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Exelon Corporation’s (EXC - Free Report) second-quarter 2024 earnings of 47 cents per share surpassed the Zacks Consensus Estimate of 40 cents by 17.5%. Earnings also increased from the year-ago level of 41 cents.
On a GAAP basis, earnings were 45 cents per share compared with 34 cents in the year-ago quarter.
Total Revenues
Exelon's reported revenues of $5.36 billion, which surpassed the Zacks Consensus Estimate of $4.98 billion by 7.6%. The top line was 11.2% higher than the year-ago figure of $4.82 billion.
Exelon Corporation Price, Consensus and EPS Surprise
On Jun 10, 2024, the MDPSC issued an order approving an incremental increase in Pepco's electric distribution rates of $45 million for the 12-month period ending Mar 31, 2025, reflecting a return on equity of 9.5%. The MDPSC did not approve electric distribution rate increases for 2025, 2026 and the nine-month extension period in 2027.
Exelon's total operating expenses increased 8.3% year over year to $4.46 billion.
Operating income amounted to $913 million, up 29.7% year over year.
Interest expenses totaled $483 million, down 49.2% from the year-ago quarter’s level.
Financial Highlights
Cash and cash equivalents totaled $934 million as of Jun 30, 2024, compared with $445 million as of Dec 31, 2023.
Long-term debt was $43 billion as of Jun 30, 2024, compared with $39.7 billion as of Dec 31, 2023.
Cash provided by operating activities in the first six months of 2024 totaled $2.45 billion compared with $1.76 million in the year-ago period.
Guidance
Exelon continues to expect earnings in the range of $2.40-$2.50 per share for 2024. The Zacks Consensus Estimate for the same is pinned at $2.43 per share, lower than the midpoint of the company’s guided range.
ONE Gas, Inc. (OGS - Free Report) is slated to report second-quarter 2024 results on Aug 5, after market close. The Zacks Consensus Estimate for earnings is pegged at 49 cents per share.
OGS’ long-term (three to five years) earnings growth rate is 5%. It delivered an average earnings surprise of 0.9% in the past four quarters.
NiSource Inc. (NI - Free Report) is set to report second-quarter 2024 results on Aug 7, before market open. The Zacks Consensus Estimate for earnings is pegged at 15 cents per share.
NI’s long-term earnings growth rate is 6%. It delivered an average earnings surprise of 6.8% in the past four quarters.
NRG Energy, Inc. (NRG - Free Report) is scheduled to report second-quarter results on Aug 8, before market open. The Zacks Consensus Estimate for earnings is pegged at $1.30 per share.
NRG delivered an average earnings surprise of 4.2% in the past four quarters. The Zacks Consensus Estimate for 2024 earnings is pinned at $6.61 per share.
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Exelon (EXC) Q2 Earnings Beat Estimates, Sales Rise Y/Y
Exelon Corporation’s (EXC - Free Report) second-quarter 2024 earnings of 47 cents per share surpassed the Zacks Consensus Estimate of 40 cents by 17.5%. Earnings also increased from the year-ago level of 41 cents.
On a GAAP basis, earnings were 45 cents per share compared with 34 cents in the year-ago quarter.
Total Revenues
Exelon's reported revenues of $5.36 billion, which surpassed the Zacks Consensus Estimate of $4.98 billion by 7.6%. The top line was 11.2% higher than the year-ago figure of $4.82 billion.
Exelon Corporation Price, Consensus and EPS Surprise
Exelon Corporation price-consensus-eps-surprise-chart | Exelon Corporation Quote
Highlights of the Release
On Jun 10, 2024, the MDPSC issued an order approving an incremental increase in Pepco's electric distribution rates of $45 million for the 12-month period ending Mar 31, 2025, reflecting a return on equity of 9.5%. The MDPSC did not approve electric distribution rate increases for 2025, 2026 and the nine-month extension period in 2027.
Exelon's total operating expenses increased 8.3% year over year to $4.46 billion.
Operating income amounted to $913 million, up 29.7% year over year.
Interest expenses totaled $483 million, down 49.2% from the year-ago quarter’s level.
Financial Highlights
Cash and cash equivalents totaled $934 million as of Jun 30, 2024, compared with $445 million as of Dec 31, 2023.
Long-term debt was $43 billion as of Jun 30, 2024, compared with $39.7 billion as of Dec 31, 2023.
Cash provided by operating activities in the first six months of 2024 totaled $2.45 billion compared with $1.76 million in the year-ago period.
Guidance
Exelon continues to expect earnings in the range of $2.40-$2.50 per share for 2024. The Zacks Consensus Estimate for the same is pinned at $2.43 per share, lower than the midpoint of the company’s guided range.
Zacks Rank
Exelon has a Zacks Rank #2 (Buy) at present. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Releases
ONE Gas, Inc. (OGS - Free Report) is slated to report second-quarter 2024 results on Aug 5, after market close. The Zacks Consensus Estimate for earnings is pegged at 49 cents per share.
OGS’ long-term (three to five years) earnings growth rate is 5%. It delivered an average earnings surprise of 0.9% in the past four quarters.
NiSource Inc. (NI - Free Report) is set to report second-quarter 2024 results on Aug 7, before market open. The Zacks Consensus Estimate for earnings is pegged at 15 cents per share.
NI’s long-term earnings growth rate is 6%. It delivered an average earnings surprise of 6.8% in the past four quarters.
NRG Energy, Inc. (NRG - Free Report) is scheduled to report second-quarter results on Aug 8, before market open. The Zacks Consensus Estimate for earnings is pegged at $1.30 per share.
NRG delivered an average earnings surprise of 4.2% in the past four quarters. The Zacks Consensus Estimate for 2024 earnings is pinned at $6.61 per share.