Exelon Corporation’s EXC fourth-quarter 2020 operating earnings of 76 cents per share surpassed the Zacks Consensus Estimate of 71 cents by 7%. However, the reported earnings were 8.4% lower than the year-ago figure owing to unfavorable weather conditions at PECO, reduction in demand due to the COVID-19 pandemic and lower realized energy prices.On a GAAP basis, quarterly earnings were 37 cents per share compared with 79 cents in the year-ago quarter.Total RevenuesExelon's total revenues of $8,117 million lagged the Zacks Consensus Estimate of $8,299 million by 1.4%. The top line also declined 2.7% from the year-ago figure of $8,343 million.Exelon Corporation Price, Consensus and EPS Surprise Exelon Corporation price-consensus-eps-surprise-chart | Exelon Corporation QuoteHighlights of the ReleaseExelon's total operating expenses increased nearly 6.2% year over year to $7,853 million.Interest expenses were $395 million, on par with the year-ago quarter.In 2020, the company efficiently served 0.7% and 1.04% more electric and natural gas customers, respectively, than 2019. Excluding Salem, the Exelon-operated nuclear plants at ownership achieved a 96.2% capacity factor for the quarter compared with 95.0% for fourth-quarter 2019.During the year, the company achieved cost savings of $400 million, $150 million more than planned, through efficient cost management.Planned SeparationOn Feb 24, 2021, Exelon announced that its board of directors approved a plan to separate the utilities business, comprising the company’s six regulated electric and gas utilities, and Generation, its competitive power generation and customer-facing energy businesses. This will create two publicly-traded companies with the necessary resources to best serve customers, and help it sustain long-term investment as well as operating excellence. Exelon is targeting to complete the separation in first-quarter 2022, subject to final approval by the board of directors and other necessary approvals.HedgesExelon's hedging program involves safeguarding of commodity risks for expected generation. As of Dec 31, 2020, the proportion of expected generation hedged for the Mid-Atlantic, Midwest, New York and ERCOT reportable segments was 97% for 2021.Financial HighlightsCash and cash equivalents were $663 million as of Dec 31, 2020 compared with $587 million in the corresponding period of 2019.Long-term debt was $35,093 million as of Dec 31, 2020 compared with $$31,329 million in the comparable period of 2019.Cash from operating activities for 2020 was $4,235 million compared with $6,659 million in 2019.GuidanceExelon issued its 2021 earnings guidance in the range of $2.60-$3.00 per share. The midpoint of the above guided range is $2.80, lower than the Zacks Consensus Estimate of $2.94 per share for the period.Exelon Utilities projects capital expenditures of $27 billion over the 2021-2024 time period to benefit its customers.Zacks RankExelon currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Other ReleasesNextEra Energy, Inc. NEE reported fourth-quarter 2020 adjusted earnings of 40 cents per share, which beat the Zacks Consensus Estimate of 39 cents by 2.6%.Xcel Energy Inc. XEL posted fourth-quarter 2020 operating earnings of 54 cents per share, in line with the Zacks Consensus Estimate.WEC Energy Group WEC reported fourth-quarter 2020 earnings per share of 76 cents, which surpassed the Zacks Consensus Estimate of 74 cents by 2.7%.Biggest Tech Breakthrough in a GenerationBe among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.See 8 breakthrough stocks now>>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report WEC Energy Group, Inc. (WEC): Free Stock Analysis Report Exelon Corporation (EXC): Free Stock Analysis Report Xcel Energy Inc. (XEL): Free Stock Analysis Report NextEra Energy, Inc. (NEE): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research