Edison International 1Q Profit Falls

ROSEMEAD, Calif. (AP) — California utility operator Edison International on Friday said its first-quarter profit fell 16 percent on lower power prices and generation levels but topped analyst expectations.

Earnings for the first quarter fell to $250 million, 76 cents per share, from $299 million, or 91 cents per share, in the prior-year period.

Analysts polled by Thomson Reuters estimated a profit of 67 per share, on average.

Revenue slid 10 percent to $2.81 billion, down from $3.11 billion from the year-ago quarter. Analysts forecast an average revenue of $2.9 billion.

The company lowered its earnings outlook to between $1.98 and $2.51 per share from an earlier range of $2.90 to $3.20 per share. The new forecast reflects expected recognition in the second quarter of certain charges related to the company's settlement with the Internal Revenue Service. Edison reaffirmed its core earnings outlook for 2009 of $2.90 to $3.20 per share.

Analysts expect $3.03 per share in profit, on average.

Shares of Edison International climbed 45 cents to $30.25 in morning trading.