recent Business stories
Hawaii anxiously watching tuna supply amid fears parts of bigeye fishery will be off-limits - November 6, 2009
Hawaii anxiously watching tuna supply amid fears parts of bigeye fishery will be off-limits - On New Year's Eve each year, thousands line up at fish counters across Hawaii to buy blocks of raw tuna, hoping that eating it will bring good luck and prosperity in the new year. This year, the long tradition may get a little more difficult to observe. More
Blog: Patent Pending
Lights out at U energy conference. Irony police notified.
Just as Lawrence Kazmerski, a top official at the National Renewable Energy Laboratory, was about to give the keynote address at the University of Minnesota's annual E3 conference at the RiverCentre in St. Paul, the lights went out, bathing the audience in darkness and a deep sense of irony.
Comment on this story | Be the first to comment | Hide reader comments