Edison International Profit More Than Doubles

   By Michael Calia 
 

Edison International's (EIX) third-quarter profit more than doubled due to strength from its core operations.

The company also increased its core earnings estimate for the year to a range of $3.60 to $3.70 a share from $3.25 to $3.45 a share.

The company earlier this month agreed to sell its Edison Mission Energy business, which filed for Chapter 11 bankruptcy protection last year, to NRG Energy Inc. (NRG). Bondholders supported the $2.6 billion deal, and last week, a bankruptcy judge approved bidder protections, including a $65 million breakup fee, to NRG as it works to close its offer to take Edison Mission out of bankruptcy next year.

The company reported Edison Mission's results as noncore, discontinued operations.

Overall, Edison International reported a profit of $463 million, or $1.34 a share, up from $215 million, or 58 cents a share, a year ago. Core per-share earnings, excluding an eight-cent impact from discontinued operations, were $1.42, up from $1 in the year-ago period.

Revenue climbed 6.1% to $3.96 billion.

Analysts polled by Thomson Reuters had projected an adjusted profit of $1.23 a share and revenue of $3.84 billion.

Operating expenses rose 5%.

Shares of Edison were inactive at $49.11 after-hours Tuesday. Through the close, the stock is up 8.7% so far this year.

Write to Michael Calia at [e-mail]

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