Exelon Corp. (NYSE: EXC) reported third-quarter 2016 results before markets opened Wednesday. The electric utility posted an adjusted diluted earnings per share (EPS) of $0.91 on revenues of $9 billion. In the same period a year ago, the company reported EPS of $0.83 on revenues of $8.84 billion. Third-quarter results also compare to the Thomson Reuters consensus estimates for a net loss of $0.78 and $7.79 billion in revenues.

Third-quarter 2016 results include $0.14 per share of adjusted operating earnings from the company’s PHI subsidiary, the impact of which was partially offset by incremental debt and equity costs incurred in connection with the merger. Higher rates and more favorable utility weather also added to Exelon’s results.

Adjusted earnings also exclude $0.22 per share in costs for plant retirements and divestitures and $0.21 related to an adverse tax ruling, among other items.

President and CEO Christopher M. Crane said:

During the third quarter, Exelon delivered on its commitment to provide value to our stakeholders through our strong operating performance at the legacy Exelon utilities, improved operational performance at PHI, the stellar performance of our generation assets during the summer heat, and the ability of our Constellation business to perform in low- and high-volatility market conditions.

The company’s generation division consists of owned and contracted electric generating facilities and wholesale and retail customer supply of electric and natural gas products and services, including renewable energy products, risk management services and natural gas exploration and production activities.

Generation’s third-quarter 2016 GAAP net income was $236 million, compared with GAAP net income of $377 million in the third quarter of 2015. Adjusted (non-GAAP) operating earnings in the third quarter of 2016 decreased by $123 million compared with the same quarter in 2015, primarily reflecting increased income taxes given a decrease in the domestic production activities deduction, decreased capacity prices and increased nuclear decommissioning amortization expense.

Exelon also raised its full-year adjusted EPS guidance from $2.55 to $2.75, but did not provide additional detail. Analysts expect fourth-quarter EPS of $0.46 and revenues of $7.1 billion. For the full year, consensus estimates called for EPS of $2.58 and revenues of $29.68.

In the noon hour Wednesday, shares traded up about 1.2%, at $33.29 in a 52-week range of $25.09 to $37.70. The 12-month price target on the stock is $37.00. Exelon’s dividend yield is 3.91%.

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