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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.
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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.