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Mar 31, 2024
Exelon Q1 2024 Earnings Report
Exelon's financial performance remained steady, with adjusted operating earnings slightly decreasing year-over-year, but the company reaffirmed its full-year guidance and long-term growth targets.
Key Takeaways
Exelon Corporation reported a GAAP Net Income of $0.66 per share and Adjusted (non-GAAP) Operating Earnings of $0.68 per share for Q1 2024. The company reaffirmed its full-year 2024 Adjusted (non-GAAP) Operating Earnings guidance range of $2.40-$2.50 per share and its fully regulated operating EPS compounded annual growth target of 5-7% from 2023 to 2027.
GAAP Net Income was $0.66 per share, and adjusted non-GAAP operating earnings were $0.68 per share.
Full-year 2024 adjusted non-GAAP operating earnings guidance range is affirmed at $2.40-$2.50 per share.
The fully regulated operating EPS compounded annual growth target of 5-7% from 2023 to 2027 is reaffirmed.
ComEd refiled its Multi-Year Grid Plan in March, with a final order expected before the end of 2024.
Exelon
Exelon
Exelon Revenue by Segment
Revenue by Segment
ComEd Revenue
CapyFin.comPECO Revenue
CapyFin.comBGE Revenue
CapyFin.comPHI Revenue
CapyFin.com Forward Guidance
Exelon is on track to deliver full-year operating earnings of $2.40 to $2.50 per share in 2024 and continue to affirm our sustained growth over the coming years to support the energy transformation in our communities, projecting annualized earnings per share (EPS) growth of 5% to 7% through 2027.
Positive Outlook
- The company is on track for another year of operational excellence while delivering on our financial guidance.
- Progress is being made on the regulatory front with ComEd's rehearing process complete almost two months early.
- Innovative approach on safety, now measuring performance through a Serious Injury Incidence Rate.
- Strong operational performance was maintained.
- Sustained growth is affirmed over the coming years to support the energy transformation in our communities.
Challenges Ahead
- Mild weather impacted earnings.
- Challenging storm season impacted earnings.
- Lower electric distribution earnings from lower allowed ROE at ComEd.
- Absence of a return on pension asset at ComEd impacted earnings.
- Lower carrying cost recovery related to the carbon mitigation credit (CMC) regulatory asset at ComEd.
Revenue & Expenses
Visualization of income flow from segment revenue to net income