Edison International (EIX) fourth-quarter earnings fell 22% as higher taxes, lower trading revenue and a write-down weighed on its wholesale power generation business' bottom line.

For the current year, the company projected earnings of $2.60 to $2.90 a share, falling short of the $3 average estimate by analysts in a Thomson Reuters poll.

Revenue at the California energy utility company has been relatively stable thanks to regulated rates and state rules that separate the company's profit from power and gas sales, as well as an authorized return on equity the company collects on capital investments. However, its wholesale power generation has just recently seen conditions improve after struggling with weak demand and pricing during the economic downturn.

Profit at Southern California Edison, which accounts for most of the company's total, rose 5.2%. But wholesale generation earnings were down 82%.

Companywide, Edison International reported a profit of $166 million, or 51 cents a share, down from $212 million, or 65 cents a share, a year earlier. Excluding items such as write-offs and a prior-year tax settlement gain, earnings dipped to 58 cents a share from 59 cents.

Revenue edged up 0.6% to $3.07 billion, according to a company spokesman.

Analysts most recently forecast earnings of 60 cents on revenue of $4.2 billion.

Shares closed Friday at $36.01 and were inactive premarket. The stock has gained 10% the past year.

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