Pepco Holdings, Inc. (NYSE: POM) today reported first quarter 2012 earnings from continuing operations as follows:
|Three Months Ended|
|Net Income from Continuing Operations (GAAP)|
|Net Income ($ in millions)||$||68||$||62|
|Earnings Per Share||$||0.30||$||0.27|
|Adjusted Net Income from Continuing Operations (Non-GAAP)|
|Adjusted Net Income ($ in millions)||$||68||$||64|
|Adjusted Earnings Per Share||$||0.30||$||0.28|
“Our earnings from continuing operations reflect our investment in utility infrastructure, as well as the positive impacts of tax adjustments which more than mitigated the effects of the mild winter weather we experienced in our service area,” said Joseph M. Rigby, Chairman, President and Chief Executive Officer. “During the quarter, we continued to make progress on a number of important Power Delivery initiatives. The investments made to improve service reliability are on track and we continue to see positive trends in the operating performance of our electric system. Our Blueprint for the Future initiatives are moving forward as planned, with smart meter installations completed in Delaware and continuing in the District of Columbia and Maryland.” Rigby added, “For the remainder of 2012, we will remain focused on improving reliability and customer satisfaction, and continue to aggressively pursue constructive regulatory outcomes and frameworks that allow us to earn our authorized rates of return on our investments.”
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