Exelon tops Q1 estimates on higher electricity rates, customer additions
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Exelon (NASDAQ:EXC) +1% pre-market Wednesday after reporting Q1 adjusted earnings that beat estimates and revenues that rose 4.4% Y/Y to $5.56B, helped by customer additions and higher electricity rates.
Q1 net income rose to $669M, or $0.67/share, from $597M, or $0.49/share, a year earlier.
Exelon (EXC), which serves more than 10M customers through its six subsidiaries, saw higher rates at three of its units - PECO, which serves southeastern Pennsylvania; BGE, which operates utilities in central Maryland; and PHI, which operates utilities on the East Coast.
All six of Exelon's (EXC) units signed on more customers, with ComEd, operator of Illinois utility Commonwealth Edison and the company's biggest unit, reporting an increase to 4.13M total customers from 4.11M a year ago.
Unfavorable weather hurt earnings at PECO, whose Q1 net income fell 19% Y/Y to $166M, while ComEd's Q1 net income jumped 28% to $241M, BGE's Q1 profit edged 1% higher to $200M, and PHI's earnings rose 19% to $155M.
Exelon (EXC) reaffirmed full-year adjusted earnings guidance of $2.30-$2.42/share, in line with $2.36 analyst consensus estimate.
Long term, the utility also backed guidance for regulated operating earnings per share rising 6%-8% on a compounded annual basis from 2021-22 baseline earnings targets.
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