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Exelon (EXC) Q3 Earnings Surpass Estimates, Revenues Miss
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Exelon Corporation’s (EXC - Free Report) third-quarter 2022 earnings of 75 cents per share surpassed the Zacks Consensus Estimate of 72 cents by 4.2%. The earnings of the company also improved 41.5% from the year-ago level.
On a GAAP basis, third-quarter earnings were 68 cents per share compared with 47 cents in the year-ago quarter. The difference between GAAP and operating earnings per share was due to asset impairments and income-tax-related adjustments.
Total Revenues
Exelon's third-quarter total revenues of $4,845 million lagged the Zacks Consensus Estimate of $5,007 million by 3.2%. The top line was 0.4% lower than the year-ago figure of $4.863 million.
Exelon Corporation Price, Consensus and EPS Surprise
Exelon's third-quarter total operating expenses decreased 6.6% year over year to $3.83 billion. The decline was due to a drop in purchased power and fuel expenses.
Operating income was $1,011 million, up 33.7% year over year.
Interest expenses totaled $365 million, up 12.7% from the year-ago quarter.
Financial Highlights
Cash and cash equivalents were $446 million as of Sep 30, 2022, compared with $672 million as of Dec 31, 2021.
Long-term debt was $35,283 million as of Sep 30, 2022, compared with $30,749 million as of Dec 31, 2021. During the quarter, the company issued 12.995 million shares and utilized the proceeds and cash balances to repay $575 million in borrowing under a credit facility.
Cash provided (used in) for operating activities for the first nine months of 2022 was $4,141 million, on par with the same period last year.
Guidance
Exelon has narrowed its 2022 earnings guidance in the range of $2.21-$2.29 per share from an earlier expectation of $2.18-$2.32 per share. The mid-point of the revised guided range is $2.25, lower than the Zacks Consensus Estimate of $2.27 per share for the same period. The company reaffirmed 6-8% long-term earnings per share growth for 2021-2025 time period.
FirstEnergy Corporation (FE - Free Report) delivered third-quarter 2022 operating earnings per share (EPS) of 79 cents, beating the Zacks Consensus Estimate of 77 cents by 2.6%.
The Zacks Consensus Estimate for FE’s fourth-quarter earnings per share is 53 cents, indicating growth of 3.92% from the year-ago quarter’s reported figure.
NextEra Energy, Inc. (NEE - Free Report) reported third-quarter 2022 adjusted earnings of 85 cents per share, beating the Zacks Consensus Estimate of 79 cents by 7.6%.
The Zacks Consensus Estimate for NEE’s fourth-quarter earnings per share is 56 cents, implying growth of 36.6% from the year-ago quarter’s reported number.
Xcel Energy Inc. (XEL - Free Report) posted third-quarter 2022 operating earnings of $1.18 per share, lagging the Zacks Consensus Estimate by 1.7%.
The Zacks Consensus Estimate for XEL’s fourth-quarter earnings per share is 67 cents, suggesting growth of 15.5% from the year-ago quarter’s actuals.
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Exelon (EXC) Q3 Earnings Surpass Estimates, Revenues Miss
Exelon Corporation’s (EXC - Free Report) third-quarter 2022 earnings of 75 cents per share surpassed the Zacks Consensus Estimate of 72 cents by 4.2%. The earnings of the company also improved 41.5% from the year-ago level.
On a GAAP basis, third-quarter earnings were 68 cents per share compared with 47 cents in the year-ago quarter. The difference between GAAP and operating earnings per share was due to asset impairments and income-tax-related adjustments.
Total Revenues
Exelon's third-quarter total revenues of $4,845 million lagged the Zacks Consensus Estimate of $5,007 million by 3.2%. The top line was 0.4% lower than the year-ago figure of $4.863 million.
Exelon Corporation Price, Consensus and EPS Surprise
Exelon Corporation price-consensus-eps-surprise-chart | Exelon Corporation Quote
Highlights of the Release
Exelon's third-quarter total operating expenses decreased 6.6% year over year to $3.83 billion. The decline was due to a drop in purchased power and fuel expenses.
Operating income was $1,011 million, up 33.7% year over year.
Interest expenses totaled $365 million, up 12.7% from the year-ago quarter.
Financial Highlights
Cash and cash equivalents were $446 million as of Sep 30, 2022, compared with $672 million as of Dec 31, 2021.
Long-term debt was $35,283 million as of Sep 30, 2022, compared with $30,749 million as of Dec 31, 2021. During the quarter, the company issued 12.995 million shares and utilized the proceeds and cash balances to repay $575 million in borrowing under a credit facility.
Cash provided (used in) for operating activities for the first nine months of 2022 was $4,141 million, on par with the same period last year.
Guidance
Exelon has narrowed its 2022 earnings guidance in the range of $2.21-$2.29 per share from an earlier expectation of $2.18-$2.32 per share. The mid-point of the revised guided range is $2.25, lower than the Zacks Consensus Estimate of $2.27 per share for the same period. The company reaffirmed 6-8% long-term earnings per share growth for 2021-2025 time period.
Zacks Rank
Exelon has a Zacks Rank #3 (Hold) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Releases
FirstEnergy Corporation (FE - Free Report) delivered third-quarter 2022 operating earnings per share (EPS) of 79 cents, beating the Zacks Consensus Estimate of 77 cents by 2.6%.
The Zacks Consensus Estimate for FE’s fourth-quarter earnings per share is 53 cents, indicating growth of 3.92% from the year-ago quarter’s reported figure.
NextEra Energy, Inc. (NEE - Free Report) reported third-quarter 2022 adjusted earnings of 85 cents per share, beating the Zacks Consensus Estimate of 79 cents by 7.6%.
The Zacks Consensus Estimate for NEE’s fourth-quarter earnings per share is 56 cents, implying growth of 36.6% from the year-ago quarter’s reported number.
Xcel Energy Inc. (XEL - Free Report) posted third-quarter 2022 operating earnings of $1.18 per share, lagging the Zacks Consensus Estimate by 1.7%.
The Zacks Consensus Estimate for XEL’s fourth-quarter earnings per share is 67 cents, suggesting growth of 15.5% from the year-ago quarter’s actuals.