Companies /Utilities

Exelon Corp

NASDAQ: EXC Utilities - Regulated Electric
$43.64
▼ $0.47 (−1.06%) today
Markets closed · 8:03pm ET

Q2 2024 Earnings

Reported Aug 1, 2024, 6:56am ET · SEC source
$0.47
Beat +17.50%
EPS · est. $0.40
$5.4B
Beat +9.47%
Revenue · est. $4.9B
−1.1%
Trailing market
EXC vs S&P since report
8 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−3%0+3%Aug 1Aug 2report 6:56am ETearnings−3.9%+2.5%
−3%0+3%Aug 1Aug 2earnings−3.9%+2.5%
EXC +2.5%S&P 500 −3.9%
−6%−3%0+3%Aug 1Aug 2report 6:56am ETearnings−5.4%+2.5%
−6%−3%0+3%Aug 1Aug 2earnings−5.4%+2.5%
EXC +2.5%NASDAQ −5.4%
−5%0+5%Jul 31Aug 9report 6:56am ETearnings−3.7%+0.5%
−5%0+5%Jul 31Aug 9earnings−3.7%+0.5%
EXC +0.5%S&P 500 −3.7%
−10%−5%0+5%Jul 31Aug 9report 6:56am ETearnings−5.0%+0.5%
−10%−5%0+5%Jul 31Aug 9earnings−5.0%+0.5%
EXC +0.5%NASDAQ −5.0%
+2.85%
Day of report
+1.33%
Next session
−1.88%
One week
+0.60%
30 days

S&P 500 over the same 30 days: +1.67%.

Did EXC Beat Earnings? Q2 2024 Results

Exelon posted a standout second quarter, with adjusted earnings of $0.47 per share clearing the $0.40 Wall Street consensus by 17.50% and revenue of $5.36 billion topping estimates by 9.47%, representing 11.3% growth year over year. The utility giant's outperformance was anchored by broad-based rate increases across its distribution and transmission networks, favorable weather, and disciplined cost management, with PHI emerging as the quarter's strongest contributor after adjusted operating earnings jumped to $162.00 million from $115.00 million, boosted by Pepco Maryland multi-year plan reconciliations and the absence of a prior-year environmental charge. ComEd also delivered meaningful growth, while PECO was the lone soft spot, weighed down by higher interest and depreciation costs. The broader utility sector is navigating surging electricity demand, partly tied to data center expansion, a trend that underscores the strategic value of Exelon's planned $34.50 billion capital program through 2027. Management reaffirmed full-year 2024 adjusted EPS guidance of $2.40 to $2.50, expecting to deliver at the midpoint or better.

Key Takeaways
  • Distribution and transmission rate increases at PHI
  • Distribution rate increases at BGE
  • Favorable weather at PECO
  • Favorable impacts of Pepco multi-year plan reconciliations
  • Higher transmission peak load at ComEd
  • Disciplined cost management
  • Timing of distribution earnings at ComEd

“I am pleased to report strong second-quarter earnings and industry-leading operational performance as Exelon maintains our consistent track record of delivering results. We continue achieving the top-tier reliability our customers expect, and in an evolving regulatory environment, we are being nimble in our financial and regulatory strategies, ensuring our investments meet customers' growing demands and needs.”

Exelon CEO, on the earnings call

Forward Guidance & Outlook

Exelon reaffirmed its full-year 2024 adjusted (non-GAAP) operating earnings guidance range of $2.40-$2.50 per share, with management expecting to deliver at the midpoint or better. The company also reaffirmed its fully regulated operating EPS compounded annual growth target of 5-7% through 2027, based off the midpoint of 2023 guidance. Exelon plans approximately $34.5 billion of capital expenditures over 2024-2027, resulting in expected rate base growth of approximately 7.5%. The financing plan includes $1.6 billion of total equity, with approximately $150 million to be issued in 2024 and the balance issued ratably 2025-2027. The company targets a consolidated operating ROE of 9-10% and plans to deploy $7.4 billion of capex in 2024. Dividend payout ratio is projected at approximately 60%, with dividends growing in-line with the targeted 5-7% operating EPS CAGR through 2027. Growth in 2024 relative to the 5-7% range is expected to be below range, with growth above midpoint expected in 2027.

EXC YoY Financials

Q2 2024 vs Q2 2023 · SEC filings Q2 2023 Q2 2024
$0$2.0B$4.0B$4.8B$5.4BRevenue$704.0M$913.0MOperating Income$343.0M$448.0MNet Income
$0$2.0B$4.0BRevenueOperating IncomeNet Income

EXC Revenue by Segment

ComEd$2.1B
PHI$1.5B
BGE$928.0M
PECO$891.0M

Figures from SEC filings and company reports. Not investment advice.