Pepco Shows Profit After Asbestos Settlement

Article Added March 16th, 2006 - Print This Story - Bookmark This Story

Fourth quarter profit rose significantly for Pepco after a gain from a new power agreement – and an asbestos settlement.

The distributor of electricity and natural gas showed that their fourth quarter profit jumped significantly, with net income rising to more than $82 million. A year ago the same quarter was only worth around $14 million. The settlement of the Mirant Transitional Power Agreement claim and an asbestos claim are sited for a 22 cent per share gain included in the net income. Earnings reported by the company, excluding one time items, were at $36.4 million, down from $38.1 million the same time last year. An earnings per share of 18 cents was expected.

The decline in the one time items were cited as a result of lower earnings in its Conectiy Energy unit from lower merchant generation earnings. Overall, revenue rose to $2.06 billion, 20 percent more than last year’s $1.72 billion. The full year net for the company’s income was $371.2 million, up from last year at $260.6 million. Excluding the one time items, the reported earnings for the company were $287.8 million, and revenue rose from $7.22 billion to more than $8 billion this year.

Article Added March 16th, 2006 - Print This Story - Bookmark This Story

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