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Pepco Holdings Reports Second-Quarter 2012 Financial Results; Reaffirms Full-Year 2012 Earnings Guidance

Pepco Holdings, Inc. (NYSE: POM) today reported second quarter and six months ended June 30, 2012 earnings from continuing operations as follows:
  Three Months Ended   Six Months Ended
June 30, June 30,

2012
 

2011

2012
 

2011
Net Income from Continuing Operations (GAAP)
Net Income ($ in millions) $ 62 $ 95 $ 130 $ 157
Earnings Per Share $ 0.27 $ 0.42 $ 0.57 $ 0.69
 
Adjusted Net Income from Continuing Operations (Non-GAAP)
Adjusted Net Income ($ in millions) $ 57 $ 97 $ 125 $ 161
Adjusted Earnings Per Share $ 0.25 $ 0.43 $ 0.55 $ 0.71
 

The decrease in adjusted net income from continuing operations (Non-GAAP) in the second quarter of 2012, as compared to the 2011 quarter, was primarily due to the favorable impact of income tax adjustments in the 2011 period for prior tax years, higher Power Delivery operation and maintenance expense (primarily due to higher employee-related costs, higher customer support services costs, and a favorable insurance adjustment in the 2011 period), and lower Pepco Energy Services earnings (primarily due to the wind-down of the retail energy supply business and lower energy services project activity). Partially offsetting these negative factors was higher electric transmission and distribution revenue due to higher rates driven by increased investment. The decrease in adjusted net income from continuing operations (Non-GAAP) for the six months ended June 30, 2012, as compared to the same period in the prior year, was driven by essentially the same factors as the quarterly results.

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