Edison International's (EIX) adjusted EPS of $1.09 in the third quarter of fiscal 2009 pushed past the Zacks Consensus Estimate of $1.05 by 4 cents. However, adjusted EPS for the quarter fell short of the year-ago $1.46 EPS.

On a GAAP basis, the company reported quarterly EPS of $1.23, compared to $1.33 in the year-ago quarter. The discrepancy between GAAP and adjusted EPS were due to non-cash accounting benefit from the final regulatory approval to transfer its Mountainview power plant to utility rate base.

Edison's revenue fell 14.7% year-over-year to $3.7 billion from $4.3 billion. The downside was more prominent in electric utility revenue (83.7% of total revenues), which decreased 11.6% year-over-year. Competitive power generation revenues fell 27.2% to $592 million. Financial services and other revenues were only $7 million in the reported quarter from $14 million in the year-ago quarter.

Southern California Edison's (SCE) GAAP EPS in the reported quarter

...

Edison International’s (EIX) second-quarter adjusted earnings of 78 cents per share swept past the Zacks Consensus EPS estimate by 25 cents. However, quarterly EPS fell a penny short of the year-ago profit on an adjusted basis.

Edison International is a California-based utility holding company operating through two principal subsidiaries: Southern California Edison Company, and Edison Mission Group.

Southern California Edison (SCE) is a public utility providing electricity to central, coastal and southern California (excluding Los Angeles). SCE is one of the largest electric utilities in the nation serving a population of 13 million through 4.9 million customer accounts in a 50,000 square mile service area.

Edison Mission Group (EMG) is a wholly owned unit of Edison International. EMG is the holding company for Edison International’s wholly owned subsidiaries, Edison Mission Energy (EME) and Edison Capital. EMG is an independent power producer with net generation capacity of nearly 18,000MW

...

From 2004 through 2006, Edison International's (EIX) return on equity (ROE) remained within an attractive mid-teen percentage range, as indicated in the table above. Operating profit margins, asset turnover and cost-of-debt all indicate general annual improvements over this four-year historical period, partially offset by increasing leverage and declining tax retention rates.In 2007-08, however, ROE declined moderately to approximately 12% due to slightly lower operating profit margins and volatility in the other ROE components.Looking ahead through 2009, we expect ROE to decline from its 2008 level due primarily to lower margins and lower revenue per dollar of assets in light of the weak economy, and a declining tax retention rate. EIX's free-cash-flow-to-equity (FCFE) remained weak and negative in 2004 mainly due to modest cash flow from operations (CFO). The situation worsened in 2005 due to a focus ...

Edison International (EIX) reported its 1st quarter 2009 earnings.Consolidated net income for the reported quarter totaled $250 million, or $0.76 per basic and diluted share, down 16.5%, compared with $299 million or $0.91 per basic and diluted share in the year-ago quarter.Excluding non-core items, Core earnings totaled $258 million, or $0.79 per share, representing a 15.1% decrease compared to $304 million, or $0.92 per share, in the 1st quarter of 2008. Core earnings decreased due to Edison Mission Group registering lower power prices and generation levels at Midwest Generation and Homer City apart from reduced trading income.Cash flow from operating activities increased significantly in 1st quarter 2009 from 1st quarter 2008, despite lower net income. Net cash used in investing activities increased marginally as the company incurred more capital expenditures and on account of lower proceeds from nuclear decommissioning trust sales. This ...