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Exelon (EXC) Earnings, Revenues Beat Estimates in Q1
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Exelon Corporation’s (EXC - Free Report) first-quarter 2017 adjusted operating earnings of 65 cents per share beat the Zacks Consensus Estimate of 61 cents by 6.5%. However, the quarterly earnings were 4.4% lower than the year-ago figure of 68 cents.
The year-over-year improvement in earnings was due to regulatory rate increase and solid performance of the company.
On a GAAP basis, quarterly earnings were $1.09 per share, compared with 19 cents a year ago.
The difference between GAAP and adjusted operating earnings was due to the combined impact of hedging activities, bargain purchase gain, merger commitments, gain from Decommissioning Trust (NDT) Fund Investments and a few one-time charges, resulting in a net gain of 42 cents.
Total Revenue
Exelon's total operating revenue of $8,715 million surpassed the Zacks Consensus Estimate of $8,478 million by 2.8%.
Quarterly revenues also increased 16.5% year over year from $7,482 million reported in the year-ago quarter.
Exelon Corporation Price, Consensus and EPS Surprise
Exelon's total operating expenses increased 18.4% year over year to $7,548 million. The increase was primarily due to higher purchasing power and fuel expenses, and operating and maintenance expenses.
The company reported operating income of $1,171 million in the quarter, up 5.1% from $1,114 million a year ago.
Interest expenses of $377 million were 31.3% higher than the year-ago quarter.
During the quarter, the company issued two series of senior notes worth $750 million in aggregate. The proceeds from the sale of the senior notes were used to repay outstanding commercial paper obligations and for general corporate purposes.
Hedges
Exelon's hedging program involves hedging of commodity risks for expected generation, typically on a ratable basis, over a three-year period. The proportion of expected generation hedged as of Mar 31, 2017, was 97–100% for 2017, 60–63% for 2018, and 30–33% for 2019.
American Electric Power Co., Inc. (AEP - Free Report) reported first-quarter 2017 operating earnings per share (EPS) of 96 cents, missing the Zacks Consensus Estimate of 97 cents by 1%.
NextEra Energy, Inc. (NEE - Free Report) reported first-quarter 2017 adjusted earnings of $1.75 per share, beating the Zacks Consensus Estimate of $1.56 by 12.2%.
FirstEnergy Corp. (FE - Free Report) announced first-quarter 2017 operating earnings of 77 cents per share, beating the Zacks Consensus Estimate of 71 cents by 8.4%.
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Exelon (EXC) Earnings, Revenues Beat Estimates in Q1
Exelon Corporation’s (EXC - Free Report) first-quarter 2017 adjusted operating earnings of 65 cents per share beat the Zacks Consensus Estimate of 61 cents by 6.5%. However, the quarterly earnings were 4.4% lower than the year-ago figure of 68 cents.
The year-over-year improvement in earnings was due to regulatory rate increase and solid performance of the company.
On a GAAP basis, quarterly earnings were $1.09 per share, compared with 19 cents a year ago.
The difference between GAAP and adjusted operating earnings was due to the combined impact of hedging activities, bargain purchase gain, merger commitments, gain from Decommissioning Trust (NDT) Fund Investments and a few one-time charges, resulting in a net gain of 42 cents.
Total Revenue
Exelon's total operating revenue of $8,715 million surpassed the Zacks Consensus Estimate of $8,478 million by 2.8%.
Quarterly revenues also increased 16.5% year over year from $7,482 million reported in the year-ago quarter.
Exelon Corporation Price, Consensus and EPS Surprise
Exelon Corporation Price, Consensus and EPS Surprise | Exelon Corporation Quote
Quarterly Highlights
Exelon's total operating expenses increased 18.4% year over year to $7,548 million. The increase was primarily due to higher purchasing power and fuel expenses, and operating and maintenance expenses.
The company reported operating income of $1,171 million in the quarter, up 5.1% from $1,114 million a year ago.
Interest expenses of $377 million were 31.3% higher than the year-ago quarter.
During the quarter, the company issued two series of senior notes worth $750 million in aggregate. The proceeds from the sale of the senior notes were used to repay outstanding commercial paper obligations and for general corporate purposes.
Hedges
Exelon's hedging program involves hedging of commodity risks for expected generation, typically on a ratable basis, over a three-year period. The proportion of expected generation hedged as of Mar 31, 2017, was 97–100% for 2017, 60–63% for 2018, and 30–33% for 2019.
Zacks Rank
Exelon Corporation currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Peer Releases
American Electric Power Co., Inc. (AEP - Free Report) reported first-quarter 2017 operating earnings per share (EPS) of 96 cents, missing the Zacks Consensus Estimate of 97 cents by 1%.
NextEra Energy, Inc. (NEE - Free Report) reported first-quarter 2017 adjusted earnings of $1.75 per share, beating the Zacks Consensus Estimate of $1.56 by 12.2%.
FirstEnergy Corp. (FE - Free Report) announced first-quarter 2017 operating earnings of 77 cents per share, beating the Zacks Consensus Estimate of 71 cents by 8.4%.
Will You Make a Fortune on the Shift to Electric Cars?
Here's another stock idea to consider. Much like petroleum 150 years ago, lithium power may soon shake the world, creating millionaires and reshaping geo-politics. Soon electric vehicles (EVs) may be cheaper than gas guzzlers. Some are already reaching 265 miles on a single charge.
With battery prices plummeting and charging stations set to multiply, one company stands out as the #1 stock to buy according to Zacks research.
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