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The Rosemead, California-based company is engaged in the supply of electric energy in central, coastal, and southern California. Edison offers its services to commercial, residential, agricultural, and industrial customers, as well as public authorities. Edison is the parent company of Southern California Edison, one of the nation's largest electric utilities, and Edison Mission Group, a competitive power generation business and parent company to Edison Mission Energy and Edison Capital.
While the recession has hurt most sectors, utility companies have had a lesser impact, compared to others, as their services are unavoidable. For the third quarter of 2008, Edison's net income declined to $439 million from $461 million in the same quarter in 2007. Earnings per share dropped to $1.33 from $1.39 a year ago. Total operating revenue grew to $4.111 billion from $3.942 billion in the third quarter of 2007. At that time, Theodore Craver, Jr., chairman and chief executive officer of Edison, said, "The financial markets have experienced new and unprecedented levels of stress. We're focused on running our businesses in a prudent manner to ensure we meet our customer commitments as well as maintaining our financial strength."
In early August, Edison reported a net loss of $16 million or $0.05 per share for the second quarter of 2009, compared to net income of $261 million or $0.79 per share in the prior-year quarter, hurt by a hefty tax settlement charge. Loss from continuing operations for the quarter was $9 million or $0.03 per share, compared to income of $262 million or $0.79 per share in the year-ago quarter. Total operating revenues dropped to $2.83 billion from $3.48 billion last year.
While releasing the second-quarter results, the company also narrowed its fiscal 2009 GAAP earnings guidance to a range of $2.18 - $2.48 per share from the prior forecast range of $1.98 - $2.51 per share. The revision was to reflect an actual charge of $0.85 per share associated with the overall tax settlement and other expected non-core items. However, the company said it continued to expect core earnings per share for the year between $2.90 and $3.20. Edison is likely to update this outlook today.
Among others in the industry, Dynegy Inc. (DYN | Quote | Chart | News | PowerRating) on Wednesday reported a loss for the third quarter, compared to a profit a year ago, reflecting asset impairment charges and the absence of a hefty mark-to-market gain recorded last year. The company's net loss attributable to shareholders was $212 million or $0.25 per share, compared to a profit of $605 million or $0.72 per share in the prior-year period. Revenues plummeted to $673 million from $1.76 billion in the third quarter of fiscal 2008.
EIX closed Thursday's regular trade at $32.18, up $0.47 or 1.48%, on 2.03 million shares. For the past year, the stock traded in the range of $23.09 - $35.89.
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