Edison International recorded a net income of $419 million, or $1.29 per share, for the third quarter of 2016, compared to $421 million, also $1.29 per share, in the same period for 2015, the California utility announced Tuesday in its latest earning report.
Based in Rosemead, Calif., Edison International is the parent company of Southern California Edison (SCE), majority owner of the closed San Onofre Nuclear Generating Station (SONGS).
SCE’s third-quarter 2016 net income increased by $46 million from the same span in 2015, from $389 million to $435 million, the company said, “primarily due to the timing of the implementation of the 2015 General Rate Case (GRC) proposed decision and incremental return on pole loading rate base, partially offset by higher income tax expense.”
“Third quarter results reflect the ongoing strength of SCE’s earnings and we’ve reaffirmed our 2016 earnings guidance accordingly,” Chairman and CEO Pedro Pizarro said in a statement. “We continue to see a long-term opportunity for above-average earnings and dividend growth based on SCE infrastructure replacement and electric grid modernization helping achieve California’s vision for a low-carbon economy.”
