Exelon(US:EXC)2025-02-12 11:56Financial Performance - Exelon reported GAAP net income of $0.64 per share for Q4 2024, up from $0.62 per share in Q4 2023, and full-year GAAP net income of $2.45 per share, an increase from $2.34 per share in 2023[5][6]. - Adjusted (non-GAAP) operating earnings for Q4 2024 were $0.64 per share, compared to $0.60 per share in Q4 2023, with full-year adjusted earnings at $2.50 per share, up from $2.38 per share in 2023[5][6]. - Full year 2024 GAAP net income was $2.45 per diluted share, totaling $2,460 million, while adjusted operating earnings increased to $2.50 per diluted share, totaling $2,507 million[17]. - For the full year 2023, GAAP net income was $2.34 per diluted share, totaling $2,328 million, with adjusted operating earnings at $2.38 per diluted share, totaling $2,377 million[18]. - Net income for the twelve months ended December 31, 2024, increased to $2,460 million, up from $2,328 million in 2023, representing a growth of 5.6%[41]. - The change in net income from 2023 to 2024 showed a decrease of $30 million, with specific segments experiencing varied performance[33]. Revenue and Customer Metrics - Operating revenues for the three months ended December 31, 2024, increased to $5,471 million, compared to $5,368 million in the same period of 2023, reflecting a growth of 1.9%[31]. - Total electric revenues for 2024 increased by 2.5% year-over-year to $84,333 million, with residential electric revenues rising by 6.8% to $3,809 million[57]. - The number of residential electric customers decreased slightly from 3,744,213 in 2023 to 3,727,097 in 2024, while small commercial & industrial customers increased from 391,675 to 396,797[57]. - Total electric revenues increased by 2.0% to $8,374 million in Q4 2024 compared to $8,209 million in Q4 2023[61]. - Total natural gas revenues rose by 2.4% to $25,822 million in Q4 2024 from $25,217 million in Q4 2023[61]. - The number of electric customers decreased slightly to 1,702,465 in 2024 from 1,705,719 in 2023[64]. - The number of natural gas customers increased marginally to 553,721 in 2024 from 552,834 in 2023[64]. Capital Expenditures and Investments - Exelon plans to invest $38 billion in capital expenditures over the next four years, a 10% increase from the prior plan, supporting a projected rate base growth of 7.4%[3]. - The updated financing plan includes $1.4 billion of additional equity to fund about 40% of $3.5 billion in incremental capital expenditures, resulting in annual equity needs of $700 million from 2025 to 2028[3]. - Capital expenditures decreased to $7,097 million in 2024 from $7,408 million in 2023, a reduction of 4.2%[41]. Dividends and Shareholder Returns - The company declared a quarterly dividend of $0.40 per share for Q1 2025, implying a total 2025 dividend payout of approximately 60% of adjusted operating earnings[3]. - Dividends paid on common stock increased to $1,524 million in 2024 from $1,433 million in 2023, an increase of 6.4%[41]. Operational Performance and Cost Management - The company plans to continue focusing on operational performance through adjusted (non-GAAP) operating earnings, which exclude certain costs and expenses[22]. - Environmental costs for 2024 were reported at $13 million, impacting adjusted earnings by $(0.01) per share[17]. - The company incurred a cost management charge of $13 million in 2024, affecting adjusted earnings by $0.01 per share[17]. - The change in FERC audit liability for 2024 resulted in an increase of $40 million, contributing $0.04 to adjusted earnings[17]. Debt and Liabilities - Long-term debt increased to $42,947 million as of December 31, 2024, compared to $39,692 million in 2023, reflecting a rise of 5.7%[38]. - The company’s total liabilities rose to $80,863 million as of December 31, 2024, compared to $76,101 million in 2023, an increase of 6.3%[38]. - The company reported a total asset increase to $107,784 million as of December 31, 2024, from $101,856 million in 2023, marking a growth of 5.8%[38]. Market Presence - Exelon serves over 10.7 million customers across six regulated utilities, emphasizing its market presence[21].