Pepco Holdings Reports Third-Quarter 2012 Financial Results; Narrows 2012 Earnings Guidance Range

Pepco Holdings, Inc. (NYSE: POM) today reported third quarter and nine months ended September 30, 2012 earnings from continuing operations as follows:
   
Three Months Ended Nine Months Ended
September 30, September 30,

2012
 

2011

2012
 

2011
Net Income from Continuing Operations (GAAP)
Net Income ($ in millions) $ 112 $ 80 $ 242 $ 237
Earnings Per Share $ 0.49 $ 0.35 $ 1.06 $ 1.05
 
Adjusted Net Income from Continuing Operations (Non-GAAP)
Adjusted Net Income ($ in millions) $ 108 $ 83 $ 233 $ 244
Adjusted Earnings Per Share $ 0.47 $ 0.36 $ 1.02 $ 1.08
 

The increase in adjusted net income from continuing operations (Non-GAAP) in the third quarter of 2012, as compared to the 2011 quarter, was largely due to higher electric transmission and distribution revenue (primarily due to higher rates driven by increased investment), lower expenses (primarily due to the establishment of a regulatory asset in 2012 for recovery of storm restoration costs incurred in 2011), and the early termination of one of the seven cross-border lease investments (after-tax gain of $9 million). Partially offsetting these positive factors were lower Pepco Energy Services earnings due to the wind-down of the retail energy supply business and lower energy services project activity.

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