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Exelon
🇺🇸 NASDAQ:EXC
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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.

Total Revenue
$6.04B
Previous year: $5.56B
+8.6%
EPS
$0.68
Previous year: $0.7
-2.9%
Adj. Operating Earnings
$685M
Gross Profit
$1.48B
Previous year: $2.32B
-36.1%
Cash and Equivalents
$1.21B
Previous year: $522M
+131.6%
Free Cash Flow
-$775M
Previous year: -$1.4B
-44.5%
Total Assets
$103B
Previous year: $96.9B
+6.5%

Exelon

Exelon

Exelon Revenue by Segment

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

Company Overview

Full financial data and analysis

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