Pepco Holdings Reports Fourth Quarter And Full Year 2012 Financial Results; Announces 2013 Earnings Guidance

Pepco Holdings, Inc. (NYSE: POM) today reported fourth quarter and full year 2012 earnings from continuing operations as follows:
   
Three Months Ended Year Ended
December 31, December 31,

2012
 

2011

2012
 

2011
Net Income from Continuing Operations (GAAP)
Net Income ($ in millions) $ 43 $ 23 $ 285 $ 260
Earnings Per Share – Basic $ 0.18 $ 0.10 $ 1.25 $ 1.15
Earnings Per Share – Diluted $ 0.18 $ 0.10 $ 1.24 $ 1.15
 
Adjusted Net Income from Continuing Operations (Non-GAAP)
Adjusted Net Income ($ in millions) $ 44 $ 34 $ 277 $ 283
Adjusted Earnings Per Share – Diluted $ 0.19 $ 0.15 $ 1.21 $ 1.25
 

“2012 was a year of significant progress on our key initiatives,” said Joseph M. Rigby, Chairman, President and Chief Executive Officer. “Throughout the year, we invested nearly $1.2 billion in transmission and distribution infrastructure including projects focused on enhancing reliability and installing advanced technology throughout our service area. These investments are significantly improving our operating performance and restoration efforts, as demonstrated during two severe weather events in 2012. Our progress culminated in ending the year with a notable rise in customer satisfaction levels.” Rigby added, “While earnings reflect the positive effects of our investment in utility infrastructure, results were also impacted by lower Pepco Energy Services earnings. While profitable, Pepco Energy Services’ financial results have been impacted by the wind-down of the retail energy supply business and a challenging energy services market.”

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