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Exelon (EXC) Q1 Earnings Lag Estimates, Sales Rise Y/Y
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Exelon Corporation’s (EXC - Free Report) first-quarter 2024 earnings of 69 cents per share missed the Zacks Consensus Estimate of 70 cents by 1.43%. Earnings also decreased from the year-ago level of 70 cents.
On a GAAP basis, first-quarter earnings were 66 cents per share compared with 67 cents in the year-ago quarter.
Total Revenues
Exelon's first-quarter revenues of $6.04 billion surpassed the Zacks Consensus Estimate of $5.7 billion by 6%. The top line was 8.6% higher than the year-ago figure of $5.6 billion.
Exelon Corporation Price, Consensus and EPS Surprise
During the quarter, Pepco, a subsidiary of EXC, issued $675 million of its First Mortgage Bonds, consisting of $375 million of its First Mortgage 5.20% Series Bonds, due Mar 15, 2034, and $300 million of its First Mortgage 5.50% Series Bonds, due Mar 15, 2054.
Exelon's total operating expenses increased 10.6% year over year to $4.93 billion.
Operating income amounted to $1.11 billion, up 0.7% year over year.
Interest expenses totaled $468 million, up 13.6% from the year-ago quarter’s level.
Financial Highlights
Cash and cash equivalents totaled $720 million as of Mar 31, 2024, compared with $445 million as of Dec 31, 2023.
Long-term debt was $42.3 billion as of Mar 31, 2024, compared with $39.7 billion as of Dec 31, 2023.
Cash provided by operating activities in the first three months of 2024 totaled $992 million compared with $484 million in the year-ago period.
Guidance
Exelon expects earnings in the range of $2.40-$2.50 per share for 2024. The Zacks Consensus Estimate for the same is pinned at $2.41 per share, lower than the midpoint of the company’s guided range.
NRG Energy, Inc. (NRG - Free Report) is scheduled to report first-quarter results on May 7, before market open. The Zacks Consensus Estimate for earnings is pegged at 51 cents per share.
NRG delivered an average earnings surprise of 6.4% in the last four quarters. The Zacks Consensus Estimate for 2024 earnings is pinned at $5.36 per share.
ONE Gas, Inc. (OGS - Free Report) is slated to report first-quarter 2024 results on May 6, after market close. The Zacks Consensus Estimate for earnings is pegged at $1.78 per share.
OGS’ long-term (three to five years) earnings growth rate is 5%. It delivered an average earnings surprise of 1.2% in the last four quarters.
Atmos Energy Corporation (ATO - Free Report) is slated to report second-quarter fiscal 2024 results on May 8, after market close. The Zacks Consensus Estimate for earnings is pegged at $2.62 per share.
ATO’s long-term earnings growth rate is 7%. It delivered an average earnings surprise of 1.2% in the last four quarters.
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Exelon (EXC) Q1 Earnings Lag Estimates, Sales Rise Y/Y
Exelon Corporation’s (EXC - Free Report) first-quarter 2024 earnings of 69 cents per share missed the Zacks Consensus Estimate of 70 cents by 1.43%. Earnings also decreased from the year-ago level of 70 cents.
On a GAAP basis, first-quarter earnings were 66 cents per share compared with 67 cents in the year-ago quarter.
Total Revenues
Exelon's first-quarter revenues of $6.04 billion surpassed the Zacks Consensus Estimate of $5.7 billion by 6%. The top line was 8.6% higher than the year-ago figure of $5.6 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, Pepco, a subsidiary of EXC, issued $675 million of its First Mortgage Bonds, consisting of $375 million of its First Mortgage 5.20% Series Bonds, due Mar 15, 2034, and $300 million of its First Mortgage 5.50% Series Bonds, due Mar 15, 2054.
Exelon's total operating expenses increased 10.6% year over year to $4.93 billion.
Operating income amounted to $1.11 billion, up 0.7% year over year.
Interest expenses totaled $468 million, up 13.6% from the year-ago quarter’s level.
Financial Highlights
Cash and cash equivalents totaled $720 million as of Mar 31, 2024, compared with $445 million as of Dec 31, 2023.
Long-term debt was $42.3 billion as of Mar 31, 2024, compared with $39.7 billion as of Dec 31, 2023.
Cash provided by operating activities in the first three months of 2024 totaled $992 million compared with $484 million in the year-ago period.
Guidance
Exelon expects earnings in the range of $2.40-$2.50 per share for 2024. The Zacks Consensus Estimate for the same is pinned at $2.41 per share, lower than the midpoint of the company’s guided range.
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.
Upcoming Releases
NRG Energy, Inc. (NRG - Free Report) is scheduled to report first-quarter results on May 7, before market open. The Zacks Consensus Estimate for earnings is pegged at 51 cents per share.
NRG delivered an average earnings surprise of 6.4% in the last four quarters. The Zacks Consensus Estimate for 2024 earnings is pinned at $5.36 per share.
ONE Gas, Inc. (OGS - Free Report) is slated to report first-quarter 2024 results on May 6, after market close. The Zacks Consensus Estimate for earnings is pegged at $1.78 per share.
OGS’ long-term (three to five years) earnings growth rate is 5%. It delivered an average earnings surprise of 1.2% in the last four quarters.
Atmos Energy Corporation (ATO - Free Report) is slated to report second-quarter fiscal 2024 results on May 8, after market close. The Zacks Consensus Estimate for earnings is pegged at $2.62 per share.
ATO’s long-term earnings growth rate is 7%. It delivered an average earnings surprise of 1.2% in the last four quarters.