Exelon(EXC)2025-05-01 10:57Financial 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].