Edison Intl Earnings: Below Street Expectations

S&P 500 (NYSE:SPY) component Edison International (NYSE:EIX) reported its results for the third quarter. Through its subsidiaries, Edison International generates and distributes electric power and invests in infrastructure and energy assets, including renewable energy.

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Edison International Earnings Cheat Sheet

Results: Net income for the utility-electric power fell to $220 million (58 cents per share) vs. $441 million ($1.30 per share) a year earlier. This is a decline of 50.1% from the year-earlier quarter.

Revenue: Rose 2.2% to $4.07 billion from the year-earlier quarter.

Actual vs. Wall St. Expectations: Edison International fell short of the mean analyst estimate of $1.10 per share. It beat the average revenue estimate of $3.05 billion.

Quoting Management: “SCE’s third quarter results reflect the delay in receiving a final rate case decision from California regulators, as well as severance and continued inspection and repair costs related to the San Onofre Nuclear Generating Station,” said Ted Craver, chairman and chief executive officer of Edison International. “A final rate case decision is an important part of moving forward with SCE’s capital program to invest in California’s electric infrastructure and provide safe, reliable, and affordable power.”

Key Stats:

The company has now come in under analyst forecasts for three quarters in a row. It missed the mark by one cent in the second quarter and by 9 cents in the first quarter.

Revenue has now gone up in each of the last three quarters. In the second quarter, revenue rose 2.5% to $3.06 billion while the figure rose 2.7% in the first quarter from the year earlier.

Looking Forward: Expectations for the company’s next-quarter performance are higher than they were ninety days ago. Over the past three months, the average estimate for the fourth quarter has risen to 81 cents per share from 59 cents. The average estimate for the fiscal year has seen a bump from $2.32 per share sixty days ago to $2.34.

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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)

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