Edison International (EIX) has reported a 26.37 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $393 million, or $1.10 a share in the quarter, compared with $311 million, or $0.85 a share for the same period last year.
Revenue during the quarter went up marginally by 0.94 percent to $2,463 million from $2,440 million in the previous year period. Gross margin for the quarter expanded 71 basis points over the previous year period to 68.17 percent. Total expenses were 80.55 percent of quarterly revenues, down from 81.64 percent for the same period last year. This has led to an improvement of 109 basis points in operating margin to 19.45 percent.
Operating income for the quarter was $479 million, compared with $448 million in the previous year period.
"Edison International is off to a solid start in 2017, reporting first quarter earnings of $1.11 per share," said Pedro Pizarro, Edison International president and chief executive officer. "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."
Operating cash flow improves marginally
Edison International has generated cash of $879 million from operating activities during the quarter, up 2.81 percent or $24 million, when compared with the last year period.
The company has spent $937 million cash to meet investing activities during the quarter as against cash outgo of $834 million in the last year period.
Cash flow from financing activities was $112 million for the quarter as against cash outgo of $45 million in the last year period.
Cash and cash equivalents stood at stood at $150 million as at Mar. 31, 2017.
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