Financial Data and Key Metrics Changes - Exelon reported operating earnings of $0.92 per share for Q1 2025, up from $0.68 per share in Q1 2024, reflecting a growth of $0.24 per share [17][18] - The earnings increase was primarily driven by $0.14 from new distribution and transmission rates, $0.03 from favorable weather, and $0.02 from tax repairs timing, partially offset by $0.03 from higher interest expenses [17][18] - The company reaffirmed its annualized earnings growth rate of 5% to 7% through 2028, with a projected full-year operating earnings range of $2.64 to $2.74 per share [20][32] Business Line Data and Key Metrics Changes - ComEd and Pepco Holdings are projected to achieve top decile auto frequency and duration performance, while VGE and PECO are in the top quartile [8] - The company has a 17 gigawatt pipeline of opportunity, with an additional 16 gigawatts of high-density load under advanced studies [13][14] Market Data and Key Metrics Changes - The Maryland legislature passed several energy bills aimed at enhancing energy security, including provisions for battery storage and competitive procurement processes [9][40] - PJM has made progress in addressing capacity market issues, with FERC approving solutions that include a temporary price collar [11][12] Company Strategy and Development Direction - Exelon plans to invest $38 billion over the next four years, aiming for a 7.4% rate base growth financed through a balanced mix of debt and equity [15][32] - The company is focused on enhancing customer service and reliability while managing affordability challenges amid economic uncertainties [28][32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting objectives despite potential legislative impacts on reconciliations in Maryland [36][42] - The company is actively engaging in discussions to address resource adequacy and affordability, emphasizing a portfolio approach to meet future energy needs [87][89] Other Important Information - Exelon has completed nearly 50% of its planned long-term debt financing for 2025, raising $650 million for Pepco Holdings utilities [24][25] - The company is advocating for legislative changes to lower energy costs for customers, particularly regarding the corporate alternative minimum tax [26][30] Q&A Session Summary Question: Impact of new Maryland legislation on reconciliations - Management expects the reconciliation to proceed without hindrance and is confident in meeting future budget objectives despite legislative changes [36][42] Question: FERC two zero six settlement discussions - Management is open to discussions and aims for a quick resolution to support customer needs [44] Question: Involvement in Pennsylvania legislation for regulated generation - Management supports any measures that enhance resource adequacy and affordability for customers [48] Question: Timing for data center load ramp-up - Management anticipates that 10% of the load will be operational by 2028, with a third by 2030 and three-fourths by 2034 [71] Question: Addressing affordability challenges - Management is actively working to assist customers with energy efficiency programs and community engagement to mitigate cost impacts [76][79] Question: Timeline for lessons learned docket in Maryland - Management expects a decision on the lessons learned process by the end of Q2 2025, emphasizing the importance of multi-year plans [82][84]

Exelon (EXC) Q1 2025 Earnings Call May 01, 2025 10:00 AM ET Company Participants Andrew Plenge - Investor RelationsCalvin Butler - President and Chief Executive OfficerJeanne Jones - Executive VP & CFONicholas Campanella - DirectorJames Kennedy - Vice PresidentColette Honorable - EVP, Chief Legal Officer & Corporate SecretaryDavid Arcaro - Executive Director, Equity ResearchBill Appicelli - Executive Director, Head of North America Power & Utilities Research Conference Call Participants Julien Dumoulin-Smit ...

Exelon (EXC) came out with quarterly earnings of $0.92 per share, beating the Zacks Consensus Estimate of $0.85 per share. This compares to earnings of $0.69 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 8.24%. A quarter ago, it was expected that this energy company would post earnings of $0.59 per share when it actually produced earnings of $0.64, delivering a surprise of 8.47%.Over the last four quarters, the company has s ...

May 1, 2025 Earnings Conference Call First Quarter 2025 Cautionary Statements Regarding Forward-Looking Information This presentation contains certain forward-looking statements within the meaning of federal securities laws that are subject to risks and uncertainties. Words such as "could," "may," "expects," "anticipates," "will," "targets," "goals," "projects," "intends," "plans," "believes," "seeks," "estimates," "predicts," "should," and variations on such words, and similar expressions that reflect our ...

Financial Performance - Exelon reported adjusted operating earnings of $0.92 per share for Q1 2025, up from $0.68 per share in Q1 2024, and reaffirmed full-year guidance of $2.64 - $2.74 per share[4]. - GAAP net income for Q1 2025 increased to $0.90 per share, compared to $0.66 per share in Q1 2024, reflecting higher utility earnings from rate increases and improved weather conditions[5]. - ComEd's Q1 2025 GAAP net income rose to $302 million from $193 million in Q1 2024, driven by distribution and transmission rate increases[7]. - PECO's Q1 2025 GAAP net income increased to $266 million from $149 million in Q1 2024, primarily due to higher electric and gas distribution rates[8]. - BGE's Q1 2025 GAAP net income slightly decreased to $260 million from $264 million in Q1 2024, impacted by increased interest expenses[9]. - PHI's Q1 2025 GAAP net income grew to $194 million from $168 million in Q1 2024, supported by favorable distribution rates and weather conditions[11]. - Exelon's total operating revenues for Q1 2025 reached $6,714 million, a 11.1% increase from $6,043 million in Q1 2024[27]. - The operating income for Q1 2025 was $1,536 million, compared to $1,114 million in Q1 2024, reflecting a 37.9% increase[27]. - Net income attributable to common shareholders for Q1 2025 was $908 million, up from $658 million in Q1 2024, representing a 38.0% increase[27]. - Adjusted (non-GAAP) operating earnings for 2025 were $932 million, compared to $685 million in 2024, reflecting a year-over-year increase of 36%[36]. Assets and Liabilities - Total assets as of March 31, 2025, amounted to $109,484 million, an increase from $107,784 million at the end of 2024[30]. - Current liabilities decreased to $8,103 million as of March 31, 2025, down from $9,611 million at the end of 2024[32]. - Long-term debt increased to $45,342 million as of March 31, 2025, compared to $42,947 million at the end of 2024[32]. - Cash and cash equivalents rose to $1,004 million as of March 31, 2025, up from $357 million at the end of 2024[30]. - Exelon’s retained earnings increased to $6,931 million as of March 31, 2025, compared to $6,426 million at the end of 2024[32]. - The company’s total shareholders' equity reached $27,607 million as of March 31, 2025, up from $26,921 million at the end of 2024[32]. Customer Metrics - The number of residential electric customers decreased slightly to 3,735,234 in 2025 from 3,754,505 in 2024[41]. - The number of residential electric customers remained stable at approximately 1.54 million, while natural gas customers increased to 509,773[45]. - The number of electric customers for BGE increased to 1,349,688, while natural gas customers rose to 705,520[51]. - The number of electric customers rose to 558,774 in 2025, up from 553,141 in 2024, indicating a growth in customer base[61]. - The number of small commercial and industrial electric customers increased to 64,999, up from 64,338 in 2024[61]. - The total number of natural gas customers reached 142,146 in 2025, up from 140,788 in 2024, showing growth in the natural gas segment[61]. Revenue and Deliveries - Total electric revenues for ComEd increased by 3.4% to $2,142 million in 2025 from $2,076 million in 2024[41]. - Residential electric deliveries rose by 7.4% to 6,674 GWh in 2025, while revenues increased by 8.2% to $993 million[41]. - Total electric revenues grew by 6.1% to $9,419 million, while total natural gas revenues increased by 11.9% to $39,493 million[45]. - Electric deliveries for residential customers increased by 11.7% to 3,859 GWh in 2025, with revenues rising by 21.3% to $631 million[45]. - Natural gas deliveries for residential customers rose by 15.6% to 21,834 mmcfs, with revenues increasing by 38.3% to $267 million[45]. - Total electric and natural gas revenues combined reached $1,333 million, reflecting a 26.5% increase compared to the previous year[45]. - Pepco's total electric revenues grew by 5.1% to $6,134 million, with residential revenues increasing by 22.9% to $424 million[57]. - Total electric revenues grew by 5.1% to $3,179 million, while natural gas revenues increased by 13.4% to $9,094 million[61]. Costs and Expenditures - Capital expenditures for the three months ended March 31, 2025, were $1,946 million, up from $1,767 million in 2024[34]. - The company reported a decrease in purchased power costs by 24% to $689 million in 2025 from $907 million in 2024[41]. - The company reported a 24.6% increase in purchased power and fuel costs, totaling $502 million[45]. - The company experienced a 14.9% increase in purchased power and fuel costs, totaling $247 million[61]. Financing and Dividends - Exelon completed approximately 50% of its planned debt financings and priced over 60% of its $700 million annualized equity financing needs for 2025[4]. - The company declared a quarterly dividend of $0.40 per share, payable on June 13, 2025[12]. - The company issued $2,425 million in long-term debt during the financing activities for the three months ended March 31, 2025[34]. Growth Projections - Exelon reaffirmed an operating EPS compounded annual growth of 5-7% from 2024 to 2028[4]. - The company maintains a balanced funding strategy to support investments in local communities while focusing on cost efficiency[3].

Financial Data and Key Metrics Changes - Exelon achieved strong year-over-year growth in operating earnings, with annualized earnings growth expected to be between 5% to 7% through 2028 [16][17] - The company deployed $38 billion of capital over the next four years, growing its rate base nearly 7.5% [17] - Exelon's electric bills as a percentage of median income are 18% below the national average, and rates are 21% below the average of the 20 largest U.S. cities [40][34] Business Line Data and Key Metrics Changes - All operating companies achieved top quartile performance in outage frequency and duration, with BGE demonstrating best on record performance [18] - ComEd and Pepco Holdings ranked in the top decile for outage frequency management [18] - Exelon invested $7.5 billion in 2024 to meet energy and economic goals, with plans to invest $38 billion from 2025 to 2028 [21] Market Data and Key Metrics Changes - Exelon anticipates 17 gigawatts of incremental high-density load coming to its jurisdictions in the next decade [22] - The company identified over $1 billion in opportunities in MISO for supporting RTOs' SCENE interconnections [46] Company Strategy and Development Direction - The company is focused on affordability while prioritizing clean energy as a long-term goal [15] - Exelon aims to modernize its transmission system, addressing aging infrastructure and economic development needs [44] - The strategic plan emphasizes investment growth and operational excellence to enhance shareholder value [20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about transformative growth and the importance of maintaining affordability amid rising energy costs [15][16] - The company is committed to improving the quality of life in the communities it serves through workforce development and community engagement [25][26] Other Important Information - Exelon celebrated its 25th anniversary, highlighting its impact on customers and communities over the past quarter-century [23] - The company received recognition for its operational performance and commitment to diversity and inclusion [34] Q&A Session Questions and Answers Question: Has Exelon eliminated their spending on diversity, equity, and inclusion? - Management affirmed their commitment to diversity and inclusion, stating it helps improve service and reflects the communities served [33][35] Question: Will the company declare its opposition to the current administration's economic approach? - Management emphasized their history of working with policymakers across the political spectrum to advocate for beneficial laws and regulations [37][38] Question: How is Exelon managing affordability in light of persistent inflation? - Management highlighted that despite robust investments, electricity bills remain competitive, with efforts to keep bill growth in line with historical inflation [39][40] Question: Where do you see your growth opportunities going forward? - Management identified growth opportunities in the expansion and modernization of the transmission system, addressing aging infrastructure and new load connections [44][46]

Industry Overview - The demand for renewable energy is increasing globally, with wind power leading the transition towards renewables, crucial for combating climate change [1] - In the U.S., wind energy has been the largest renewable source of electricity generation since 2019, with installed capacity exceeding 153 gigawatts (GW) in 2024 [2][3] - The global wind energy market was valued at $95.55 billion in 2024, projected to grow at a CAGR of 9% from 2025 to 2032, reaching $190.39 billion [4] U.S. Wind Power Growth - Wind power output accounted for 10% of total U.S. utility-scale electricity generation in 2024, marking a 6.4% year-over-year increase [2] - The U.S. grid is expected to add 7.7 GW of wind generation capacity in 2025, up from 5.1 GW added in the previous year [3] Key Companies in Wind Energy - **AES Corporation**: A leading power generation company with a portfolio of 34,596 megawatts (MW). It plans to add 3.2 GW of new renewables by the end of 2025 and has a 51 GW pipeline for growth [7][9] - **Exelon Corporation**: Focused on clean energy transmission and distribution, expected to invest $21.7 billion in electric distribution and $12.6 billion in electric transmission from 2025 to 2028 [10] - **PG&E Corporation**: Operates California's largest regulated electric and gas utility, with a focus on wind energy procurement and development [12] - **Brookfield Renewable Partners**: Owns and operates renewable power facilities, targeting to invest $8-$9 billion over the next five years and has a strong development pipeline of 200 GW worth of projects [15][16][17] Investment Opportunities - The wind energy sector is becoming increasingly attractive for investors, with companies like Exelon, Brookfield Renewable, AES, and PG&E being essential for investment portfolios [5] - Thematic investment tools are available to identify companies that are shaping the future of renewable energy [6]

In its upcoming report, Exelon (EXC) is predicted by Wall Street analysts to post quarterly earnings of $0.78 per share, reflecting an increase of 13% compared to the same period last year. Revenues are forecasted to be $6.36 billion, representing a year-over-year increase of 5.3%. Over the past 30 days, the consensus EPS estimate for the quarter has been adjusted downward by 6% to its current level. This demonstrates the covering analysts' collective reassessment of their initial projections during this pe ...

Core Viewpoint - Exelon Corporation (EXC) is expected to report its first-quarter 2025 results on May 1, with an anticipated earnings surprise based on previous performance and various contributing factors [1][6]. Group 1: Factors Impacting Q1 Performance - Exelon's earnings are likely to benefit from a reduction in volumetric risk, with approximately 78% of its distribution revenues decoupled [2]. - The company's bottom line is expected to be positively influenced by new electric and gas rates implemented in its service regions during the first and previous quarters [2]. - Ongoing energy efficiency programs and increased demand from data centers are anticipated to contribute positively to earnings [3]. - Exelon's large urban footprint in densely populated areas and cost-saving initiatives may also enhance its financial performance [3]. - However, power outages caused by strong winds in February 2025 may have led to increased operating expenses, potentially offsetting some positive impacts [4]. Group 2: Q1 Expectations - The Zacks Consensus Estimate for Exelon's earnings is set at 78 cents per share, reflecting a year-over-year increase of 13% [5]. - Revenue expectations are pegged at $6.36 billion, indicating a year-over-year improvement of 5.3% [5]. Group 3: Earnings Prediction - A positive Earnings ESP of +5.83% suggests a strong likelihood of an earnings beat for Exelon this quarter [6]. - Exelon currently holds a Zacks Rank 2 (Buy), further increasing the odds of a favorable earnings report [7].

Core Viewpoint - The Zacks Utilities sector is expected to see a 13.2% increase in first-quarter 2025 earnings, driven by new electric, natural gas, and water rates, cost-saving initiatives, and customer growth [1] Group 1: Earnings Expectations - Four utilities, DTE Energy, American Electric Power, Exelon Corporation, and NiSource Inc., are identified as likely to exceed earnings expectations this reporting cycle due to positive Earnings ESP and favorable Zacks Ranks [2] - The Zacks Consensus Estimate for DTE Energy's first-quarter earnings is $1.91, reflecting a 14.4% increase year-over-year [9] - American Electric Power's first-quarter earnings estimate is $1.75, indicating a 37.8% increase from the previous year [11] - Exelon's first-quarter earnings per share estimate is 75 cents, representing an 8.7% year-over-year increase [13] - NiSource's first-quarter earnings estimate is 88 cents, showing a 3.5% increase from the year-ago figure [15] Group 2: Influencing Factors - Utility providers are benefiting from higher electricity rates, accretive acquisitions, cost reductions, and energy-efficiency programs [3] - The shift to renewable energy sources and improvements in electric infrastructure resilience are also contributing positively [3] - Economic improvements in service territories have increased demand for utility services, boosting revenues [5] - The rise of data centers, particularly those supporting AI, has significantly increased electricity consumption, benefiting utility revenues [5] - Lower capital servicing expenses due to a one percentage point reduction in the Fed's fund rate since September 2024 are expected to enhance margins and profitability for capital-intensive utilities [6] Group 3: Challenges - Severe storms in March 2025 caused power outages in some service regions, potentially leading to higher operating expenses for utilities [7] - DTE Energy's profitability may be impacted by severe storms in southeast Michigan, despite benefiting from rising demand from data centers [8] - American Electric Power also faced negative impacts on earnings due to power outages caused by severe storms in its service areas [10]