Edison International Sees Overall Dip in First-Quarter 2011, Despite Strong Performance in California

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Researched by Industrial Info Resources (Sugar Land, Texas)--Power generation and utility company Edison International (NYSE:EIX) (Rosemead, California) reported a decline in revenue and earnings for first-quarter 2011 when compared to the same period last year, as improved results in the Southern California subsidiary were offset by a sharp decline from Edison Mission Group, a holding company that manages the power generation business and other unregulated subsidiaries. Net income was reported to be $200 million, a 15.25% decrease from first-quarter 2010.

Total operating revenue stood at $2.78 billion, a 1% decrease from the same period last year. Although the company saw an increase in core earnings, largely due to rate base growth, it experienced an overall decline because of weaker generation, trading revenue and energy prices; revenues from electric utilities were reported to be $2.23 billion, a 3.29% increase from first-quarter 2010, but revenues from competitive power generation stood at $552 million, a 15.34% decrease.

"Our first-quarter results are fully consistent with our 2011 outlook," said Ted Craver, the chairman and chief executive officer of Edison International, in a conference call.

Losses from the holding company more than negated sharp gains in the Southern California subsidiary and a drop in losses in other areas:

• Southern California Edison reported $222 million in earnings, a 35.37% increase from first-quarter 2010.
• Edison Mission Group reported an earnings loss of $18 million, compared with an earnings gain of $71 million in the same period last year.
• The Edison parent company and other segments reported a total earnings loss of $2 million, compared with an earnings loss of $5 million in first-quarter 2010.

Despite the setback with Edison Mission Group, company officials are optimistic about its continued role in Edison, as it continues to generate positive cash flow and increased cash and investments during the quarter to almost $1.2 billion.

"Edison Mission Group intends to remain active in developing new projects, as we look to partner with financial institutions to fund additional good-quality projects while leveraging our 3,700-megawatt pipeline and strong development team," Craver said in the conference call.

Industrial Info is tracking 43 active Edison projects in the U.S. that are worth a total of more than $12 billion, including the $1.15 billion Grande Prairie Windfarm in O'Neill, Nebraska. The project the erection of 168 towers, each fitted with a 3-megawatt (Vestas or Equivalent) wind turbine-generator, plus auxiliary equipment to supply renewable energy to the grid. For more information, visit Industrial Info's North American Power Project Database.

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