Pepco Holdings Q4 Profit Rises; Sees 2014 EPS In Line - Quick Facts

(RTTNews) - Electric and natural gas utility company Pepco Holdings Inc. (POM) reported that its fourth-quarter of 2013 net income rose to $58 million or $0.23 per share, from $43 million or $0.18 per share in the same quarter last year.

GAAP earnings from Continuing Operations for the quarter were $58 million or $0.23 per share, compared to $34 million or $0.15 per share for the same period in 2012.

Adjusted earnings from continuing operations for the fourth quarter would have been $61 million or $0.24 per share compared to $38 million or $0.17 per share last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.21 per share for the quarter. Analysts' estimates typically exclude special items. The primary drivers of the increase in adjusted net income from continuing operations) for the fourth quarter 2013, as compared to the 2012 period, were higher electric distribution revenue (primarily due to higher rates driven by increased infrastructure investment) and lower operation and maintenance expense. Higher depreciation expense partially offset the net income increase for the three months ended December 31, 2013.

Operating revenue for the quarter grew to $1.091 billion from $1.056 billion in the prior year quarter.

The company expects earnings to be between $1.12 and $1.27 per share for 2014. Analysts project annual earnings per share of $1.22.

The guidance range assumes normal weather conditions and excludes: the results of discontinued operations and the impact of any special, unusual or extraordinary items, the effect of adopting new accounting standards, the effect of changes in tax law, and the impairment of assets.