By Erin McCarthy 
 

Pepco Holdings Inc. (POM) on Wednesday said it swung to a profit in the first quarter, as the electricity provider benefited from a notable increase in revenue and a favorable comparison to year-ago quarter.

Last month, Chicago-based electricity company Exelon Corp. (EXC) agreed to buy Pepco for $27.25 a share in cash. The companies said the combined utility will serve about 10 million customers across the Mid-Atlantic region, with a rate base of about $26 billion.

Pepco affirmed that the acquisition is expected to close in the second or third quarter of 2015.

For the latest quarter, Pepco posted a profit of $75 million, or 30 cents a share, compared with a year-earlier loss of $430 million, or $1.82 a share. The prior year's quarter included a loss of $319 million from discontinued operations.

Total operating revenue climbed 13% to $1.33 billion.

Analysts polled by Thomson Reuters forecast per-share earnings of 24 cents and revenue of $1.06 billion.

Pepco's power-delivery segment, the biggest contributor to its top line, posted a revenue increase of 13% to $1.27 billion. The Pepco Energy Services unit's revenue rose to $60 million from $56 million a year earlier.

The company also backed its full-year adjusted earnings guidance.

Write to Erin McCarthy at erin.mccarthy@wsj.com

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