Third-quarter profit at
surged more than 50%, well above analysts' forecasts, as the California utility giant resolved regulatory issues at one of its units.
The company had net income of $544 million, or $1.67 a share, on revenue of $3.83 billion, compared to year-ago profit of $352 million, or $1.08 a share, on sales of $3.71 billion. Analysts' expectations were for earnings of $1.08 a share, according to Thomson First Call.
The latest quarter include a benefit from a state decision to reallocate certain overhead costs between jurisdictions administered by the California Public Utilities Commission and the Federal Energy Regulatory Commission, as well as the disposition of a reserve account and incentive awards related to its Palo Verde nuclear plant.
Without discontinued operations, the company earned $1.53 a share vs. $1.06 a year ago.
Edison International shares closed at $19.68 Tuesday.
The company's strong results come as one of its subsidiaries, Southern California Edison, fights to restore service to thousands of customers affected by sweeping wildfires that have also damaged or destroyed a significant amount of company equipment.