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

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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

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