Features

Edison International swings towards profit

By Gary Gentile
Saturday November 02, 2002

LOS ANGELES — Edison International, parent of utility Southern California Edison, swung to a profit in the third quarter on higher revenues, the company said Friday. 

The quarter also benefited from major write-offs last year from power plants sold in the United Kingdom. 

Edison said it was well along in collecting the cost of buying power during California’s power crisis, when a rate freeze was in effect, and raised its full-year earnings expectations. 

Edison reported net income of $352 million, or $1.08 per share, in the quarter ended Sept. 30. That compares with a loss of $413 million in the same quarter last year. 

On an operating basis, which excludes the $1.2 billion Edison wrote off last year for the sale of its power plants in England and a one-time adjustment at SoCal Edison, the company had a net income of $351 million compared to $283 million in the same quarter last year. 

The results easily beat the expectation of analysts surveyed by Thomson First Call, who had expected earnings of 82 cents per share. 

Higher operating and maintenance costs at SoCal Edison were offset during the quarter by the effects of decisions made.