CHICAGO - Exelon Corporation (NASDAQ:EXC) reported a slight miss in its first-quarter earnings per share (EPS), coming in at $0.68 compared to the analyst consensus of $0.69. However, the company's revenue exceeded expectations, with $6.06 billion for the quarter, surpassing the consensus estimate of $5.6 billion.
Despite the EPS shortfall, the energy provider's revenue marked a significant increase from last year's first quarter, indicating a strong operational performance. Exelon's adjusted operating earnings for the first quarter of 2024 reflected the impact of higher utility earnings, primarily due to rate increases at BGE and PHI, which were partially offset by higher operating expenses and lower electric distribution earnings at ComEd.
Jeanne Jones, Exelon's CFO, noted that the company remains on track to achieve its full-year operating earnings guidance of $2.40 to $2.50 per share in 2024. This guidance aligns closely with the analyst consensus of $2.44, suggesting a steady outlook for the company's financial performance.
The company's GAAP Net Income for the first quarter decreased slightly to $0.66 per share from $0.67 per share YoY. The adjusted EPS also saw a marginal decrease from $0.70 per share in the first quarter of 2023 to $0.68 per share in the same period of 2024. The changes in net income and adjusted earnings were attributed to a mix of factors, including higher earnings from rate increases, increased storm costs, and higher interest expenses.
Exelon's President and CEO, Calvin Butler, expressed confidence in the company's progress, notably on the regulatory front, and highlighted their innovative approach to safety. He reaffirmed Exelon's commitment to the safety of employees and community members.
Looking ahead, Exelon projects annualized EPS growth of 5% to 7% through 2027, supporting the energy transformation in the communities it serves. The company has also declared a regular quarterly dividend of $0.38 per share for the second quarter of 2024.
As there was no indicated stock movement percentage, the market's reaction to Exelon's earnings release remains unreported. The company's forward-looking statements, including rate case developments and financing activities, suggest a strategic approach to managing its financial health and operational growth.
In summary, Exelon's first-quarter performance shows resilience in a challenging environment, with the company successfully navigating operational hurdles and delivering a revenue beat. The guidance provided for the full year indicates stability and aligns with market expectations, offering a clear financial outlook for investors.
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