Edison Profit Up; Exec Resigns
Edison International, owner of California’s second-largest utility, said Tuesday that fourth-quarter profit rose 11% and that Edward Muller resigned as head of its fast-growing power-plant unit.
Rosemead-based Edison had profit from operations of $181 million, or 52 cents a share, compared with $163 million, or 46 cents, a year ago. It was expected to earn 49 cents. Sales rose to $2.51 billion from $2.26 billion.
Edison’s shares fell 50 cents to close at $27 on the New York Stock Exchange.
Chief Financial Officer Alan Fohrer will replace Muller, 47, who headed Edison Mission since 1994.
At a Glance
* Pasadena-based Jacobs Engineering Group Inc. reported fiscal first-quarter net loss of $5.7 million, or 22 cents per share, compared with $15.5 million, or 58 cents, a year ago. Revenue rose to $809 million from $555.2 million.
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