(RTTNews) - Power generator and distributor Edison International (EIX: News ) reported Friday an 8.2% year-over-year decline in profit for the third quarter.

Significantly lower results at its subsidiary, Edison Mission Group were partially offset by higher results at the other subsidiary Southern California Edison.

Core earnings per share for the quarter dropped 25%, yet topped analysts' expectations by five cents. The company also narrowed its GAAP earnings and core earnings forecast range for the full year 2009.

Edison is the parent company of Southern California Edison, one of the nation's largest electric utilities, and Edison Mission Group, a competitive power generation business.

In a statement, chairman and chief executive officer, Theodore Craver, Jr. said, "Edison International is on track to meet its financial objectives laid out for investors at the beginning of the year. Our strong focus on execution in managing our operations helped us to achieve a good quarter."

Third Quarter Results

The Rosemead, California-based company reported net income of $403 million or $1.22 per share for the third quarter, down from $439 million or $1.33 per share in the prior-year quarter. The year-ago quarter had income from discontinued operations of $6 million or $0.02 per share.
Excluding the non-core items, Core earnings for the quarter dropped about 25.3% to $358 million or $1.09 per share from $482 million or $1.46 per share in the year-ago quarter. On average, ten analysts polled by Thomson Reuters expected the company to report earnings of $1.04 per share for the third quarter. Analysts' estimates typically exclude special items.

Total operating revenues for the quarter dropped to $3.66 billion from $4.29 billion in the same quarter last year. Five Wall Street analysts had a consensus revenue estimate of 3.76 billion for the quarter.

Peer Performance

Among Edison's peers, San Francisco, California-based PG&E Corp. (PCG: News ) reported last week a year-over-year increase in profit for the third quarter to $318 million or $0.83 per share, compared to $304 million or $0.83 per share, on lower operating expenses, despite a decline in electric and natural gas operating revenues. Quarterly operating revenues decline d to $3.24 billion from $3.67 billion last year.

Another peer, San Diego, California-based Sempra Energy (SRE: News ) is scheduled to report financial results for the third quarter on Monday, November 9, 2009. Analysts expect the company to report earnings of $1.19 per share for the third quarter, on revenues of $2.16 billion.

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