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Exelon's (EXC) Q2 Earnings and Revenues Miss Estimates
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Exelon Corporation’s (EXC - Free Report) second-quarter 2019 operating earnings of 60 cents per share lagged the Zacks Consensus Estimate of 63 cents by 4.8%. Also, the reported earnings were 15.5% lower than the year-ago figure of 71 cents.
The year-over-year decline in earnings was primarily due to lower realized energy prices.
On a GAAP basis, its quarterly earnings were 50 cents per share compared with 56 cents in the year-ago quarter.
Total Revenues
Exelon's total revenues of $7,689 million lagged the Zacks Consensus Estimate of $7,894 million by 2.6%. The top line also declined 2.3% from the year-ago figure of $8,076 million. The year-over-year decline in revenues was due lower contribution from Generation, BGE and ComEd businesses.
Exelon Corporation Price, Consensus and EPS Surprise
Exelon's total operating expenses decreased 3.6% year over year to $6,881 million. The decline in total expenses was due to lower power and fuel costs, as well as operating and maintenance expenses.
Interest expenses were $409 million, up 9.6% from $373 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 Jun 30 was 92-95% for 2019, 70-73% for 2020 and 40-43% for 2021.
Financial Highlights
Cash and cash equivalents were $735 million as of Jun 30, 2019 compared with $1,349 million on Dec 31, 2018.
Long-term debt was $31,909 million as of Jun 30, 2019 compared with $34,075 million on Dec 31, 2018.
Cash from operating activities in the first half of 2019 was $2,898 million compared with $3,869 million in the comparable year-ago period.
NextEra Energy, Inc. (NEE - Free Report) reported second-quarter 2019 adjusted earnings of $2.35 per share, beating the Zacks Consensus Estimate of $2.28 by 3.1%.
Dominion Energy Inc. (D - Free Report) reported second-quarter 2019 operating earnings of 77 cents per share, beating the Zacks Consensus Estimate of 75 cents by 2.6%.
Eversource Energy (ES - Free Report) reported second-quarter 2019 operating earnings of 74 cents per share, beating the Zacks Consensus Estimate by a penny. Looking for Stocks with Skyrocketing Upside?
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Exelon's (EXC) Q2 Earnings and Revenues Miss Estimates
Exelon Corporation’s (EXC - Free Report) second-quarter 2019 operating earnings of 60 cents per share lagged the Zacks Consensus Estimate of 63 cents by 4.8%. Also, the reported earnings were 15.5% lower than the year-ago figure of 71 cents.
The year-over-year decline in earnings was primarily due to lower realized energy prices.
On a GAAP basis, its quarterly earnings were 50 cents per share compared with 56 cents in the year-ago quarter.
Total Revenues
Exelon's total revenues of $7,689 million lagged the Zacks Consensus Estimate of $7,894 million by 2.6%. The top line also declined 2.3% from the year-ago figure of $8,076 million. The year-over-year decline in revenues was due lower contribution from Generation, BGE and ComEd businesses.
Exelon Corporation Price, Consensus and EPS Surprise
Exelon Corporation price-consensus-eps-surprise-chart | Exelon Corporation Quote
Highlights of the Release
Exelon's total operating expenses decreased 3.6% year over year to $6,881 million. The decline in total expenses was due to lower power and fuel costs, as well as operating and maintenance expenses.
Interest expenses were $409 million, up 9.6% from $373 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 Jun 30 was 92-95% for 2019, 70-73% for 2020 and 40-43% for 2021.
Financial Highlights
Cash and cash equivalents were $735 million as of Jun 30, 2019 compared with $1,349 million on Dec 31, 2018.
Long-term debt was $31,909 million as of Jun 30, 2019 compared with $34,075 million on Dec 31, 2018.
Cash from operating activities in the first half of 2019 was $2,898 million compared with $3,869 million in the comparable 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 second-quarter 2019 adjusted earnings of $2.35 per share, beating the Zacks Consensus Estimate of $2.28 by 3.1%.
Dominion Energy Inc. (D - Free Report) reported second-quarter 2019 operating earnings of 77 cents per share, beating the Zacks Consensus Estimate of 75 cents by 2.6%.
Eversource Energy (ES - Free Report) reported second-quarter 2019 operating earnings of 74 cents per share, beating the Zacks Consensus Estimate by a penny.
Looking for Stocks with Skyrocketing Upside?
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by new referendums and legislation, this industry is expected to blast from an already robust $6.7 billion to $20.2 billion in 2021. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
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