S&P 500 (NYSE:SPY) component Pepco Holdings, Inc. (NYSE:POM) reported net income above Wall Street’s expectations for the first quarter. Pepco Holdings, Inc. is an energy company that delivers electricity and natural gas (NYSE:UNG) and generates and supplies energy generation.
Pepco Holdings Earnings Cheat Sheet for the First Quarter
Results: Net income for the electric utilities company rose to $62 million (28 cents/share) vs. $36 million (16 cents/share) in the same quarter a year earlier. A rise of 72.2% from the year earlier quarter.
Revenue: Rose 4.6% to $2.5 billion.
Actual vs. Wall St. Expectations: POM beat the mean analyst estimate of 20 cents/share. Estimates ranged from 16 cents per share to 23 cents per share.
Quoting Management: “Our earnings from continuing operations reflect the positive effects of our investment in utility infrastructure and reasonable regulatory outcomes,” said Joseph M. Rigby, Chairman, President and Chief Executive Officer. “During the quarter, we continued to make good progress on a number of important Power Delivery initiatives. The investments made as part of our Reliability Enhancement Plan are on track and reflect our commitment to reduce power outages and improve service to our customers. Our Blueprint for the Future initiatives are moving forward with advanced meter installations continuing in Delaware and the District of Columbia. Also, we recently filed a dynamic pricing proposal in Delaware that will reward our customers for lowering their energy use during periods when energy demand is high.” Rigby added, “For the remainder of 2011, we will remain focused on executing our business plan with a focus on improving reliability and the customer experience.”
Competitors to Watch: Public Service Enterprise Group Inc. (NYSE:PEG), NextEra Energy, Inc. (NYSE:NEE), FirstEnergy Corp. (NYSE:FE), Northeast Utilities System (NYSE:NU), Constellation Energy Group, Inc. (NYSE:CEG), DPL Inc. (NYSE:DPL), The Southern Company (NYSE:SO), Consolidated Edison, Inc. (NYSE:ED), Exelon Corporation (NYSE:EXC), and Duke Energy Corporation (NYSE:DUK)
Stock Performance: Shares of POM are up .67% from the previous close of $19.32.