UPDATE: Pepco Holdings Reports Q1 Net Income of $64 million

Pepco Holdings Inc POM released its results for the first quarter on Friday. The company's quarterly net income surged to $64 million, or $0.28 per share, from $36 million, or $0.16 per share, in the year-earlier period. The company's earnings from continuing operations jumped to $0.27 per share, from $0.13 per share. POM's operating revenue fell to $1.63 billion, from $1.82 billion. However, analysts were expecting earnings of $0.19 per share. Pepco Holdings continues to project 2011 earnings of $1.10 to $1.25 per share, versus analysts' estimates of $1.20 per share. POM shares gained 0.67% to $19.45 in pre-market trading. Read more from Benzinga's Company news.