Pepco Holdings Inc. reported fourth-quarter earnings of $35 million ($0.14/share), a drop from the $58 million ($0.23/share) it earned for the same period last year.

Earnings for the year were up, however, rising to $242 million ($0.96/share) from $110 million ($0.45/share) in 2013.

Pepco CEO Joseph M. Rigby attributed the increase in annual earnings to higher electric distribution and transmission revenue. The decrease in fourth-quarter earnings compared with 2013 was due to higher operation, maintenance and depreciation expenses, he said.

Because of the company’s pending acquisition by Exelon, it provided no earnings guidance for 2015. (See related story, DC Consumer Advocate Seeks Delay in Exelon-Pepco Proceedings.)