Utility Edison International on Monday reported net income of $362 million, or $1.11 per share, for the first quarter of 2017, a notable step up from $281 million, or $0.86 per share, in the same period for 2016.
Based in Rosemead, Calif., Edison International is the parent company of Southern California Edison (SCE), majority owner of the shuttered San Onofre Nuclear Generating Station (SONGS). SCE’s first-quarter 2017 net income increased by $54 million from the same span in 2016, from $295 million to $349 million.
Edison in its earnings report Monday said the revenue SCE increase developed from an “escalation mechanism set forth in the 2015 General Rate Case decision, lower operation and maintenance expenses and higher income tax benefits partially offset by higher net financing costs to finance SCE’s capital spending program.”
“Edison International is off to a solid start in 2017,” President and CEO Pedro Pizarro said in a statement. “It is early in the year, so for now we have left our full year guidance unchanged. Our normal practice is to wait until more of the year has gone by before formally updating guidance. At the same time, we recognize there is a bias toward the upper half of the range.”
