Edison’s Earnings Climb 70%
Edison International said Friday that its first-quarter profit climbed 70% on higher sales at its power-plant unit.
Net income rose to $97 million, or 30 cents a share, from $57 million, or 17 cents, a year earlier, Rosemead-based Edison said. Sales were flat at $2.51 billion. Analysts had expected a profit of 20 cents a share.
Profit at Edison Mission Energy, the generation unit, was $31 million, adding 10 cents a share to the parent’s bottom line and reversing a year-earlier loss of $8 million. The unit’s sales rose 15% to $783 million.
Profit at Edison’s utility unit, Southern California Edison, rose to $100 million, contributing 31 cents to the parent’s per-share earnings, up from $99 million, or 30 cents, a year earlier.
Edison shares fell 66 cents to $22.50 on the New York Stock Exchange.
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