Oct 29 (Reuters) - Edison International beat Wall Street estimates for third-quarter profit on Tuesday, helped by higher electricity rates.
Utilities use general rate case $(GRC)$ proceedings to raise consumer electricity prices. The proceedings are initiated by regulated utilities to claim a revenue shortfall and ask for a rate increase based on the total cost of delivering their services.
"SCE continues to demonstrate its ability to navigate the regulatory landscape and is in the final stages of two key proceedings, which will solidify our financial outlook through 2028," CEO Pedro Pizarro said in a statement.
Edison International is the holding company of Southern California Edison $(SCE.UK)$ and Trio. SCE is an electric utility serving about 15 million people in California.
Earlier this year, the company projected that SCE's rate increases through 2028 would closely mirror local inflation levels.
The company narrowed its full-year adjusted profit forecast to $4.80 to $5 per share, from a prior expectation of $4.75 to $5.05 per share. Analysts were expecting $4.94, according to data compiled by LSEG.
On an adjusted basis, the Rosemead, California-based company posted a profit of $1.51 per share, beating analysts' average estimate of $1.38 per share.
(Reporting by Mrinalika Roy and Tanay Dhumal in Bengaluru; Editing by Mohammed Safi Shamsi)
((mrinalika.roy@thomsonreuters.com;))
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