Pepco Holdings Inc., parent company of electric utility Pepco, said Friday its first-quarter profits surged on higher transmission and distribution revenue.
The company reported earnings of $64 million, or 28 cents per share, in the first quarter, compared to $36 million, or 16 cents per share, in the first quarter of 2010.
Pepco’s revenue for the quarter was $1.63 billion, compared to $1.81 billion during the corresponding period in 2010.
Analysts polled by Thomson Reuters had expected 20 cents.
“Our earnings from continuing operations reflect the positive effects of our investment in utility infrastructure and reasonable regulatory outcomes,” Pepco CEO Joseph M. Rigby said in a prepared statement. “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.”
Pepco’s shares gained 23 cents, or 1.2 percent, Friday to close at $19.55.