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Exelon (EXC) Beats Q2 Earnings Estimates, Aims to Invest $31.3B
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Exelon Corporation’s (EXC - Free Report) second-quarter 2023 earnings of 41 cents per share surpassed the Zacks Consensus Estimate of 40 cents by 2.5%. Earnings of the company declined 6.8% from the year-ago level.
On a GAAP basis, second-quarter earnings were 34 cents per share compared with 47 cents in the year-ago quarter.
Total Revenues
Exelon's second-quarter total revenues of $4,818 million surpassed the Zacks Consensus Estimate of $4,385 million by 9.9%. The top line was 13.6% higher than the year-ago figure of $4,239 million.
Exelon Corporation Price, Consensus and EPS Surprise
Through the first half of 2023, the company has deployed $3.6 billion of investments needed to lead the energy transformation for its customers. Exelon plans to invest $7.2 billion in the second half of 2023 to further strengthen its infrastructure.
Exelon's second-quarter total operating expenses increased 16.1% year over year to $4.11 billion. The increase was due to higher power and fuel prices.
Operating income was $704 million, up 1.4% year over year.
Interest expenses totaled $427 million, up 19.3% from the year-ago quarter.
Financial Highlights
Cash and cash equivalents were $399 million as of Jun 30, 2023 compared with $407 million as of Dec 31, 2022.
Long-term debt was $39,492 million as of Jun 30, 2023 compared with $35,272 million as of Dec 31, 2022.
Cash provided by operating activities during the first six months of 2023 was $1,761 million compared with $3,240 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.
EXC expects its capital expenditure for the 2023-2026 time period to be $31.3 billion for meeting customer requirements and further strengthening its transmission and distribution operations, as well as serving its 10 million customers efficiently.
NextEra Energy, Inc. (NEE - Free Report) released second-quarter 2023 adjusted earnings of 88 cents per share, which beat the Zacks Consensus Estimate of 83 cents by 6%.
The Zacks Consensus Estimate for NEE’s 2023 earnings stands at $3.11 per share, implying a year-over-year improvement of 7.2%.
FirstEnergy Corporation (FE - Free Report) reported second-quarter 2023 operating earnings per share of 47 cents, which surpassed the Zacks Consensus Estimate of 46 cents by 2.17%.
The Zacks Consensus Estimate for FE’s 2023 earnings per share is $6.69, implying year-over-year growth of 4.9%.
Xcel Energy Inc. (XEL - Free Report) reported second-quarter 2023 operating earnings of 52 cents per share, which missed the Zacks Consensus Estimate of 55 cents by 5.5%.
The Zacks Consensus Estimate for XEL’s 2023 earnings stands at $3.34 per share, implying a year-over-year improvement of 5.4%.
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Exelon (EXC) Beats Q2 Earnings Estimates, Aims to Invest $31.3B
Exelon Corporation’s (EXC - Free Report) second-quarter 2023 earnings of 41 cents per share surpassed the Zacks Consensus Estimate of 40 cents by 2.5%. Earnings of the company declined 6.8% from the year-ago level.
On a GAAP basis, second-quarter earnings were 34 cents per share compared with 47 cents in the year-ago quarter.
Total Revenues
Exelon's second-quarter total revenues of $4,818 million surpassed the Zacks Consensus Estimate of $4,385 million by 9.9%. The top line was 13.6% higher than the year-ago figure of $4,239 million.
Exelon Corporation Price, Consensus and EPS Surprise
Exelon Corporation price-consensus-eps-surprise-chart | Exelon Corporation Quote
Highlights of the Release
Through the first half of 2023, the company has deployed $3.6 billion of investments needed to lead the energy transformation for its customers. Exelon plans to invest $7.2 billion in the second half of 2023 to further strengthen its infrastructure.
Exelon's second-quarter total operating expenses increased 16.1% year over year to $4.11 billion. The increase was due to higher power and fuel prices.
Operating income was $704 million, up 1.4% year over year.
Interest expenses totaled $427 million, up 19.3% from the year-ago quarter.
Financial Highlights
Cash and cash equivalents were $399 million as of Jun 30, 2023 compared with $407 million as of Dec 31, 2022.
Long-term debt was $39,492 million as of Jun 30, 2023 compared with $35,272 million as of Dec 31, 2022.
Cash provided by operating activities during the first six months of 2023 was $1,761 million compared with $3,240 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.
EXC expects its capital expenditure for the 2023-2026 time period to be $31.3 billion for meeting customer requirements and further strengthening its transmission and distribution operations, as well as serving its 10 million customers efficiently.
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 second-quarter 2023 adjusted earnings of 88 cents per share, which beat the Zacks Consensus Estimate of 83 cents by 6%.
The Zacks Consensus Estimate for NEE’s 2023 earnings stands at $3.11 per share, implying a year-over-year improvement of 7.2%.
FirstEnergy Corporation (FE - Free Report) reported second-quarter 2023 operating earnings per share of 47 cents, which surpassed the Zacks Consensus Estimate of 46 cents by 2.17%.
The Zacks Consensus Estimate for FE’s 2023 earnings per share is $6.69, implying year-over-year growth of 4.9%.
Xcel Energy Inc. (XEL - Free Report) reported second-quarter 2023 operating earnings of 52 cents per share, which missed the Zacks Consensus Estimate of 55 cents by 5.5%.
The Zacks Consensus Estimate for XEL’s 2023 earnings stands at $3.34 per share, implying a year-over-year improvement of 5.4%.