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Exelon (EXC) Beats Q3 Earnings Estimates, Narrows Guidance

Exelon Corporation’s EXC third-quarter 2019 operating earnings of 92 cents per share surpassed the Zacks Consensus Estimate of 88 cents by 4.5%. The operating earnings also exceeded the guidance range of 80-90 cents. Also, the reported earnings were 4.5% higher than the year-ago figure of 88 cents.
The year-over-year increase in earnings was due to rate increases at PECO, BGE and PHI, lower operating expenses, and decrease in nuclear outage days.

On a GAAP basis, its quarterly earnings were 79 cents per share compared with 76 cents in the year-ago quarter.

Total Revenues

Exelon's total revenues of $8,929 million lagged the Zacks Consensus Estimate of $9,365 million by 4.6%. The top line also declined 5% from the year-ago figure of $9,043 million. The year-over-year decline in revenues was due lower contribution from Generation, BGE and ComEd businesses.


Exelon Corporation Price, Consensus and EPS Surprise


Exelon Corporation price-consensus-eps-surprise-chart | Exelon Corporation Quote

Highlights of the Release

Exelon's total operating expenses decreased 8.4% year over year to $7,559 million. The decline in total expenses was due to lower power and fuel costs, as well as operating and maintenance expenses.

Interest expenses were $409 million, up 4.1% from $33 million in the year-ago quarter.

In the first nine months of 2019, the company efficiently serviced more electric and natural gas customers than the comparable year-ago period.


Exelon's hedging program involves safeguarding of commodity risks for expected generation, typically on a ratable basis, over a three-year period. The proportion of expected generation hedged as of Sep 30 was 96-99% for 2019, 84-87% for 2020 and 54-57% for 2021.

Financial Highlights

Cash and cash equivalents were $1,683 million as of Sep 30, 2019 compared with $1,349 million on Dec 31, 2018.

Long-term debt was $32,056 million as of Sep 30, 2019 compared with $34,075 million on Dec 31, 2018.

Cash from operating activities in the first nine months of 2019 was $5,399 million compared with $6,675 million in the comparable year-ago period.


Exelon narrowed its 2019 earnings guidance to the range of $3.05-$3.20 per share from $3.00- $3.30.

Other Releases

NextEra Energy NEE reported third-quarter 2019 adjusted earnings of $2.39 per share, beating the Zacks Consensus Estimate of $2.27 by 5.3%. Moreover, the reported earnings rose 10.1% on a year-over-year basis.

Entergy Corporation ETR reported third-quarter 2019 adjusted earnings of $2.52 per share, which surpassed the Zacks Consensus Estimate of $2.31 by 9.1%. Moreover, the reported figure rose 7.2% from $2.35 per share in the year-ago quarter.

Public Service Enterprise Group Inc. PEG reported third-quarter 2019 adjusted operating earnings of 98 cents per share, which surpassed the Zacks Consensus Estimate of 95 cents by 3.2%

Zacks Rank

Exelon currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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