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Exelon's (EXC) 2021 Earnings and Revenues Beat Estimates
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Exelon Corporation’s (EXC - Free Report) 2021 earnings of $2.82 per share surpassed the Zacks Consensus Estimate of $2.55 by 10.6%.
The bottom line, however, decreased 12.4% from the year-ago earnings of $3.22 per share. The year-over-year decline in earnings was primarily due to adverse impacts of February 2021 extreme cold weather, and higher net unrealized and realized losses on equity investments.
On a GAAP basis, 2021 earnings were $1.74 per share compared with $2.01 in 2020.
Total Revenues
Exelon's 2022 total revenues of $36.3 billion surpassed the Zacks Consensus Estimate of $34.8 billion by 4.3%. The top line also improved nearly 10% from the year-ago figure of $33.1 billion.
Exelon Corporation Price, Consensus and EPS Surprise
Exelon's 2021 total operating expenses increased nearly 11.6% year over year to $33.8 billion. The increase was due to a rise in purchased power and fuel expenses.
Interest expenses in 2021 were $1.5 billion, down 4% from the year-ago quarter.
Planned Separation
On Feb 1, 2022, Exelon and Constellation Energy Corp. became two separate entities as planned. Exelon will focus solely on transmission and distribution operations, and Constellation Energy will concentrate on power generation and the competitive energy business.
Financial Highlights
Cash and cash equivalents were $1,182 million as of Dec 31, 2021 compared with $663 million as of Dec 31, 2020,.
Long-term debt was $35,324 million as of Dec 31, 2021 compared with $35,093 million as of Dec 31, 2020..
Cash provided from operating activities for 2021 was $3,012 million compared with $4,235 million in 2020.
Guidance
Exelon expects its 2022 earnings guidance in the range of $2.18-$2.32 per share. The midpoint of the revised guided range is $2.25, lower than the Zacks Consensus Estimate of $2.64 per share for the period.
Exelon has plans to invest $29 billion in the 2022-2025 time period to further strengthen its electric transmission and distribution as well as gas delivery infrastructure.
Exelon expects earnings and dividend per share (subject to board’s approval) to increase in the range of 6-8% through 2025.
Zacks Rank
Exelon has a Zacks Rank #5 (Strong Sell) at present.
NextEra Energy (NEE - Free Report) reported fourth-quarter 2021 operating earnings per share of 41 cents, which surpassed the Zacks Consensus Estimate of 40 cents by 2.5%. NextEra Energy’s long-term (three to five) earnings growth is projected at 8.8%. The Zacks Consensus Estimate for NEE’s 2022 earnings indicates year-over-year growth of 8.6%.
Dominion Energy Inc. (D - Free Report) reported fourth-quarter 2021 operating earnings of 90 cents per share, on par with the Zacks Consensus Estimate. Dominion’s long-term earnings growth is projected at 6.6%. The Zacks Consensus Estimate for D’s 2022 earnings indicates year-over-year growth of 6.7%.
AVANGRID, Inc. (AGR - Free Report) reported fourth-quarter 2021 earnings of 44 cents per share, beating the Zacks Consensus Estimate of 39 cents by 12.8%. AVANGRID’s long-term earnings growth is projected at 7.7%. The Zacks Consensus Estimate for AGR’s 2023 earnings indicates year-over-year growth of 13.9%.
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Exelon's (EXC) 2021 Earnings and Revenues Beat Estimates
Exelon Corporation’s (EXC - Free Report) 2021 earnings of $2.82 per share surpassed the Zacks Consensus Estimate of $2.55 by 10.6%.
The bottom line, however, decreased 12.4% from the year-ago earnings of $3.22 per share. The year-over-year decline in earnings was primarily due to adverse impacts of February 2021 extreme cold weather, and higher net unrealized and realized losses on equity investments.
On a GAAP basis, 2021 earnings were $1.74 per share compared with $2.01 in 2020.
Total Revenues
Exelon's 2022 total revenues of $36.3 billion surpassed the Zacks Consensus Estimate of $34.8 billion by 4.3%. The top line also improved nearly 10% from the year-ago figure of $33.1 billion.
Exelon Corporation Price, Consensus and EPS Surprise
Exelon Corporation price-consensus-eps-surprise-chart | Exelon Corporation Quote
Highlights of the Release
Exelon's 2021 total operating expenses increased nearly 11.6% year over year to $33.8 billion. The increase was due to a rise in purchased power and fuel expenses.
Interest expenses in 2021 were $1.5 billion, down 4% from the year-ago quarter.
Planned Separation
On Feb 1, 2022, Exelon and Constellation Energy Corp. became two separate entities as planned. Exelon will focus solely on transmission and distribution operations, and Constellation Energy will concentrate on power generation and the competitive energy business.
Financial Highlights
Cash and cash equivalents were $1,182 million as of Dec 31, 2021 compared with $663 million as of Dec 31, 2020,.
Long-term debt was $35,324 million as of Dec 31, 2021 compared with $35,093 million as of Dec 31, 2020..
Cash provided from operating activities for 2021 was $3,012 million compared with $4,235 million in 2020.
Guidance
Exelon expects its 2022 earnings guidance in the range of $2.18-$2.32 per share. The midpoint of the revised guided range is $2.25, lower than the Zacks Consensus Estimate of $2.64 per share for the period.
Exelon has plans to invest $29 billion in the 2022-2025 time period to further strengthen its electric transmission and distribution as well as gas delivery infrastructure.
Exelon expects earnings and dividend per share (subject to board’s approval) to increase in the range of 6-8% through 2025.
Zacks Rank
Exelon has a Zacks Rank #5 (Strong Sell) at present.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Releases
NextEra Energy (NEE - Free Report) reported fourth-quarter 2021 operating earnings per share of 41 cents, which surpassed the Zacks Consensus Estimate of 40 cents by 2.5%. NextEra Energy’s long-term (three to five) earnings growth is projected at 8.8%. The Zacks Consensus Estimate for NEE’s 2022 earnings indicates year-over-year growth of 8.6%.
Dominion Energy Inc. (D - Free Report) reported fourth-quarter 2021 operating earnings of 90 cents per share, on par with the Zacks Consensus Estimate. Dominion’s long-term earnings growth is projected at 6.6%. The Zacks Consensus Estimate for D’s 2022 earnings indicates year-over-year growth of 6.7%.
AVANGRID, Inc. (AGR - Free Report) reported fourth-quarter 2021 earnings of 44 cents per share, beating the Zacks Consensus Estimate of 39 cents by 12.8%. AVANGRID’s long-term earnings growth is projected at 7.7%. The Zacks Consensus Estimate for AGR’s 2023 earnings indicates year-over-year growth of 13.9%.