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Exelon's (EXC) Q1 Earnings Miss Estimates, Revenues Beat

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Exelon Corporation’s EXC first-quarter 2022 earnings of 64 cents per share lagged the Zacks Consensus Estimate of 66 cents by 3%.

The bottom line improved 16.4% from the year-ago quarter’s earnings of 55 cents per share. The year-over-year increase was primarily due to higher electric distribution earnings at ComEd and rate increases at PECO, BGE and PHI.

On a GAAP basis, first-quarter earnings were 49 cents per share compared with 53 cents in the year-ago quarter. The difference in GAAP and operating earnings per share was due to separation costs and income-tax related adjustments.

Total Revenues

Exelon's first-quarter total revenues of $5.32 billion surpassed the Zacks Consensus Estimate of $4.6 billion by 15.6%. The top line also improved nearly 15% from the year-ago figure of $4.63 billion.

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Zacks Investment Research


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Highlights of the Release

Exelon's first-quarter total operating expenses increased nearly 16.3% year over year to $4.42 billion. The increase was due to a rise in purchased power and fuel expenses.

Operating income came in at $900 million, up 9.2% year over year.

Interest expenses totaled $338 million, up 6.3% from the year-ago quarter.

Financial Highlights

Cash and cash equivalents were $2,476 million as of Mar 31, 2022 compared with $673 million as of Dec 31, 2021.

Long-term debt was $35,008 million as of Mar 31, 2022 compared with $30,749 million as of Dec 31, 2021.

Cash provided (used in) from operating activities for first three months of 2022 was $1,782 million compared with ($1,261) million in the first three months of 2021.

Guidance

Exelon expects its 2022 earnings in the range of $2.18-$2.32 per share. The midpoint of the revised guided range is $2.25, lower than the Zacks Consensus Estimate of $2.27 per share for the period.

Exelon has plans to invest $29 billion in the 2022-2025 time period to further strengthen its electric transmission and distribution as well as gas delivery infrastructure.

Exelon expects earnings and dividend per share (subject to board’s approval) to increase in the range of 6-8% through 2025.

Zacks Rank

Exelon has a Zacks Rank #3 (Hold) at present.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Other Releases

NextEra Energy, Inc. NEE reported first-quarter 2022 adjusted earnings of 74 cents per share, which beat the Zacks Consensus Estimate of 69 cents by 7.3%.

NextEra Energy’s long-term (three to five years) earnings growth is pegged at 8.8%. The Zacks Consensus Estimate for NEE’s 2022 earnings per share of $2.81 indicates year-over-year growth of 10.2%.

American Electric Power Company, Inc. AEP reported first-quarter 2022 adjusted earnings per share of $1.22, which beat the Zacks Consensus Estimate of $1.19 by 2.5%.

American Electric Power’s long-term earnings growth is projected at 5.9%. The Zacks Consensus Estimate for AEP’s 2022 earnings indicates year-over-year growth of 5.3%.

Xcel Energy Inc. XEL posted first-quarter 2022 operating earnings of 70 cents per share, which surpassed the Zacks Consensus Estimate of 68 cents by 2.9%.

Xcel Energy’s long-term earnings growth is projected at 6.4%. The Zacks Consensus Estimate for XEL’s 2022 earnings indicates year-over-year growth of 6.8%.


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Exelon Corporation (EXC) : Free Stock Analysis Report

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