Exelon Corporation Reports Third Quarter 2024 Financial Results
Exelon Corporation (NASDAQ: EXC) announced its financial results for the third quarter ending September 30, 2024, highlighting strong financial and operational performance amidst challenging weather conditions.
Key Financial Metrics:
| Metric | Q3 2024 | Q3 2023 | YoY Change | Consensus Estimate |
|---|---|---|---|---|
| GAAP Net Income (Per Share) | $0.70 | $0.67 | +4.5% | - |
| Adjusted (non-GAAP) Operating Earnings (Per Share) | $0.71 | $0.67 | +6% | $0.67 |
Exelon exceeded Wall Street's consensus estimate for earnings per share, recording adjusted operating earnings of $0.71 per share, compared to the estimated $0.67. The increase reflects robust utility performance, with notable contributions from distribution rate increases and reduced storm costs, offset by higher interest and depreciation expenses.
Revenue Performance by Segments:
| Segment | Q3 2024 Net Income | Q3 2023 Net Income | YoY Change |
|---|---|---|---|
| ComEd | $360 million | $333 million | +8.1% |
| PECO | $117 million | $146 million | -19.9% |
| BGE | $45 million | $45 million | 0% |
| PHI | $278 million | $232 million | +19.8% |
Exelon's diverse segment performance highlighted significant growth from PHI, driven by increased electric distribution and transmission rates. However, PECO experienced a decline due to increased expenses.
Key Developments and Highlights:
- Declared a regular quarterly dividend of $0.38 per share, payable on December 13, 2024.
- Filed a natural gas distribution rate case with the DEPSC by DPL, seeking a $36 million annual increase to support infrastructure investments.
- ACE issued $175 million in First Mortgage Bonds, allocated for debt repayment and corporate purposes.
- PECO issued $575 million in mortgage bonds for refinancing and corporate needs.
Executive Commentary:
Exelon President and CEO Calvin Butler emphasized the company's resilience and dedication to maintaining reliability amid severe weather events, reinforcing its commitment to regulatory engagements for grid resilience and energy affordability. CFO Jeanne Jones highlighted the disciplined financial management and strategic investments totaling $34.5 billion, ensuring growth through 2027.
Forward Guidance:
Exelon reaffirmed its adjusted (non-GAAP) operating earnings guidance for the full year 2024 of $2.40 to $2.50 per share and maintained its annual EPS growth target of 5-7% through 2027.
Stock Price Movement:
Following the earnings release, Exelon's stock experienced a minor increase of approximately 0.48%.
This comprehensive snapshot captures Exelon's financial solidity and strategic focus amidst a dynamic operational landscape. As the company navigates regulatory and environmental challenges, it remains committed to delivering sustainable energy solutions.
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