Exelon Corporation EXC reported first-quarter 2016 adjusted operating earnings of 68 cents per share, 3% above the Zacks Consensus Estimate of 66 cents. However, earnings were 4.2% lower than year-ago earnings of 71 cents.The year-over-year decline in quarterly earnings was attributable to impacts of the PHI acquisition and other financing arrangements.Exelon Corporation (EXC) Street EPS & Surprise Percent - Last 5 Quarters | FindTheCompanyOn a GAAP basis, quarterly earnings were 19 cents per share compared with 80 cents per share a year ago. The difference between GAAP and adjusted operating earnings was due to the combined impact of merger related costs, impairment of assets and some other one-time charges, combining to a net charge of 60 cents. There were one-time gains of 11 cents.Total RevenuesExelon's total operating revenues of $7,573 million missed the Zacks Consensus Estimate of $9,231 million by 17.8%. Quarterly revenues decreased 14.2% year over year.Quarterly HighlightsIn the reported quarter, Exelon was finally able to close the much awaited merger with Pepco Holdings after clinching the necessary approvals from the Public Service Commission of the District of Columbia.Exelon's total operating expenses decreased 4.9% year over year to $7,099 million from $7,465 million.The company reported an operating income of $483 million in the quarter, down 64.6% from $1,366 million a year ago.Interest expenses of $292 million were 15.4% lower than the year-ago quarter.Exelon was serving nearly 3.95 million customers in the first quarter, up 1.5% from the year-ago level. Total sales of electricity in the reported quarter were 65,107 gigawatt hrs (GWh) compared with 64,237 GWh in the year-ago quarter.Financial PositionAs of Mar 31, 2016, Exelon's cash and cash equivalents were $960 million compared with $6,502 million at the end of 2015.Long-term debt as of Mar 31, 2016, was $29,314 million, up from $23,645 million as of Dec 31, 2015.In the first quarter of 2016, net cash flow from operating activities was $1,478 million compared with $1,490 million in the year-ago period. Exelon's capital expenditure was $2,188 million compared with $1,784 million in first-quarter 2015.HedgesExelon's hedging program involves hedging of commodity risks for expected generation, typically on a ratable basis, over a three-year period. The proportion of expected generation hedged as of Mar 31, 2016, was 96–99% for 2016, 69–72% for 2017, and 37–40% for 2018.Peer ReleasesPPL Corporation PPL reported first-quarter 2016 adjusted earnings of 67 cents per share, falling short of the Zacks Consensus Estimate of 75 cents by 10.7%.NiSource Inc. NI reported first-quarter 2016 operating earnings of 60 cents per share, surpassing the Zacks Consensus Estimate of 58 cents by 3.4%.Edison International EIX reported first-quarter 2016 results, wherein adjusted earnings of 82 cents per share came in below the Zacks Consensus Estimate of 89 cents by 7.9%.Zacks RankExelon currently has a Zacks Rank #4 (Sell).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 >>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 EXELON CORP (EXC): Free Stock Analysis Report NISOURCE INC (NI): Free Stock Analysis Report EDISON INTL (EIX): Free Stock Analysis Report PPL CORP (PPL): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research