WASHINGTON (dpa-AFX) - Pepco Holdings Inc. (POM) reported that its first-quarter net loss was $430 million or $1.82 per share, compared to net income of $68 million or $0.30 per share in the same quarter last year. Net income from continuing operations for the prior year quarter was $63 million or $0.28.
Adjusted net income from continuing operations for the quarter increased to $57 from $50 million last year. Adjusted Earnings from continuing operations Per Share was $0.24 up from $0.22 in the prior year.Analysts polled by Thomson Reuters expected the company to report earnings of $0.24 per share for the quarter. Analysts' estimates typically exclude special items.
The increase in adjusted net income from continuing operations in the first quarter of 2013 as compared to the same period in the prior year was driven by higher distribution revenue , partially offset by higher operation and maintenance expense. The 2013 and 2012 periods had favorable income tax adjustments of $11 million and $13 million, respectively.
Total Operating Revenue for the quarter declined to $852.0 million from $1.24 billion in the prior year quarter. Two analysts had consensus revenue estimate of $1.45 billion for the quarter.
Pepco reaffirmed its earnings guidance range for 2013 of $1.05 to $1.20 per share. Analysts expected the company to report earnings of $1.14 per share for fiscal 2013.
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