Q2 22 EPS
$0.44
MISS 4.35%
Est. $0.46
Q2 22 Revenue
$4.24B
BEAT +6.12%
Est. $3.99B
vs S&P Since Q2 22
-57.4%
TRAILING MARKET
EXC +21.5% vs S&P +79.0%
Market Reaction
Did EXC Beat Earnings? Q2 2022 Results
Exelon Corporation turned in a modest miss in the second quarter of 2022, posting adjusted operating earnings of $0.44 per share against a Wall Street consensus of $0.46, falling short by 4.35%, even as revenue climbed 5.5% year over year to $4.24 bi… Read more Exelon Corporation turned in a modest miss in the second quarter of 2022, posting adjusted operating earnings of $0.44 per share against a Wall Street consensus of $0.46, falling short by 4.35%, even as revenue climbed 5.5% year over year to $4.24 billion. The results marked the company's first full quarter operating as a pure-play regulated utility following its February 2022 separation from competitive generation business Constellation Energy, and the transition brought both gains and headwinds at the operating company level. ComEd led the way with adjusted earnings rising to $229 million on higher allowed ROE and rate base growth, but PHI dragged on results with a sharp decline to $101 million from $144 million a year ago, pressured by the loss of favorable weather effects, higher depreciation, and credit loss expenses. Management held firm on its full-year 2022 adjusted earnings guidance of $2.18 to $2.32 per share, signaling confidence in its regulated earnings trajectory even as the company navigates a planned $500 million equity issuance through its new at-the-market program this year.
Key Takeaways
- • Higher allowed electric distribution ROE at ComEd due to increased treasury rates and higher rate base
- • Distribution rate increases at PECO, BGE, and PHI
- • Revenue decoupling at ComEd, BGE, Pepco Maryland, DPL Maryland, and ACE insulating distribution earnings from weather and usage fluctuations
- • Lower BSC costs historically allocated to Constellation now presented in continuing operations
- • Higher depreciation expense at BGE and PHI partially offsetting gains
- • Higher credit loss expense at PHI
EXC YoY Financials
Q2 2022 vs Q2 2021, source: SEC Filings
EXC Revenue by Segment
With YoY comparisons, source: SEC Filings
“Exelon is the leading transmission and distribution utility company in the nation, consistently delivering reliable results, and the second quarter is no exception. Our earnings and strong reliability from our energy companies were delivered despite challenging storms. At the same time, our ability to power a cleaner and brighter future for our customers and communities signifies how essential environmental, social and governance principles are to our company and our work leading the energy transformation.”
— Chris Crane, Q2 2022 Earnings Press Release
EXC Earnings Trends
EXC vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
EXC EPS Trend
Earnings per share: estimate vs actual
EXC Revenue Trend
Quarterly revenue: estimate vs actual
EXC Quarterly Results
9 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $0.88 | $0.91 | +2.93% | $7.24B | +2.95% |
| Q4 25 BEAT FY | $0.55 | $0.59 | +7.88% | $5.41B | -1.38% |
| FY Full Year | $2.71 | $2.77 | +2.36% | $24.26B | +0.02% |
| Q3 25 BEAT | $0.78 | $0.86 | +10.47% | $6.71B | +3.44% |
| Q2 25 BEAT | $0.37 | $0.39 | +6.09% | $5.43B | -1.01% |
| Q1 25 BEAT | $0.85 | $0.92 | +8.58% | $6.71B | +4.15% |
| Q4 24 BEAT FY | $0.59 | $0.64 | +7.94% | $5.47B | +0.53% |
| FY Full Year | $2.45 | $2.50 | +2.00% | $23.03B | +1.26% |
| Q3 24 BEAT | $0.67 | $0.71 | +5.97% | $6.15B | +5.12% |
| Q2 24 BEAT | $0.40 | $0.47 | +17.50% | $5.36B | +9.47% |
| Q2 22 MISS | $0.46 | $0.44 | -4.35% | $4.24B | +6.12% |