Exelon Corp
Q2 2022 Earnings
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 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.
- 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
“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.”
Exelon CEO, on the earnings call
Forward Guidance & Outlook
Exelon reaffirmed its full-year 2022 adjusted (non-GAAP) operating earnings guidance range of $2.18 to $2.32 per share. The company anticipates issuing up to $1.0 billion of registered shares of common stock through 2025 via a new at-the-market program, with $500 million anticipated in 2022.
EXC YoY Financials
EXC Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.