Q3 24 EPS
$0.71
BEAT +5.97%
Est. $0.67
Q3 24 Revenue
$6.15B
BEAT +5.12%
Est. $5.85B
vs S&P Since Q3 24
-2.7%
TRAILING MARKET
EXC +25.2% vs S&P +27.9%
Market Reaction
Did EXC Beat Earnings? Q3 2024 Results
Exelon delivered a solid beat in the third quarter of 2024, posting adjusted operating earnings of $0.71 per share against a consensus estimate of $0.67, a 5.97% positive surprise, as revenue climbed 2.9% year-over-year to $6.15 billion. The standout… Read more Exelon delivered a solid beat in the third quarter of 2024, posting adjusted operating earnings of $0.71 per share against a consensus estimate of $0.67, a 5.97% positive surprise, as revenue climbed 2.9% year-over-year to $6.15 billion. The standout driver was PHI, whose adjusted operating earnings surged to $278.00 million from $234.00 million on the back of higher electric distribution and transmission rates and notably lower storm costs, helping offset a softer quarter at PECO, where increased credit loss and depreciation expenses weighed on results. ComEd also contributed positively, with earnings rising to $360.00 million from $338.00 million, aided by favorable timing of distribution earnings and a growing rate base. Looking ahead, management reaffirmed full-year 2024 adjusted operating EPS guidance of $2.40 to $2.50 and its 5-7% compounded annual EPS growth target through 2027, backed by a $34.50 billion capital expenditure plan designed to generate approximately 7.5% rate base growth, with analysts maintaining a broadly constructive view on the stock despite modest post-earnings share price pressure.
Key Takeaways
- • Distribution rate increases at BGE and PHI
- • Timing of distribution earnings and higher return on regulatory assets at ComEd
- • Decreased storm costs at PHI
- • Higher distribution rate base at ComEd
- • All utilities achieved top quartile reliability performance
EXC YoY Financials
Q3 2024 vs Q3 2023, source: SEC Filings
EXC Revenue by Segment
With YoY comparisons, source: SEC Filings
“Our strong third quarter performance highlights the dedication of our 20,000 employees delivering top quartile service despite unprecedented challenges. This summer, our regions faced record-breaking severe weather, including an historic number of tornadoes in the Chicago area. Yet, we maintained top quartile reliability, with ComEd and Pepco Holdings performing in the top decile. We're also making progress on our work with regulators to invest in a resilient grid, and doing our part to keep energy affordability front and center. As we approach the end of 2024, we remain focused on building a cleaner and brighter future for our customers and communities.”
— Calvin Butler, Q3 2024 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% |