S&P 500 (NYSE:SPY) component Edison International (NYSE:EIX) reported its results for the first quarter. Through its subsidiaries, Edison International generates and distributes electric power and invests in infrastructure and energy assets, including renewable energy.
Edison International Earnings Cheat Sheet for the First Quarter
Results: Net income for the electric utilities company fell to $200 million (61 cents/share) vs. $236 million (72 cents/share) a year earlier. A decline of 15.3% from the year earlier quarter.
Revenue: Fell 1% to $2.78 billion YoY.
Actual vs. Wall St. Expectations: EIX reported adjusted net income of of 68 cents/share. By that measure, the company beat the mean estimate of 63 cents/share. Estimates ranged from 52 cents per share to 70 cents per share.
Quoting Management: “Our first quarter results are consistent with our 2011 earnings outlook,” said Ted Craver, chairman and chief executive officer of Edison International.
A year-over-year revenue decrease last quarter snaps a streak of two consecutive quarters of revenue increases. Revenue rose 0.6% in the fourth quarter of the last fiscal year and 3.4% in the third quarter of the last fiscal year.
Competitors to Watch: PG&E Corporation (NYSE:PCG), Pinnacle West Capital Corp. (NYSE:PNW), UniSource Energy Corp. (NYSE:UNS), NV Energy, Inc. (NYSE:NVE), Portland General Electric Co. (NYSE:POR), PNM Resources, Inc. (NYSE:PNM), Constellation Energy Group, Inc. (NYSE:CEG), FirstEnergy Corp. (NYSE:FE), Hawaiian Electric Industries, Inc. (NYSE:HE), and Sempra Energy (NYSE:SRE)
Today’s Performance: Shares of EIX are trading at $39.27 as of May 2, 2011 at 8:43 AM ET, unchanged from the previous close.