Edison International Revenue Falls in Latest Quarter
03 May 2016 - 7:15AM
Dow Jones News
By Ezequiel Minaya
Edison International posted weaker-than-expected results for the
first quarter, hurt by the timing of a rate-case decision last year
and higher costs.
The California Public Utilities Commission's final decision in
November had a 2015 revenue requirement that was below existing
rates and was retroactive to Jan. 1, 2015.
Shares of the utility fell 1.3% to $70.50 in after-hours
trading.
In the wake of the latest results, Edison bumped up by a penny
its annual guidance for basic earnings on a per-share basis to
$3.82 to $4.02. Analysts surveyed by Thomson Reuters expect $3.89 a
share.
For the quarter ended in March, Edison posted earnings of $301
million, or 82 cents a share after the payout of preferred
dividends, compared with a profit of $327 million, or 91 cents a
share, a year earlier.
Total operating revenue declined 2.9% to $2.44 billion.
Analysts surveyed by Thomson Reuters had expected earnings of 88
cents on $2.82 billion in revenue.
Write to Ezequiel Minaya at Ezequiel.Minaya@wsj.com
(END) Dow Jones Newswires
May 02, 2016 17:00 ET (21:00 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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