Dive Brief:
- Exelon says its earnings for the third quarter of 2014 were up 35% from a year earlier, getting a boost from a number of factors including favorable distribution and transmission revenue at ComEd due to increased capital investment.
- The company reported adjusted (non-GAAP) earnings of $0.78 for the third quarter, getting a boost from a number of factors including favorable distribution and transmission revenue at ComEd due to increased capital investment.
- The company also pointed to higher generation revenues as a result of higher realized energy prices, portfolio management and the cancelation of Department of Energy spent nuclear fuel disposal fees.
Dive Insight:
Exelon earnings were offset by utility expenses, including incremental storm costs at PECO and BGE, and by unfavorable weather at ComEd and PECO.
The company posted a profit of $993 million, or $1.15 per share, up from a profit of $738 million, or $0.86 per share a year ago.
In its PECO territory Exelon said weather-normalized retail electric deliveries remained relatively consistent while gas deliveries increased 7.8% in the third quarter of 2014 compared with the same period in 2013.
Heating degree-days in the ComEd service territory were up 40.5% relative to the same period in 2013 and were 6.7% below normal, the company said. Cooling degree-days were down 19.6% relative to the same period in 2013 and were 12.4% below normal. Total retail electric deliveries decreased 5.4% in the third quarter of 2014 compared with the same period in 2013.
“Exelon achieved earnings above our guidance range this quarter, with strong performance from both our utility and generation businesses,” said Christopher M. Crane, Exelon’s president and CEO. “We continue to execute our strategy to diversify and grow the business, and based on our results through September and our outlook for the fourth quarter, we are narrowing our full-year operating earnings guidance to $2.30 to $2.50 per share.”.