SCEcorp, parent of Southern California Edison Co.,...
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SCEcorp, parent of Southern California Edison Co., reported a 5% decline in first-quarter earnings and announced a 2-for-1 stock split.
Net income for the quarter slipped to $148.9 million, or 67 cents a share, from $156.7 million, or 71 cents, in the year-earlier period. Revenue increased to $1.78 billion from $1.72 billion.
The earnings decline reflected a reduction in the company’s authorized rate of return on equity for 1993.
Separately, the nation’s second-largest electric utility said it would split its stock 2-for-1 for shareholders of record June 1, subject to regulatory approval.
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