Exelon Corp Earnings: Net Income Falls Again

S&P 500 (NYSE:SPY) component Exelon Corporation (NYSE:EXC) reported its results for the second quarter. Exelon is a utility services holding company that distributes electricity and natural gas and is a major nuclear operator.

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Exelon Corporation Earnings Cheat Sheet

Results: Net income for the utility-electric power fell to $286 million (33 cents per share) vs. $620 million (93 cents per share) a year earlier. This is a decline of 53.9% from the year-earlier quarter.

Actual vs. Wall St. Expectations: Exelon Corporation reported adjusted net income of 61 cents per share. By that measure, the company fell short of mean estimate of 64 cents per share.

Quoting Management: “We have delivered on our financial and operating commitments with solid second quarter earnings, and are reaffirming our full-year operating earnings guidance of $2.55 to $2.85 per share,” said Christopher M. Crane, Exelon’s president and CEO. “Our businesses are performing well. Exelon Generation’s nuclear fleet achieved a capacity factor of 93.4 percent, and our delivery companies – BGE, ComEd and PECO – provided strong operational and financial performance for the quarter. We are also pleased with the results of our merger integration efforts to date and are confident of realizing the value investors expect from the Exelon-Constellation merger.”

Key Stats:

The company’s net income has fallen for two quarters in a row. In the first quarter, net income fell 70.1% from the year-earlier quarter.

The company fell short of estimates last quarter after beating the mark the quarter before with net income of 85 cents versus a mean estimate of net income of 81 cents per share.

Looking Forward: Analysts have a more positive outlook for the company’s next-quarter performance. Over the past month, the average estimate for the third quarter has gone up from 66 cents per share to 72 cents. The average estimate for the fiscal year is now $2.78 per share, down from $3.02 sixty days ago.

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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)

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