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Exelon (EXC) Q3 Earnings Surpass Estimates, 2020 View Up
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Exelon Corporation’s (EXC - Free Report) third-quarter 2020 operating earnings of $1.04 per share surpassed the Zacks Consensus Estimate of 87 cents by 19.5%. The reported earnings were 13% higher than the year-ago figure owing to excellent operational performance and management of costs. The quarterly earnings also exceeded the guidance range of 80-90 cents per share.
On a GAAP basis, quarterly earnings were 51 cents per share compared with 79 cents in the year-ago quarter.
Total Revenues
Exelon's total revenues of $8,853 million surpassed the Zacks Consensus Estimate of $8,620 million by 2.7%. However, the top line declined 0.9% from the year-ago figure of $8,929 million.
Exelon Corporation Price, Consensus and EPS Surprise
Exelon's total operating expenses increased nearly 7% year over year to $8,087 million. The increase in total expenses was due to higher purchased power, fuel costs, and operation and maintenance expenses.
Interest expenses were $404 million, down 1.2% from $409 million in the year-ago quarter.
The company efficiently served 1.03% and 1.08% more electric and natural gas customers, respectively, than the first nine months of 2019. Exelon Generations’ nuclear fleet capacity factor was 96% for the quarter compared with 95.5% in the year-ago period.
Hedges
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, 2020 was 97-100% for 2020 and 87-90% for 2021.
Financial Highlights
Cash and cash equivalents were $1,858 million as of Sep 30, 2020 compared with $587 million on Dec 31, 2019.
Long-term debt was $35,512 million as of Sep 30, 2020 compared with $$31,329 million on Dec 31, 2019.
Cash from operating activities for the first nine months of 2020 was $4,222 million compared with $5,399 million in the corresponding period of 2019.
Guidance
Exelon raised its 2020 earnings guidance to the range of $3.00-$3.20 from $2.80-$3.10 per share. The midpoint of the above guided range is $3.10, higher than the Zacks Consensus Estimate of $2.99 per share for the period. The company identified $250 million in cost savings across its operating companies to partly offset the expected unfavorable impacts on operating revenues. Exelon now expects cost savings for the year to be higher than originally anticipated.
NextEra Energy, Inc. (NEE - Free Report) reported third-quarter 2020 adjusted earnings of $2.66 per share, which beat the Zacks Consensus Estimate of $2.65 by 0.4%.
FirstEnergy Corporation (FE - Free Report) delivered third-quarter 2020 operating earnings of 84 cents per share, which beat the Zacks Consensus Estimate of 80 cents by 5%.
Xcel Energy Inc. (XEL - Free Report) posted third-quarter 2020 operating earnings of $1.14 per share, which surpassed the Zacks Consensus Estimate of $1.08 by 5.6%.
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Exelon (EXC) Q3 Earnings Surpass Estimates, 2020 View Up
Exelon Corporation’s (EXC - Free Report) third-quarter 2020 operating earnings of $1.04 per share surpassed the Zacks Consensus Estimate of 87 cents by 19.5%. The reported earnings were 13% higher than the year-ago figure owing to excellent operational performance and management of costs. The quarterly earnings also exceeded the guidance range of 80-90 cents per share.
On a GAAP basis, quarterly earnings were 51 cents per share compared with 79 cents in the year-ago quarter.
Total Revenues
Exelon's total revenues of $8,853 million surpassed the Zacks Consensus Estimate of $8,620 million by 2.7%. However, the top line declined 0.9% from the year-ago figure of $8,929 million.
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 increased nearly 7% year over year to $8,087 million. The increase in total expenses was due to higher purchased power, fuel costs, and operation and maintenance expenses.
Interest expenses were $404 million, down 1.2% from $409 million in the year-ago quarter.
The company efficiently served 1.03% and 1.08% more electric and natural gas customers, respectively, than the first nine months of 2019. Exelon Generations’ nuclear fleet capacity factor was 96% for the quarter compared with 95.5% in the year-ago period.
Hedges
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, 2020 was 97-100% for 2020 and 87-90% for 2021.
Financial Highlights
Cash and cash equivalents were $1,858 million as of Sep 30, 2020 compared with $587 million on Dec 31, 2019.
Long-term debt was $35,512 million as of Sep 30, 2020 compared with $$31,329 million on Dec 31, 2019.
Cash from operating activities for the first nine months of 2020 was $4,222 million compared with $5,399 million in the corresponding period of 2019.
Guidance
Exelon raised its 2020 earnings guidance to the range of $3.00-$3.20 from $2.80-$3.10 per share. The midpoint of the above guided range is $3.10, higher than the Zacks Consensus Estimate of $2.99 per share for the period. The company identified $250 million in cost savings across its operating companies to partly offset the expected unfavorable impacts on operating revenues. Exelon now expects cost savings for the year to be higher than originally anticipated.
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.
Other Releases
NextEra Energy, Inc. (NEE - Free Report) reported third-quarter 2020 adjusted earnings of $2.66 per share, which beat the Zacks Consensus Estimate of $2.65 by 0.4%.
FirstEnergy Corporation (FE - Free Report) delivered third-quarter 2020 operating earnings of 84 cents per share, which beat the Zacks Consensus Estimate of 80 cents by 5%.
Xcel Energy Inc. (XEL - Free Report) posted third-quarter 2020 operating earnings of $1.14 per share, which surpassed the Zacks Consensus Estimate of $1.08 by 5.6%.
Legal Marijuana: An Investor’s Dream
Imagine getting in early on a young industry primed to skyrocket from $17.7 billion in 2019 to an expected $73.6 billion by 2027.
Although marijuana stocks did better as the pandemic took hold than the market as a whole, they’ve been pushed down. This is exactly the right time to get in on selected strong companies at a fraction of their value before COVID struck. Zacks’ Special Report, Marijuana Moneymakers, reveals 10 exciting tickers for urgent consideration.
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