EdisonInternational on May 2 posted lower first-quarter 2016 financialresults, missing the S&P Global Market Intelligence consensus normalizedEPS estimate by 6 cents. The company's first-quarter 2016 adjusted coreearnings totaled $268.0 million, or 82 cents per share, down from $294.0million, or 90 cents per share, in the first quarter of 2015.
Edison said earnings fell primarily due to higher costs,lower income tax benefits and the timing of revenue recognized in 2015 due tothe delay in the 2015 California Public Utilities Commission general rate casedecision.
The consensus normalized EPS estimate for the quarter was 88cents.
On a GAAP basis, the company's net income was $271 million,or 83 cents per share, versus $299 million, or 92 cents per share, in the samequarter of 2015.
Operating revenues for the most recent quarter dropped to$2.44 billion in 2016, compared with $2.51 billion in the same period of 2015,while operating income dipped to $448.0 million from $538.0 million in thecorresponding quarter of 2015.
SouthernCalifornia Edison Co. reported adjusted core earnings of $287.0million, or 88 cents per share, compared with $305.0 million, or 93 cents pershare, in the prior-year quarter.
Edison International has reaffirmed core earnings guidance of $3.81 per share to$4.01 per share for 2016.
"First quarter results were consistent with ourexpectation leading us to reaffirm 2016 core earnings guidance," Chairmanand CEO Ted Craver said. "At [SoCalEd], we continue to see significantrate base growth driven by continued investment in infrastructure reliabilityand public safety and supporting California's low-carbon policy objectives."