Exelon Corporation Earnings Cheat Sheet: The Streak is Broken
S&P 500 (NYSE:SPY) component Exelon Corporation (NYSE:EXC) reported net income above Wall Street’s expectations for the second quarter. Exelon Corp. is a utility services holding company that distributes electricity and natural gas and is a major nuclear operator.
Exelon Earnings Cheat Sheet for the Second Quarter
Results: Net income for Exelon Corporation rose to $620 million (93 cents per share) vs. $445 million (67 cents per share) in the same quarter a year earlier. This marks a rise of 39.3% from the year earlier quarter.
Revenue: Rose 4.3% to $4.59 billion from the year earlier quarter.
Actual vs. Wall St. Expectations: EXC reported adjusted net income of $1.05 per share. By that measure, the company beat the mean estimate of 97 cents per share. It beat the average revenue estimate of $4.43 billion.
Quoting Management: “We have again delivered a quarter of solid operational and financial performance,” said John W. Rowe, chairman and chief executive officer. “Exelon Generation’s nuclear fleet produced a capacity factor of 89.6 percent even with 103 planned refueling outage days, and our delivery companies ComEd and PECO performed well despite the challenges of severe weather conditions. Reflecting our first half results and confidence in our outlook for the remainder of the year, we are raising our operating earnings guidance range to $4.05 to $4.25 per share from $3.90 to $4.20 per share.”
Revenue has risen the past four quarters. Revenue increased 13.2% to $5.05 billion in the first quarter. The figure rose 9.2% in the fourth quarter of the last fiscal year from the year earlier and climbed 21.9% in the third quarter of the last fiscal year from the year-ago quarter.
The company has now topped analyst estimates for the last three quarters. It beat the mark by 11 cents in the first quarter and by 5 cents in the fourth quarter of the last fiscal year.
Last quarter’s profit increase breaks a streak of two consecutive quarters of year-over-year profit decreases. In the first quarter, net income fell 10.8% while the figure dropped in the fourth quarter of the last fiscal year.
Competitors to Watch: NextEra Energy, Inc. (NYSE:NEE), Entergy Corporation (NYSE:ETR), El Paso Electric Company (NYSE:EE), Constellation Energy Group, Inc. (NYSE:CEG), PPL Corporation (NYSE:PPL), ALLETE, Inc. (NYSE:ALE), FirstEnergy Corp. (NYSE:FE), Integrys Energy Group, Inc. (NYSE:TEG), and Xcel Energy Inc. (NYSE:XEL).
(Source: Xignite Financials)