Exelon Beats Q2 Earnings Estimates

Exelon Corporation (NYSE: EXC) reported its second quarter financial results for the current fiscal year on August 9. The energy company announced adjusted earnings per share of $0.65, topping the analysts’ consensus estimate of $0.56. Moreover, this figure is also higher compared to the same quarter in the previous year.

Overall, Exelon’s adjusted net income edged higher from the year-ago quarter’s $508 million to $604 million. Meanwhile, on a GAAP basis, the second quarter income clocked in at $0.29 per share or $267 million. These numbers are lower in comparison to $0.74 per share or $638 million that the energy company registered for the second quarter last year.

Commonwealth Edison Company, which is one of Exelon’s units, reported GAAP net income of $145 million for the mentioned quarter—higher compared to the year-ago quarter’s $99 million. On the other hand, the unit’s adjusted operating earnings rallied to $146 million, higher than the $101 million achieved during the same quarter last fiscal year.

When it comes to Exelon’s PECO unit, which is called PECO Energy Co. before, gained a net income of $100 million for the period. This figure is higher compared to the $70 million hit during the year-ago quarter. In addition, the adjusted operating earnings of the division amounted to $101 million, which is also greater than the 2QFY15’s $71 million.

The net income of Baltimore Gas and Electric came in at $31 million, lower compared to $44 million hit during the same period last year. However, the unit’s adjusted operating earnings slumped to $29 million, down from the $45 million reached during the second quarter of fiscal year 2015.

In terms Pepco Holdings LLC’s net income, the numbers hit $52 million, while the unit’s adjusted operating earnings amounted to $53 million.

Exelon Generation Company LLC suffered a net loss of $8 million for the mentioned period, in comparison to the year-ago quarter’s $398 million net income. The division’s adjusted operating earnings for the second quarter of fiscal year 2016 touched $328 million, up from the prior year’s $309 million.

During the recently concluded quarter, Exelon initiated an early retirement process of Clinton and Quad Cities nuclear power plants. These terminations resulted in a one-time charge of $141 million for Exelon and Exelon Generation.

ConEdison Solutions, which is a unit of Consolidated Edison Inc, agreed to sell its retail electric and natural gas segment to Exelon Generation for an amount of approximately $53 million. The mentioned transaction is anticipated to be completed during the Q3 of this fiscal year.

For the second quarter of this year, the nuclear fleet of Exelon Generation, coupled with its owned production from the Salem Generating Station and all of the CENG units produced a total of 42,453 GWh. This figure is lower in comparison to the 43,805 GWh output during the year-ago quarter.

The energy giant maintained an EPS of $2.40 to $2.70 for the current fiscal year. Market analysts are estimating that Exelon will report an earnings per share of $2.53 for fiscal year 2016. According to the company’s President and CEO Mr. Christopher Crane, “Our family of companies continued to perform at top levels for our customers, shareholders and communities.”

“Exelon achieved earnings of $0.65 per share, exceeding our guidance range for the second quarter. For the third quarter we are providing a guidance of $0.65 – $0.75 per share and reaffirming our guidance of $2.40 to $2.70 for the full year,” Crane further added.

Leave a Reply

Get Pre-Market Alerts!

Get Pre-Market Analysts' Upgrades, Downgrades, Earnings & Initiations with our FREE daily email newsletter.