Exelon Corp
Q4 2024 Earnings
Market Reaction
S&P 500 over the same 30 days: −6.00%.
Did EXC Beat Earnings? Q4 2024 Results
Exelon closed out 2024 on a strong note, posting fourth-quarter adjusted operating earnings of $0.64 per share, a 7.94% beat against the $0.59 consensus estimate, as higher distribution and transmission rates across its utility subsidiaries drove results ahead of expectations. Revenue came in at $5.47 billion for the quarter, up 1.9% year over year, while favorable regulatory outcomes, including rate increases at BGE, PHI, and PECO, provided meaningful tailwinds. For the full year, Exelon delivered $2.50 per share in adjusted operating earnings, landing at the top end of its $2.40-$2.50 guidance range and extending its streak of finishing above the midpoint of guidance. Looking ahead, the company introduced 2025 adjusted operating earnings guidance of $2.64-$2.74 per share and reaffirmed its 5-7% compounded annual EPS growth target through 2028, backed by a 10% increase in its four-year capital plan to $38.00 billion, with transmission investment accounting for the bulk of incremental spending as its data center pipeline swelled to over 17 GW of anticipated demand.
- Higher distribution rates at BGE
- Distribution and transmission rate increases at PHI
- Tax repairs deduction at PECO
- Lower contracting costs at PHI
- Lower storm costs at PECO and PHI
- Higher distribution rate base and return on regulatory assets at ComEd
- Absence of realized losses from hedging activity at holding company
- Sustainable O&M savings of approximately $100M achieved through One Exelon initiatives
“I am pleased to announce Exelon has delivered against our financial goals for the third straight year since becoming a transmission and delivery-only company, and we delivered top quartile performance across all our local energy companies, with ComEd and Pepco Holdings in the top decile.”
Exelon CEO, on the earnings call
Forward Guidance & Outlook
Exelon initiated 2025 adjusted (non-GAAP) operating earnings guidance of $2.64-$2.74 per share, with the goal to deliver at midpoint or better. The company projects 5-7% compounded annual operating EPS growth from 2024 to 2028, supported by $38 billion of capital expenditures over 2025-2028, a 10% increase versus the prior plan. Rate base growth is expected at 7.4% through 2028, reaching an estimated $79.8 billion. The 2025 expected dividend is $1.60 per share, representing approximately 60% payout of adjusted operating earnings. The company plans to deploy $9.1 billion of capex in 2025 and targets a consolidated operating ROE of 9-10%. Exelon identified $10-15 billion of potential transmission opportunity beyond the current capital plan. The financing plan includes approximately $2.8 billion of equity issuance through 2028 and approximately $3 billion of corporate debt, with incremental capital funded ~40% with equity.
EXC YoY Financials
EXC Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.