Edison International’s Profit Drops 22%

Edison International, California’s third-largest utility, said third-quarter net income sank 22% to $216.3 million, or 61 cents a share, because deregulation cut its rate of return and heat storms increased power line maintenance. The Rosemead-based utility was expected to earn 69 cents, according to the average estimate of analysts polled by First Call Corp. Revenue grew 26% to $3.4 billion. Profit at Southern California Edison, the firm’s electric utility, plunged 28% to $163 million, or 46 cents a share, mostly from a mandated cut in the rates it charges customers and accelerated power plant debt payments. Edison’s retail businesses tripled a third-quarter loss to 6 cents a share, from 2 cents a year ago. Edison’s shares fell 94 cents to $27 on the New York Stock Exchange.