Exelon (EXC) reported $6.71 billion in revenue for the quarter ended March 2025, representing a year-over-year increase of 11.1%. EPS of $0.92 for the same period compares to $0.69 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $6.45 billion, representing a surprise of +4.05%. The company delivered an EPS surprise of +8.24%, with the consensus EPS estimate being $0.85.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they ...

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]

Financial Data and Key Metrics Changes - The company 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 [18][19] - Earnings growth 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 [18][19] - The company reaffirmed its annualized earnings growth rate of 5% to 7% through 2028, with a full-year operating earnings guidance range of $2.64 to $2.74 per share [20][34] 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 [9] - The company has a relatively lower level of base rate case activity this year, with two open rate cases at Atlantic City Electric and Delmarva Power [9][20] Market Data and Key Metrics Changes - The company has a 17 gigawatt pipeline of opportunity, with an additional 16 gigawatts of high-density load under advanced studies, indicating significant incremental commitments from customers [13][14] - The company is actively engaging in legislative and regulatory reforms to ensure energy policy aligns with industry trends and economic goals [10][11] Company Strategy and Development Direction - The company plans to invest $38 billion over the next four years, aiming for a 7.4% rate base growth financed with a balanced mix of debt and equity [16][34] - The focus remains on enhancing service to new customers while ensuring existing customers benefit from new load [13][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting objectives despite potential challenges from new legislation in Maryland regarding reconciliations [38][44] - The company is well-positioned to manage tariff-related impacts, with approximately 90% of supply sourced domestically [30][31] Other Important Information - The company has completed nearly 50% of its planned long-term debt financing transactions, raising $650 million for Pepco Holdings utilities [25] - The company is advocating for language that incorporates repairs for calculating the corporate alternative minimum tax, which could positively impact consolidated metrics [27] Q&A Session Summary Question: Impact of new Maryland legislation on reconciliations - Management expects the reconciliation to proceed without issues and is confident in meeting future budget objectives despite legislative changes [38][39][44] Question: FERC two zero six settlement discussions - Management is open to discussions and aims for equitable solutions for all customers, emphasizing ongoing collaboration with stakeholders [46][47] Question: Involvement in Pennsylvania legislation for regulated generation - The company supports any initiatives that enhance resource adequacy and affordability for customers, actively participating in legislative discussions [51][52] Question: Timing for data center load ramp-up - Management anticipates that 10% of the load will be operational by 2028, with a phased approach for the remaining capacity [77] Question: Addressing affordability challenges - The company is proactively helping customers manage costs through energy efficiency programs and community engagement, recognizing the economic pressures faced by customers [82][84]

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 ...

Financial Performance - Q1 2025 GAAP earnings were $0.90 per share, compared to $0.66 per share in Q1 2024[10] - Adjusted Operating Earnings* for Q1 2025 were $0.92 per share, versus $0.68 per share in Q1 2024[10] - Exelon is affirming its 2025 EPS* guidance of $2.64 - $2.74 per share[11] - The company is reaffirming its 2024-2028 EPS* CAGR of 5-7%, expecting to be at the midpoint or better[11] - Exelon anticipates a 7.4% rate base growth resulting from $38 billion of capital investment, with a potential $10-15 billion transmission opportunity beyond the plan[11] Regulatory and Strategic Developments - State legislative sessions are featuring energy bills focused on energy security and affordability[11] - Maryland passed laws supporting energy security, providing rules for large load customers, assisting customer affordability, and refining tools to support timely cost recovery[11] - Exelon has a Q4 pipeline of 17+ GW of anticipated large load, driving incremental investment opportunities beyond the plan, with an additional 16 GW undergoing analysis and design in Q1 2025[11] - Filed base distribution rate cases for 2025 account for approximately 5% of Exelon's consolidated rate base[18] Financial Strategy - Approximately 60%, or $425 million, of 2025's annualized equity need of $700 million has been priced for issuance this year, supporting a balanced funding strategy for the capital investment plan through 2028[11] - Exelon executed approximately 50% of its 2025 debt financing needs in Q1, including $1 billion of hybrid debt, which receives 50% equity credit[27]

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].