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Exelon's (EXC) Q1 Earnings In Line, Revenues Beat Estimates

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Exelon Corporation’s (EXC - Free Report) first-quarter 2019 operating earnings of 87 cents per share were on par with the Zacks Consensus Estimate. However, the reported earnings were 9.4% lower than the year-ago figure of 96 cents.
 
The year-over-year decline in earnings was primarily due to lower realized energy prices.

On a GAAP basis, its quarterly earnings were 93 cents per share compared with 60 cents in the year-ago quarter.

Total Revenues

Exelon's total revenues of $9,477 million surpassed the Zacks Consensus Estimate of $9,395 million by 0.9%. However, the top line declined 2.3% from the year-ago quarter. The year-over-year decline in revenues was due lower contribution from Generation and ComEd businesses.

Exelon Corporation Price, Consensus and EPS Surprise

Exelon Corporation Price, Consensus and EPS Surprise | Exelon Corporation Quote

Highlights of the Release

Exelon's total operating expenses decreased 4.5% year over year to $8,262 million. The decline in total expenses was due to lower power and fuel costs, as well as operating and maintenance expenses.

Interest expenses were $403 million, up 8.6% from $371 million in the year-ago quarter.

In the reported quarter, the company efficiently serviced more electric and natural gas customers than the year-ago period.

Hedges

Exelon's hedging program involves safeguarding 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, 2019 was 90-93% for 2019, 64-67% for 2020 and 38-41% for 2021.

Financial Highlights

Cash and cash equivalents were $880 million as of Mar 31, 2019 compared with $1,349 million on Dec 31, 2018.

Long-term debt was $32,960 million as of Mar 31, 2019 compared with $34,075 million on Dec 31, 2018.

Cash from operating activities in the first quarter was $1,044 million compared with $1,052 million in the year-ago period.

Zacks Rank

Exelon currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Other Releases

NextEra Energy, Inc. (NEE - Free Report) reported first-quarter 2019 adjusted earnings of $2.20 per share, beating the Zacks Consensus Estimate of $2.01 by 9.4%.

FirstEnergy Corporation (FE - Free Report) reported first-quarter 2019 operating earnings of 67 cents per share, which beat the Zacks Consensus Estimate of 66 cents by 1.52%.

American Electric Power Co., Inc. (AEP - Free Report) reported first-quarter 2019 adjusted earnings per share  of $1.19, surpassing the Zacks Consensus Estimate of $1.10 by 8.2%.

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