The Daily News of Los Angeles
ROSEMEAD – Edison International bounced back from 2001’s losses to post third-quarter profits that easily beat Wall Street expectations.
In a conference call with investors Friday, the state’s second-largest utility reported net income of $352 million, or $1.08 a share, compared with a net loss of $413 million, or $1.27 a share, a year prior.
Earnings at Rosemead-based Southern California Edison rose 74 percent to $234 million from a year earlier, the company said.
Analysts had expected the company to earn 77 cents to 90 cents per share in the third quarter, according to Thomson Financial/First Call.
Shares of Edison rose 31 cents to $10.36 in New York Stock Exchange trading. Edison shares have continued an upswing since hitting a 52-week low of $7.80 on Oct. 17.
Edison‘s opponents working to stop a bailout agreement between Edison and the California Public Utilities Commission took exception to the fact that Edison earned money.
“That’s like a thief holding a press conference to announce his profits are up,” said Harvey Rosenfield, a consumer advocate with the Foundation for Taxpayer and Consumer Rights in Santa Monica.
