Edison International's 3Q profit more than doubles

Profit more than doubles at Southern California Edison's parent; it raises 2013 outlook

Associated Press

ROSEMEAD, Calif. (AP) -- Edison International said Tuesday that its profit more than doubled in the third quarter as the utility operator cut its losses from discontinued operations. It raised its forecast for its full-year earnings.

The company said its 2013 outlook improved because of new assumptions about income taxes and lower operating and maintenance costs.

Edison expects core earnings for the year of $3.60 to $3.70 per share, up from an Aug. 1 forecast of $3.25 to $3.45 per share. Analysts were expecting $3.37 per share, according to a FactSet survey.

The parent of Southern California Edison said third-quarter net income was $438 million, or $1.34 per share, compared with $190 million, or 58 cents per share, a year ago. Discontinued operations reduced the 2013 per share results by 7 cents and the 2012 figures by 51 cents.

Revenue grew 6 percent to $3.96 billion, while operating expenses rose 5 percent to $3.17 billion.

Analysts were expecting earnings of $1.22 per share on revenue of $3.48 billion.

The company's shares fell 11 cents in regular trading to close at $49.11 before the results were issued. They were unchanged in after-hours trading.

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