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Exelon's Q3 Earnings and Revenues Beat Estimates, to Invest $34.5B

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Exelon Corporation’s (EXC - Free Report) third-quarter 2024 earnings of 71 cents per share surpassed the Zacks Consensus Estimate of 67 cents by 5.9%. Earnings also increased from the year-ago level of 67 cents. Higher distribution earnings, distribution rate base and strong return on regulatory assets boosted earnings.

On a GAAP basis, earnings were 70 cents per share on par with the year-ago quarter.

Total Revenues of Exelon

Exelon reported revenues of $6.15 billion, which surpassed the Zacks Consensus Estimate of $6.06 billion by 1.4%. The top line was 2.9% higher than the year-ago figure of $5.98 billion.

Highlights of Exelon Q3 Release

On Sept. 20, 2024, Delmarva Power & Light (“DPL”) filed an application with the DEPSC to increase its annual natural gas rates by $36 million, reflecting an ROE of 10.65%. DPL currently expects a decision in the first quarter of 2026.

Due to revenue decoupling, Exelon’s distribution earnings were not affected by actual weather or customer usage patterns.

Exelon's total operating expenses increased 2.14% year over year to $4.96 billion.

Operating income amounted to $1.19 billion, up 6.5% year over year.

Interest expenses totaled $496 million, up 13.5% from the year-ago quarter’s level.

In the quarter, the company issued new debts worth $750 million, the proceeds from the issue will be utilized to repay existing indebtedness and for general corporate purposes.

EXC’s Financial Highlights

Cash and cash equivalents totaled $616 million as of Sept. 30, 2024, compared with $445 million as of Dec. 31, 2023.

Long-term debt was $43.7 billion as of Sept. 30, 2024, compared with $39.7 billion as of Dec. 31, 2023.

Cash provided by operating activities in the first nine months of 2024 totaled $4.14 billion compared with $3.29 billion in the year-ago period.

Guidance for Exelon

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 $2.44 per share, lower than the midpoint of the company’s guided range. The company also reaffirms its adjusted (non-GAAP) operating EPS compounded annual growth target of 5-7% through 2027.

Exelon will be making $34.5 billion of critical investments in its energy infrastructure in the 2024-2027 period.

Zacks Rank of Exelon

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

ONE Gas, Inc. (OGS - Free Report) is slated to report third-quarter 2024 results on Nov. 4. The Zacks Consensus Estimate for earnings is pegged at 41 cents per share.

OGS’ long-term (three to five years) earnings growth rate is 5%. It delivered an average earnings surprise of 0.9% in the past four quarters.

Alliant Energy Corporation (LNT - Free Report) is set to report third-quarter 2024 results on Oct. 31. The Zacks Consensus Estimate for earnings is pegged at $1.11 per share.

The Zacks Consensus Estimate for third-quarter earnings has moved up 5.7% in the last 60 days. LNT’s long-term earnings growth rate is 6.8%.

NRG Energy, Inc. (NRG - Free Report) is scheduled to report third-quarter results on Nov. 8. The Zacks Consensus Estimate for earnings is pegged at $1.71 per share.

NRG delivered an average earnings surprise of nearly 7% in the past four quarters. The Zacks Consensus Estimate for 2024 earnings is pinned at $6.09 per share, indicating year-over-year growth of 40.97%.

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