Southern California Edison parent Edison International is overhauling its operations in the wake of the bankruptcy of a subsidiary and the closure of the San Onofre nuclear power plant.

By Catherine Green
August 4, 2013, 7:20 p.m.

Edison International, the parent company of Southern California Edison, has had its hands full with the bankruptcy of a subsidiary and the shutdown of the San Onofre Nuclear Generating Station. Now, it is overhauling its operations.

The Rosemead company, which oversees the utility that provides power through much of Southern California, began as Los Angeles Edison Electric Co. in 1894 when Visalia street-light provider Holt & Knupps merged with Electric Light Works.

The company has long since branched out beyond its primary utility, establishing power producer Edison Mission Energy, investment arm Edison Capital and coal subsidiary Midwest Generation.

Expansion in the 1990s to Britain, Australia, Indonesia, Turkey and other nations prompted the name change to Edison International. Today, the company employs about 16,600 people and has a market capitalization of nearly $16.1 billion.

The latest

Edison touted its core earnings, which exclude one-time charges and tax benefits, as well as its revenue in its second-quarter earnings report last week.

In both cases, the company beat Wall Street analysts’ expectations, reporting core earnings of 79 cents a share, above the expected 66 cents, and operating revenue of $3.1 billion, well ahead of the expected $2.7 billion.

The increases reflect “strong operating results from higher authorized investment in our electric grid infrastructure, good cost management and favorable tax benefits,” Chief Executive Ted Craver said.

Still, the company posted a net loss of $70 million, before paying $24 million in preferred stock dividends.

Edison’s primary focus has been damage control since trouble began at San Onofre’s massive nuclear plant in January 2012.

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