We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Exelon Corporation’s (EXC - Free Report) fourth-quarter 2023 earnings of 60 cents per share surpassed the Zacks Consensus Estimate of 58 cents by 3.4%. Earnings increased 39.5% from the year-ago level of 43 cents.
Full-year 2023 adjusted earnings were $2.38 per share, up 4.8% from the previous year’s figure of $2.27.
On a GAAP basis, fourth-quarter earnings were 62 cents per share compared with 43 cents in the year-ago quarter.
Total Revenues
Exelon's fourth-quarter total revenues of $5.4 billion surpassed the Zacks Consensus Estimate of $4.9 billion by 10.2%. The top line was 14.9% higher than the year-ago figure of $4.7 billion.
Total revenues for 2023 were $21.7 billion, up 13.6% from the previous year’s $19.1 billion.
Exelon Corporation Price, Consensus and EPS Surprise
During the quarter, Delmarva Power & Light issued $340 million, $75 million, and $110 million of First Mortgage Bonds, 5.45%, 5.55%, and 5.72% Series, due Nov 8, 2033, November 8, 2038, and November 8, 2053, respectively.
Exelon's fourth-quarter total operating expenses increased 10.3% year over year to $4.3 billion. The increase was due to higher power and fuel prices.
Operating income amounted to $1.1 billion, up 53.8% year over year.
Interest expenses totaled $452 million, up 17.4% from the year-ago quarter’s level.
Financial Highlights
Cash and cash equivalents were $445 million as of Dec 31, 2023, compared with $407 million as of Dec 31, 2022.
Long-term debt was $39.7 billion as of Dec 31, 2023, compared with $35.3 billion as of Dec 31, 2022.
Cash provided by operating activities during 2023 was $4.7 billion compared with $4.9 billion in 2022.
Guidance
Exelon announced its 2024 earnings guidance in the range of $2.40-$2.50 per share. The midpoint of the guided range is $2.45 per share, higher than the bottom-line estimate of $2.40 for the same period.
The company expects to invest $35 billion of capital expenditures over the next four years to meet customer needs, resulting in expected rate base growth of 7.5% and operating EPS compounded annual growth of 5-7% during 2023-2027.
NextEra Energy, Inc. (NEE - Free Report) reported fourth-quarter 2023 adjusted earnings of 52 cents per share, which beat the Zacks Consensus Estimate of 49 cents by 6.1%.
The Zacks Consensus Estimate for NEE’s 2024 earnings is pinned at $3.44 per share, implying a year-over-year improvement of 8.5%. The company’s long-term (three to five-year) earnings growth rate is 8.18%.
Upcoming Releases
Pinnacle West Capital (PNW - Free Report) is scheduled to report fourth-quarter results on Feb 27, before market open. The bottom-line estimate is pegged at a loss of 10 cents per share.
PNW’s long-term earnings growth rate is 3.95%. The Zacks Consensus Estimate for 2024 earnings is pinned at $4.75 per share, implying a year-over-year improvement of 10.5%.
NRG Energy, Inc. (NRG - Free Report) is scheduled to report fourth-quarter results on Feb 28, before market open. The Zacks Consensus Estimate for earnings is pegged at 94 cents per share.
NRG’s long-term earnings growth rate is 13.75%. It delivered an average earnings surprise of 4.7% in the last four quarters.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Exelon (EXC) Q4 Earnings and Sales Beat Estimates
Exelon Corporation’s (EXC - Free Report) fourth-quarter 2023 earnings of 60 cents per share surpassed the Zacks Consensus Estimate of 58 cents by 3.4%. Earnings increased 39.5% from the year-ago level of 43 cents.
Full-year 2023 adjusted earnings were $2.38 per share, up 4.8% from the previous year’s figure of $2.27.
On a GAAP basis, fourth-quarter earnings were 62 cents per share compared with 43 cents in the year-ago quarter.
Total Revenues
Exelon's fourth-quarter total revenues of $5.4 billion surpassed the Zacks Consensus Estimate of $4.9 billion by 10.2%. The top line was 14.9% higher than the year-ago figure of $4.7 billion.
Total revenues for 2023 were $21.7 billion, up 13.6% from the previous year’s $19.1 billion.
Exelon Corporation Price, Consensus and EPS Surprise
Exelon Corporation price-consensus-eps-surprise-chart | Exelon Corporation Quote
Highlights of the Release
During the quarter, Delmarva Power & Light issued $340 million, $75 million, and $110 million of First Mortgage Bonds, 5.45%, 5.55%, and 5.72% Series, due Nov 8, 2033, November 8, 2038, and November 8, 2053, respectively.
Exelon's fourth-quarter total operating expenses increased 10.3% year over year to $4.3 billion. The increase was due to higher power and fuel prices.
Operating income amounted to $1.1 billion, up 53.8% year over year.
Interest expenses totaled $452 million, up 17.4% from the year-ago quarter’s level.
Financial Highlights
Cash and cash equivalents were $445 million as of Dec 31, 2023, compared with $407 million as of Dec 31, 2022.
Long-term debt was $39.7 billion as of Dec 31, 2023, compared with $35.3 billion as of Dec 31, 2022.
Cash provided by operating activities during 2023 was $4.7 billion compared with $4.9 billion in 2022.
Guidance
Exelon announced its 2024 earnings guidance in the range of $2.40-$2.50 per share. The midpoint of the guided range is $2.45 per share, higher than the bottom-line estimate of $2.40 for the same period.
The company expects to invest $35 billion of capital expenditures over the next four years to meet customer needs, resulting in expected rate base growth of 7.5% and operating EPS compounded annual growth of 5-7% during 2023-2027.
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.
Another Release
NextEra Energy, Inc. (NEE - Free Report) reported fourth-quarter 2023 adjusted earnings of 52 cents per share, which beat the Zacks Consensus Estimate of 49 cents by 6.1%.
The Zacks Consensus Estimate for NEE’s 2024 earnings is pinned at $3.44 per share, implying a year-over-year improvement of 8.5%. The company’s long-term (three to five-year) earnings growth rate is 8.18%.
Upcoming Releases
Pinnacle West Capital (PNW - Free Report) is scheduled to report fourth-quarter results on Feb 27, before market open. The bottom-line estimate is pegged at a loss of 10 cents per share.
PNW’s long-term earnings growth rate is 3.95%. The Zacks Consensus Estimate for 2024 earnings is pinned at $4.75 per share, implying a year-over-year improvement of 10.5%.
NRG Energy, Inc. (NRG - Free Report) is scheduled to report fourth-quarter results on Feb 28, before market open. The Zacks Consensus Estimate for earnings is pegged at 94 cents per share.
NRG’s long-term earnings growth rate is 13.75%. It delivered an average earnings surprise of 4.7% in the last four quarters.