SoCal Edison Posts 5.7% Net Income Gain in 1985
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Southern California Edison reported 1985 net income of $774.1 million, a 5.7% increase from the $732.4 million earned in 1984.
Revenue for the year rose 5.5% to $5.17 billion from $4.89 billion in 1984.
In the fourth quarter, the Rosemead-based utility had net income of $172.9 million on revenue of $1.27 billion. In the same period of 1984, Edison reported net income of $167 million on revenue of $1.27 billion.
The 1985 performance marked Edison’s fifth consecutive year of earnings growth. Edison attributed the increase to lower operation, maintenance and interest costs.
Separately, Southern California Edison called for the redemption of all outstanding shares of its 12% series $100 cumulative preferred stock.
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