Business Services Industry
Pennsylvania Electric Company Reports Record Dividend.
Knight Ridder/Tribune Business News, October, 1998 by Rich Heidorn Jr.
Knight Ridder/Tribune Business News
Oct. 20--Warm weather and a strong performance by its wholesale power marketing unit boosted Peco Energy Co.'s third-quarter earnings to a record $1.20 per share, a 74 percent increase over last year and well above analysts' estimates of 78 cents. Peco's previous high was an 87-cent showing in the third quarter of 1989.
Nancy Bessey, president of Peco's Power Team wholesale subsidiary, said yesterday the earnings show Peco's progress in adjusting to competition. Power Team's sales to other utilities increased to 14.5 million megawatt hours for the quarter from 8.4 million a year earlier.
"We had an excellent quarter -- not because of a captive market, but because we continued to compete successfully ... in...
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