Pepco Holdings Inc
) reported fourth-quarter 2013 adjusted earnings of 24 cents per
share, exceeding the Zacks Consensus Estimate by 3 cents.
Earnings surged 41% year over year.
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The bottom-line improvement was attributable to higher electric
distribution revenues as increased infrastructure investment
drove higher rates, as well as to decline in operation and
Including impairment charges related to Pepco Energy Services'
long-lived assets of 1 cent, net income came in at 23 cents,
improving 53% year over year.
Behind the Headlines
Pepco Holdings' total revenue in the fourth quarter was $1.09
billion, up 3.3% from $1.06 billion in the year-ago period.
Quarterly revenues, however, fell short of the Zacks Consensus
Estimate of $1.465 billion.
Total operating expenses in the quarter declined 1.9% to $0.936
billion from $0.954 billion in the comparable year-ago period.
In the fourth quarter, Pepco Holdings' total electric sales at
Power Delivery were up 0.8% to 11,085 gigawatt hours (GWh).
As of Dec 31, 2013, Delmarva Powers' installation and activation
of electric smart meters is underway in its Maryland service
territory, and is already complete in its Delaware service
territory. Both installations and activation of smart
meters in the District of Columbia and Maryland service zones are
For full-year 2013, Pepco Holdings' adjusted earnings came in at
$1.14 per share on revenues of $4.67 billion.
While the top line inched up 0.9%, the bottom line increased
16.3%. Though earnings per share exceeded the Zacks Consensus
Estimate of $1.12, revenues fell short of the expectation of
Net income of 45 cents per share plunged 53% year over year.
Pepco Holdings' cash and cash equivalents, including restricted
cash, were $36 million as of Dec 31, 2013, up marginally from $35
million as of Dec 31, 2012. Long-term debts as of Dec 31, 2013
were $4.05 billion, up 11% from $3.6 billion as of Dec 31, 2012.
Pepco Holdings unveiled 2014 earnings outlook in the range of
$1.12 to $1.27 per share.
Other Company Releases
DTE Energy Company
) reported fourth quarter 2013 operating earnings per share of
$1.01, beating the Zacks Consensus Estimate by 4.1%. The bottom
line also jumped 18.8% year over year.
) posted fourth-quarter 2013 net operating earnings from
continuing operations of 47 cents per share, surpassing the Zacks
Consensus Estimate by a penny.
Public Service Enterprise Group Inc
) reported fourth-quarter operating earnings of 49 cents per
share, beating the Zacks Consensus Estimate by 4.3% and the
year-ago earnings figure by 19.5%.
Pepco Holdings currently retains a Zacks Rank #3 (Hold).