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Exelon Corporation’s (EXC - Free Report) first-quarter 2023 earnings of 70 cents per share surpassed the Zacks Consensus Estimate of 66 cents by 6.1%. The earnings of the company improved 9.4% from the year-ago level.
On a GAAP basis, first-quarter earnings were 67 cents per share compared with 49 cents in the year-ago quarter.
Total Revenues
Exelon's first-quarter total revenues of $5,563 million surpassed the Zacks Consensus Estimate of $5,519 million by 0.8%. The top line was 4.4% higher than the year-ago figure of $5,327 million.
Exelon Corporation Price, Consensus and EPS Surprise
Exelon's first-quarter total operating expenses increased 0.7% year over year to $4.46 billion. The increase was due to higher power and fuel prices.
Operating income was $1,106 million, up 22.9% year over year.
Interest expenses totaled $412 million, up 21.9% from the year-ago quarter.
Financial Highlights
Cash and cash equivalents were $522 million as of Mar 31, 2023 compared with $407 million as of Dec 31, 2022.
Long-term debt was $38,732 million as of Mar 31, 2023 compared with $35,272 million as of Dec 31, 2022.
Cash provided by operating activities during the first three months of 2023 was $484 million compared with $1,782 million in the corresponding period of 2022.
Guidance
Exelon reiterated 2023 earnings guidance in the range of $2.30-$2.42 per share. The midpoint of the guided range is $2.36, which is higher than the Zacks Consensus Estimate of $2.35 per share for the same period. The company reaffirmed 6-8% long-term earnings per share growth for the 2022-2026 time period.
Exelon expects its capital expenditure for the 2023-2026 time period to be $31.3 billion to meet customer requirements and further strengthen its transmission and distribution operations.
NextEra Energy, Inc. (NEE - Free Report) released first-quarter 2023 adjusted earnings of 84 cents per share, which beat the Zacks Consensus Estimate of 75 cents by 12%.
The Zacks Consensus Estimate for NEE’s 2023 earnings per share is $3.11, implying year-over-year growth of 7.3%.
Entergy Corporation (ETR - Free Report) reported first-quarter 2023 earnings of $1.14 per share, missing the Zacks Consensus Estimate of $1.34 by 14.9%.
The Zacks Consensus Estimate for ETR’s 2023 earnings per share is $6.69, implying year-over-year growth of 4.2%.
Xcel Energy Inc. (XEL - Free Report) reported first-quarter 2023 operating earnings of 76 cents per share, which beat the Zacks Consensus Estimate of 74 cents by 2.7%.
The Zacks Consensus Estimate for XEL’s 2023 earnings per share is $3.37, suggesting year-over-year growth of 6.31%.
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Exelon (EXC) Q1 Earnings & Sales Beat Estimates, Rise Y/Y
Exelon Corporation’s (EXC - Free Report) first-quarter 2023 earnings of 70 cents per share surpassed the Zacks Consensus Estimate of 66 cents by 6.1%. The earnings of the company improved 9.4% from the year-ago level.
On a GAAP basis, first-quarter earnings were 67 cents per share compared with 49 cents in the year-ago quarter.
Total Revenues
Exelon's first-quarter total revenues of $5,563 million surpassed the Zacks Consensus Estimate of $5,519 million by 0.8%. The top line was 4.4% higher than the year-ago figure of $5,327 million.
Exelon Corporation Price, Consensus and EPS Surprise
Exelon Corporation price-consensus-eps-surprise-chart | Exelon Corporation Quote
Highlights of the Release
Exelon's first-quarter total operating expenses increased 0.7% year over year to $4.46 billion. The increase was due to higher power and fuel prices.
Operating income was $1,106 million, up 22.9% year over year.
Interest expenses totaled $412 million, up 21.9% from the year-ago quarter.
Financial Highlights
Cash and cash equivalents were $522 million as of Mar 31, 2023 compared with $407 million as of Dec 31, 2022.
Long-term debt was $38,732 million as of Mar 31, 2023 compared with $35,272 million as of Dec 31, 2022.
Cash provided by operating activities during the first three months of 2023 was $484 million compared with $1,782 million in the corresponding period of 2022.
Guidance
Exelon reiterated 2023 earnings guidance in the range of $2.30-$2.42 per share. The midpoint of the guided range is $2.36, which is higher than the Zacks Consensus Estimate of $2.35 per share for the same period. The company reaffirmed 6-8% long-term earnings per share growth for the 2022-2026 time period.
Exelon expects its capital expenditure for the 2023-2026 time period to be $31.3 billion to meet customer requirements and further strengthen its transmission and distribution operations.
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
NextEra Energy, Inc. (NEE - Free Report) released first-quarter 2023 adjusted earnings of 84 cents per share, which beat the Zacks Consensus Estimate of 75 cents by 12%.
The Zacks Consensus Estimate for NEE’s 2023 earnings per share is $3.11, implying year-over-year growth of 7.3%.
Entergy Corporation (ETR - Free Report) reported first-quarter 2023 earnings of $1.14 per share, missing the Zacks Consensus Estimate of $1.34 by 14.9%.
The Zacks Consensus Estimate for ETR’s 2023 earnings per share is $6.69, implying year-over-year growth of 4.2%.
Xcel Energy Inc. (XEL - Free Report) reported first-quarter 2023 operating earnings of 76 cents per share, which beat the Zacks Consensus Estimate of 74 cents by 2.7%.
The Zacks Consensus Estimate for XEL’s 2023 earnings per share is $3.37, suggesting year-over-year growth of 6.31%.