Pepco Holdings Inc. (POM, Financial) filed Quarterly Report for the period ended 2010-06-30.
Pepco Holdings Inc. has a market cap of $3.85 billion; its shares were traded at around $17.23 with a P/E ratio of 19.3 and P/S ratio of 0.4. The dividend yield of Pepco Holdings Inc. stocks is 6.3%.POM is in the portfolios of Robert Bruce of Bruce & Co., Inc., John Hussman of Hussman Economtrics Advisors, Inc., Bruce Kovner of Caxton Associates, Jim Simons of Renaissance Technologies LLC, Jeremy Grantham of GMO LLC.
The retail energy supply business has historically generated a substantial portion of the operating revenues and net income of the Pepco Energy Services segment. Operating revenues related to the retail energy supply business for the three months ended June 30, 2010 and 2009 were $401 million and $534 million, respectively, while operating income for the same periods was $10 million and $31 million, respectively. Operating revenues related to the retail energy supply business for the six months ended June 30, 2010 and 2009 were $898 million and $1.17 billion, respectively, while operating income for the same periods was $31 million and $53 million, respectively. PHI anticipates that the decline in operating revenues and operating income will continue as the retail energy supply business winds down. In connection with the operation of the retail energy supply business, as of June 30, 2010, Pepco Energy Services provided letters of credit of $172 million and posted net cash collateral of $121 million. These collateral requirements, which are based on existing wholesale energy purchase and sale contracts and current market prices, will decrease as the contracts expire and the collateral is expected to be fully released over time by June 1, 2014. The Energy Services business will not be affected by the wind down of the retail energy supply business.
PHIs net income from continuing operations for the three months ended June 30, 2010 was $76 million, or $0.34 per share, compared to $39 million, or $0.18 per share, for the three months ended June 30, 2009.
PHIs net loss from discontinued operations for the three months ended June 30, 2010 was $130 million, or $0.58 per share, compared to a loss of $14 million, or $0.07 per share, for the three months ended June 30, 2009.
PHIs net income from continuing operations for the six months ended June 30, 2010 was $104 million, or $0.47 per share, compared to $80 million, or $0.37 per share, for the six months ended June 30, 2009.
PHIs net loss from discontinued operations for the six months ended June 30, 2010 was $122 million, or $0.55 per share, compared to a loss of $10 million, or $0.05 per share, for the six months ended June 30, 2009.
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Pepco Holdings Inc. has a market cap of $3.85 billion; its shares were traded at around $17.23 with a P/E ratio of 19.3 and P/S ratio of 0.4. The dividend yield of Pepco Holdings Inc. stocks is 6.3%.POM is in the portfolios of Robert Bruce of Bruce & Co., Inc., John Hussman of Hussman Economtrics Advisors, Inc., Bruce Kovner of Caxton Associates, Jim Simons of Renaissance Technologies LLC, Jeremy Grantham of GMO LLC.
Highlight of Business Operations:
PHI currently estimates that the sale of the wholesale power generation business to Calpine and the liquidation of the remaining Conectiv Energy assets and businesses will result in a loss through the completion of the liquidation for financial reporting purposes ranging from $75 million to $100 million, after tax. This range of loss includes estimates of (i) the loss on the Calpine transaction, including transaction expenses, (ii) the additional income tax charges associated with the Calpine transaction, (iii) expenses for employee severance and retention benefits, and (iv) accrued expenses for certain obligations associated with the Calpine transaction, offset by (v) estimates of gains from the anticipated disposition of ConectivThe retail energy supply business has historically generated a substantial portion of the operating revenues and net income of the Pepco Energy Services segment. Operating revenues related to the retail energy supply business for the three months ended June 30, 2010 and 2009 were $401 million and $534 million, respectively, while operating income for the same periods was $10 million and $31 million, respectively. Operating revenues related to the retail energy supply business for the six months ended June 30, 2010 and 2009 were $898 million and $1.17 billion, respectively, while operating income for the same periods was $31 million and $53 million, respectively. PHI anticipates that the decline in operating revenues and operating income will continue as the retail energy supply business winds down. In connection with the operation of the retail energy supply business, as of June 30, 2010, Pepco Energy Services provided letters of credit of $172 million and posted net cash collateral of $121 million. These collateral requirements, which are based on existing wholesale energy purchase and sale contracts and current market prices, will decrease as the contracts expire and the collateral is expected to be fully released over time by June 1, 2014. The Energy Services business will not be affected by the wind down of the retail energy supply business.
PHIs net income from continuing operations for the three months ended June 30, 2010 was $76 million, or $0.34 per share, compared to $39 million, or $0.18 per share, for the three months ended June 30, 2009.
PHIs net loss from discontinued operations for the three months ended June 30, 2010 was $130 million, or $0.58 per share, compared to a loss of $14 million, or $0.07 per share, for the three months ended June 30, 2009.
PHIs net income from continuing operations for the six months ended June 30, 2010 was $104 million, or $0.47 per share, compared to $80 million, or $0.37 per share, for the six months ended June 30, 2009.
PHIs net loss from discontinued operations for the six months ended June 30, 2010 was $122 million, or $0.55 per share, compared to a loss of $10 million, or $0.05 per share, for the six months ended June 30, 2009.
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