UPDATE: Pepco Q2 Net Profit Falls 32%

Pepco Holdings POM reported a 32% drop in its second-quarter profit. Pepco's quarterly profit fell to $42 million, or $0.17 per share, from $62 million, or $0.27 per share, in the year-ago period. Excluding one-time items, it earned $0.22 per share. Its total operating revenue fell 1.6% to $1.05 billion. However, analysts were estimating a profit of $0.23 per share on revenue of $1.22 billion. Pepco shares closed at $20.28 yesterday.