Southern California Edison Co. reported a 6% increase in 1984 net income, boosting earnings per share to the highest level in the company's history for the fourth straight year. Net income totaled $732.4 million on operating revenues of $4.9 billion, compared to net income of $690.8 million on revenues of $4.5 billion the preceding year.
"The earnings improvement over the past few years is a result of a continuing emphasis on stringent cost controls and productivity, fuel-cost savings resulting from unusually favorable low-cost hydroelectric and purchased power availability, and timely rate relief (from the Public Utilities Commission), which has offset rising inflation-related costs," said Howard P. Allen, chairman and chief executive of the Rosemead-based utility.
Edison's fourth-quarter net income was $167 million on revenues of $1.3 billion, compared to net of $157 million and revenues of $1.1 billion in the same quarter of 1983.
Gibraltar Financial Corp. of California posted 1984 net earnings of $33.46 million, the highest in its history, compared to $31.36 million in 1983.