WASHINGTON (dpa-AFX) - Pepco Holdings, Inc. (POM) posted first quarter profit of $68 million or $0.30 per share versus $64 million or $0.28 per share a year ago.
Earnings per share from continuing operations were $0.30, up from $0.27 in the same quarter last year.
On average, 8 analysts polled by Thomson Reuters expected the company to report earnings of $0.24 per share. Analysts' estimates typically exclude special items.
Total Operating Revenue declined to $1.29 billion from $1.63 billion a year ago. Analysts expected revenues of $1.87 billion.
'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 Rigby, Chairman, President and Chief Executive Officer.
Pepco Holdings reaffirmed its earnings guidance range for 2012 of between $1.15 and $1.30 per share. Analysts expect earnings per share of $1.24 per share for the year.
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