Edison reports gloomy 4th quarter due to weak wholesale market

• 15 years ago (2011-03-04)
• Junior Isles

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Edison International has reported 22 per cent lower fourth-quarter profit, as higher revenue at its Southern California Edison utility was offset by a write-down on its struggling wholesale power generation business.

The Rosemead company last week reported net income of $166 million (51 cents per share), compared with $212 million (65 cents) a year earlier. Socal Edison operating income rose more than 5 per cent, but income at the smaller Edison Mission Group power unit was down 82 per cent. Revenue rose less than a per cent to $3.07 billion.

Adjusted for write-offs, a prior-year tax settlement and other one-time items, earnings were down 2 per cent $190 million (58 cents). Analysts surveyed by Thomson Reuters on average expected the company to report adjusted per-share profit of 60 cents on revenue of $4.2 billion.

Full-year net income rose 2 per cent to $52 million. For the current year, the company expects per-share earnings of $2.60 to $2.90, less than the $3 Wall Street had expected.

We expect continued earnings growth at (Southern California Edison),” Chief Executive Theodore F. Craver, Jr. said in a statement: “Looking ahead to 2011, (Edison Mission) faces weak power market fundamentals in the year ahead, but we see positive value in the business as power market fundamentals improve.”