Edison Int'l Profit Beats Estimates, Revenue Misses

(RTTNews) - Electric utility Edison International (EIX) on Tuesday reported first-quarter net income of $299 million or $0.91 per share, compared with $176 million or $0.54 per share last year.

Results for the quarter included income of $5 million related to losses allocated to tax equity investors under the hypothetical liquidation at book value accounting method.

The prior year had a $96 million charge related to the San Onofre OII Settlement Agreement, and losses of $22 million from discontinued operations.

On an adjusted basis, Edison's core earnings for the quarter were $0.90 per share, unchanged from a year ago.

Revenues for the quarter were lower at $2.5 billion compared with $2.93 billion in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.79 per share on revenues of $2.99 billion for the quarter. Analysts' estimates typically exclude special items.

Operating expenses for the quarter decreased to $1.97 billion from $2.6 billion last year.