Exelon's Q1 revenues jump as ComEd scores strong returns
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Exelon (NASDAQ:EXC) +0.1% pre-market after posting a slight Q1 earnings miss but revenues rose 15% Y/Y to $5.33B, above Wall Street consensus, while reaffirming its full-year earnings outlook.
Q1 net income from continuing operations fell to $481M, or $0.49/share, from $525M, or $0.53/share, in the year-earlier quarter, excluding results from Constellation Energy, which was completely separated in February 2022.
Exelon's (EXC) Q1 growth in operating expenses slightly exceeded the increase in revenue, rising 16.3% Y/Y to $4.43B.
The company said ComEd delivered "the most reliable service for customers in the first three months of the year for any year on record."
Exelon (EXC) said utility earnings increased primarily due to higher electric distribution earnings at ComEd from higher rate base and higher allowed electric distribution return on equity due to an increase in treasury rates and rate increases at PECO, BGE and PHI.
The company continues to forecast expects FY 2022 adjusted EPS of $2.18-$2.32, in line with $2.26 analyst consensus estimate.
Exelon's (EXC) price return rose 14% YTD and 48% during the past year.