Pepco Holdings Q3 Profit Falls, But Tops Estimates; Trims FY Earnings Guidance

(RTTNews) - Electricity & Natural Gas Supplier Pepco Holdings, Inc. (POM) Friday reported a decline in third-quarter profit, hurt by impairment loss of Pepco Energy Services, PES, long-lived assets. Profit, however, beat analysts expectations but revenues missed them.

Net income declined to $79 million or $0.31 per share, from $118 million or $0.48 per share last year. Excluding certain items, the company recorded a profit of $116 million or $0.46 per share.

On average, six analysts polled by Thomson-Reuters estimated earnings to be $0.45. Analysts' estimates typically exclude one-time items.

Revenues declined to $1.31 billion, from $1.34 billion a year ago, hurt by a $56 million decline in power delivery segment revenues, partially offset by a rise in PES revenues. Analysts projected revenues to be $1.35 billion.

The Washington-based company raised the bottom end of its annual adjusted earnings guidance range and expects $1.17 to $1.27 per share, from previously announced $1.12 to $1.27 per share.

Analysts have an earnings consensus of $1.22 for the year 2014.