UPDATE: Pepco Q4 Profit Tops Expectations

reported stronger-than-expected earnings for the fourth quarter. The Washington-based company posted quarterly net income from continuing operations of $35 million, or $0.14 per share, versus $58 million, or $0.23 per share, in the year-ago period. Excluding non-recurring items, the company's adjusted earnings slipped to $0.23 per share from $0.24 per share. Its revenue gained 2.5% to $1.12 billion. However, analysts were expecting earnings of $0.20 per share on revenue of $1.17 billion. Power Delivery electric sales slipped to 10,996 GWh in the fourth quarter, versus 11,085 GWh, in the year-ago period. Weather-adjusted electric sales climbed to 11,179 GWh from 11,013 GWh. "2014 was a year of significant accomplishments as we continued to see appreciable improvements in both reliability and customer satisfaction. Our financial and operating results reflect the positive impact of our investments in the electric system across our jurisdictions," said Joseph M. Rigby, Chairman, President and Chief Executive Officer. Pepco shares gained 0.11% to close at $27.16 yesterday.