EIX Edison International

   By Ezequiel Minaya 
 

Edison International posted weaker-than-expected results for the first quarter, hurt by the timing of a rate-case decision last year and higher costs.

The California Public Utilities Commission's final decision in November had a 2015 revenue requirement that was below existing rates and was retroactive to Jan. 1, 2015.

Shares of the utility fell 1.3% to $70.50 in after-hours trading.

In the wake of the latest results, Edison bumped up by a penny its annual guidance for basic earnings on a per-share basis to $3.82 to $4.02. Analysts surveyed by Thomson Reuters expect $3.89 a share.

For the quarter ended in March, Edison posted earnings of $301 million, or 82 cents a share after the payout of preferred dividends, compared with a profit of $327 million, or 91 cents a share, a year earlier.

Total operating revenue declined 2.9% to $2.44 billion.

Analysts surveyed by Thomson Reuters had expected earnings of 88 cents on $2.82 billion in revenue.

Write to Ezequiel Minaya at Ezequiel.Minaya@wsj.com

(END) Dow Jones Newswires

May 02, 2016 17:00 ET (21:00 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.