Core Points - Adam Emrich has been appointed as Vice President of Customer Solutions and Sales at Southern Linc, effective August 2, 2025 [1][2] - Emrich will oversee various teams including Sales and Marketing, Customer Experience, and Customer Operations, managing all aspects of customer experience [2] - He brings expertise in business optimization, financial leadership, and customer engagement to the role [3] - Prior to joining Southern Linc, Emrich served as Customer Solutions Operations Director at Georgia Power, handling multiple operational responsibilities [4] - Emrich has a diverse background with roles in Power Delivery, External Affairs, Accounting, Finance, Sales, and Customer Solutions, and holds a Bachelor's degree in Business Administration [5] - He is also actively involved in community service, serving on the advisory board of the Atlanta Community Food Bank and coaching youth sports [6] Company Overview - Southern Linc is a wireless communications company wholly owned by Southern Company, which serves 9 million customers across the Southeast [7] - The company provides mission-critical LTE wireless services to Southern Company subsidiaries and public sector customers in Alabama, Georgia, and southeastern Mississippi [1][7] - Southern Linc's CriticalLinc™ 4G LTE Advanced network offers highly reliable and secure wireless voice and data services, supporting critical business processes [7]

Core Insights - Exelon Corporation's second-quarter 2025 earnings of 39 cents per share exceeded the Zacks Consensus Estimate of 37 cents by 5.4% but decreased 17% from the previous year's 47 cents due to lower utility earnings and increased costs [1][2][9] - Total revenues for Exelon were reported at $5.42 billion, falling short of the Zacks Consensus Estimate of $5.53 billion by 1.9%, but representing a 1.2% increase from the year-ago figure of $5.36 billion [3][9] - The company reaffirmed its 2025 EPS guidance in the range of $2.64-$2.74 per share and plans to invest $38 billion in infrastructure through 2028 [11][9] Financial Performance - Exelon's total operating expenses rose nearly 1% year over year to $4.5 billion, while operating income increased by 1.5% to $0.92 billion [5] - Interest expenses reached $531 million, marking a nearly 9.9% increase from the previous year's quarter [5] - Adjusted net income for the quarter was $392 million, down from $472 million in the year-ago quarter [5] Segment Performance - Commonwealth Edison Company (ComEd) reported adjusted earnings of $228 million, a decline of 20% year over year due to timing of distribution earnings and lower transmission peak load [6] - PECO Energy Company (PECO) saw adjusted operating earnings increase by 46.2% year over year to $136 million, driven by higher electric and gas distribution rates [7] - Baltimore Gas and Electric Company (BGE) reported adjusted earnings of $55 million, up 22.2% year over year due to higher distribution rates [8] Customer and Delivery Metrics - Exelon served more customers compared to the previous year, with total electric deliveries reaching 41,684 gigawatt hours in the first half of 2025, an increase of 1.7% from the year-ago period [4]

Financial Data and Key Metrics Changes - The company reported second quarter GAAP earnings of $0.25 per share, down from $0.26 per share in Q2 2024 [34] - Adjusted earnings from ongoing operations were $0.32 per share, a decrease of $0.06 per share compared to Q2 2024 [35] - The company remains confident in achieving at least the midpoint of its 2025 ongoing earnings forecast of $1.81 per share [6][36] Business Line Data and Key Metrics Changes - The Kentucky segment results were flat compared to 2024, with lower sales volumes offset by other factors [38] - Pennsylvania regulated segment results decreased by $0.02 per share due to higher operating costs and timing of revenue true-ups [38] - Rhode Island segment results decreased by $0.03 per share, with higher distribution revenues offset by timing of operating costs [38] Market Data and Key Metrics Changes - The company anticipates a significant increase in demand, estimating 8.5 gigawatts of economic development load potential in Kentucky, including 5.7 gigawatts from data centers [31] - In Pennsylvania, the company has about 14.5 gigawatts of data center projects in advanced stages of development [18] Company Strategy and Development Direction - The company is focused on infrastructure improvements, projecting $20 billion in investments from 2025 to 2028, with average annual rate base growth of 9.8% [6] - A joint venture with Blackstone Infrastructure aims to build new generation resources to support data centers, emphasizing a regulated-like risk profile [20][22] - The company is actively engaging with stakeholders to strengthen resource adequacy and support economic development [41] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving earnings growth in the second half of the year, driven by higher returns on capital investments and lower operating and maintenance costs [36] - The company is optimistic about the potential for new generation build-out in Pennsylvania, contingent on long-term energy service agreements with hyperscalers [23][24] Other Important Information - The company filed a stipulation agreement with the KPSC for new generation construction in Kentucky, which includes mechanisms for cost recovery [8][11] - A settlement in Rhode Island will provide $155 million in bill credits to customers, improving affordability [14] Q&A Session Summary Question: Can you elaborate on the $17 billion to $19 billion CapEx needs? - The estimate reflects the potential shift from a net long to a net short position in generation due to data center load growth, with the joint venture and existing IPPs expected to meet this need [46] Question: How will power risk be allocated within the joint venture? - The joint venture aims for a regulated-like risk profile, focusing on long-term contracted generation with creditworthy counterparties [50] Question: What are the future equity needs and plans for derisking? - The company has issued $350 million in equity through its ATM program and plans to evaluate options for efficient capital costs [53] Question: What is the company's view on the PJM capacity auction? - The company expressed concerns about the inability to procure additional generation while facing higher costs, emphasizing the need for new generation solutions [60] Question: What is the expected timeline for progress on the joint venture? - Active discussions are ongoing with hyperscalers, but no material financial commitments have been made yet [74] Question: How does the company view the current industrial sales trends? - The decline in industrial sales is attributed to specific customers rather than a broader trend, with no significant concerns noted [85] Question: What is the rationale behind filing rate cases sooner than expected? - The company has not filed rate cases in several years, and the current filings are a response to cost inflation and the need for regulatory adjustments [88]

Financial Data and Key Metrics Changes - Exelon reported operating earnings of $0.39 per share in Q2 2025, down from $0.47 per share in the same period in 2024, reflecting a decrease of 8 cents per share [15] - The company remains on track to meet its full-year operating earnings guidance of $2.64 to $2.74 per share [6][17] - Year-to-date performance indicates strong financial results despite significant storm activity and customer relief efforts [16] Business Line Data and Key Metrics Changes - The decrease in earnings was primarily driven by higher distribution and transmission rates, offset by timing issues at ComEd and increased storm costs at PECO [15][16] - The company has a robust pipeline for large load, holding firm at over 17 gigawatts, with an additional 16 gigawatts expected to formalize by year-end [13] Market Data and Key Metrics Changes - The Illinois legislative session did not pass an energy omnibus bill, but discussions continue regarding energy efficiency, transmission, and resource planning [10] - The capacity auction results indicate that demand growth is outpacing new generation entry, highlighting the need for proactive state involvement in energy supply [11] Company Strategy and Development Direction - Exelon is focused on investing $38 billion through 2028, with an additional $10 billion to $15 billion in identified transmission work beyond that [14] - The company aims to grow earnings at an annualized rate of 5% to 7% through 2028, supported by a balanced capital strategy [14][21] - Exelon emphasizes the importance of state involvement in energy supply solutions, advocating for utility-owned generation to enhance reliability and affordability [26][59] Management's Comments on Operating Environment and Future Outlook - Management highlighted the need for certainty and control from states regarding energy supply, especially in light of rising costs and supply volatility [11][35] - The company is optimistic about future legislative actions that could enhance energy efficiency and reliability [10][12] - Management remains committed to delivering consistent growth and long-term value for communities and shareholders [27] Other Important Information - Exelon has successfully completed nearly 80% of its planned long-term debt financing needs for 2025, indicating strong investor confidence [20] - The company is actively pursuing regulatory approvals for various rate cases across its jurisdictions, with significant updates expected in the coming months [18][19] Q&A Session Summary Question: Which jurisdiction is most ripe for further action on utility-owned generation or energy efficiency? - Management indicated that Maryland has a definitive request for 3,000 MW of power, which will be evaluated by October, potentially triggering further action [37] Question: When could the $10 billion to $15 billion transmission opportunity move into the base plan? - Management stated that clarity on this would typically come in Q4, aligning with ongoing cluster studies and regulatory filings [44] Question: Is there a unique opportunity for ComEd related to quantum computing? - Management confirmed that the establishment of a quantum computing campus in Illinois has already attracted interest from other companies, indicating potential growth opportunities [50][51] Question: What are the thoughts on building regulated generation? - Management expressed a willingness to consider regulated generation as part of a portfolio approach, emphasizing the need for certainty and customer benefits [57][60] Question: How are data center discussions progressing? - Management noted significant activity in Illinois and other jurisdictions, with expectations for announcements following cluster studies in the third and fourth quarters [63][65] Question: What is the anticipated impact of capacity auction results on customer bills? - Management indicated that BGE customers could see a bill impact of approximately $1.50, with efforts ongoing to mitigate these increases [72][73]

Financial Data and Key Metrics Changes - Xcel Energy reported earnings of $0.75 per share for Q2 2025, an increase from $0.54 per share in Q2 2024, driven by higher revenue from electric and natural gas services and increased earnings from AFUDC [20][21][25] - Weather-normalized electric sales increased by 3.5% for the second quarter, with a full-year forecast of 3% growth [21] Business Line Data and Key Metrics Changes - The company invested $2.6 billion in energy infrastructure during the quarter, focusing on resilient and reliable energy systems [6][25] - Xcel Energy anticipates needing an additional $15 billion in capital investment to meet customer needs, primarily within the current five-year forecast [9][12] Market Data and Key Metrics Changes - Strong energy demand is noted from the electrification of transportation, manufacturing, and home heating, indicating a growing market for energy services [7][8] - The company is actively working on resource planning in Colorado, which may require between 5 and 14 gigawatts of new generation to meet reliability and customer demands through 2031 [12] Company Strategy and Development Direction - Xcel Energy is in the early stages of an infrastructure investment cycle in the U.S., with a five-year capital plan of $45 billion to address increased energy demand [8][15] - The company is navigating a rapidly evolving energy policy landscape, focusing on federal legislation that impacts tax credits and permitting [13][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in delivering on earnings guidance for the 21st consecutive year, highlighting a strong track record in the industry [7] - The company is committed to reducing risks from wildfires and extreme weather through various mitigation strategies and investments [16][17] Other Important Information - Xcel Energy has made significant progress in wildfire risk reduction, with a $1.9 billion wildfire mitigation plan approved in Colorado [16] - The company is preparing for a trial related to the Marshall fire, maintaining that its equipment did not cause the second ignition [50][84] Q&A Session Summary Question: CapEx upside and base capital plan - Management discussed the potential conversion of CapEx upside into the base capital plan, indicating a conservative approach to regulatory perspectives and transparency in future updates [29][31][32] Question: Turbine procurement position - Management confirmed having 19 turbine reservation slots to support upcoming projects, with a significant portion allocated for the SPS portfolio [36][37] Question: Renewable build-out and treasury order impact - Management reassured that the appetite for renewable build-out remains unchanged despite potential changes in the safe harbor window [40][41] Question: Equity needs and asset sales - Management stated that they are not interested in minority interest sales and view their assets as core, focusing on a balanced mix of debt and equity for funding growth [92][94]

Here at Zacks, we focus on our proven ranking system, which places an emphasis on earnings estimates and estimate revisions, to find winning stocks. But we also understand that investors develop their own strategies, so we are constantly looking at the latest trends in value, growth, and momentum to find strong companies for our readers. Of these, perhaps no stock market trend is more popular than value investing, which is a strategy that has proven to be successful in all sorts of market environments. Valu ...

Core Insights - CMS Energy reported $1.84 billion in revenue for the quarter ended June 2025, marking a year-over-year increase of 14.4% and exceeding the Zacks Consensus Estimate of $1.69 billion by 8.94% [1] - The company achieved an EPS of $0.71, up from $0.66 a year ago, with a surprise of 5.97% compared to the consensus estimate of $0.67 [1] Revenue Performance - NorthStar Clean Energy generated operating revenue of $92 million, surpassing the three-analyst average estimate of $89.91 million, reflecting a year-over-year change of 24.3% [4] - Consumers Energy (Electric+Gas) reported operating revenue of $1.75 billion, exceeding the average estimate of $1.6 billion based on three analysts [4] - The Gas utility segment achieved operating revenue of $387 million, compared to the two-analyst average estimate of $353.4 million, representing a year-over-year increase of 26.1% [4] - The Electric utility segment reported operating revenue of $1.36 billion, exceeding the two-analyst average estimate of $1.23 billion, with a year-over-year change of 10.9% [4] Stock Performance - CMS Energy shares have returned +3.6% over the past month, outperforming the Zacks S&P 500 composite's +2.7% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Financial Data and Key Metrics Changes - For the first half of 2025, the company reported adjusted earnings per share of $1.73, exceeding budget expectations and aligning with full-year guidance [23] - The full-year guidance remains at $3.54 to $3.60 per share, with confidence towards the high end [24] - Adjusted net income for 2025 was $518 million, benefiting from favorable weather and constructive regulatory outcomes [25][26] Business Line Data and Key Metrics Changes - The company is experiencing strong performance in its electric service territory, with a projected long-term annual sales growth estimate of 2% to 3% [6][10] - The NorthStar business contributes approximately 5% to the earnings mix, with growth primarily from energy and capacity sales at Dearborn Industrial Generation [14] Market Data and Key Metrics Changes - Michigan has been recognized as a top state for business, with strong housing starts and job growth contributing to positive market conditions [6][19] - The company has agreements with new data centers expected to add up to one gigawatt of load, part of a nine-gigawatt pipeline [4][5] Company Strategy and Development Direction - The company is focused on customer affordability and plans to invest over $25 billion beyond its five-year plan to enhance its electric grid and renewable energy initiatives [9][10] - An integrated resource plan (IRP) is set to be filed in mid-2026, addressing capacity needs and renewable energy requirements [10][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to meet financial objectives and navigate a dynamic regulatory environment [23][32] - The company is well-positioned to capitalize on opportunities arising from the Big Beautiful Bill Act, which supports renewable energy projects [54] Other Important Information - The company has received regulatory approval for a storm deferral, marking a significant development in Michigan's regulatory landscape [19] - Moody's reaffirmed the company's credit ratings, indicating strong credit quality [28] Q&A Session Summary Question: Details on the new one gigawatt data center agreement - Management confirmed that the agreement is part of the nine-gigawatt pipeline and discussions are ongoing regarding the ramp-up of load, expected to begin in 2029 or 2030 [39][40] Question: Interaction between the new data center and the $5 billion CapEx upside - Management indicated that the $5 billion figure is based on current projections and would be adjusted if additional capacity is required due to the new data center [56] Question: Status of the gas case and potential for settlement - Management reported a favorable position in the gas case, with significant support for the revised ask and a willingness to settle if beneficial [59] Question: Financing plans for 2026 - Management stated that they are considering opportunities to derisk equity financing needs for 2026 and will keep options flexible [61]

Financial Data and Key Metrics Changes - Brookfield Infrastructure Partners generated funds from operations (FFO) of $638 million or $0.81 per unit in Q2 2025, a 5% increase compared to the previous year, improving to a 9% increase when excluding foreign exchange effects [6] - The increase in FFO was primarily driven by strong organic growth and contributions from tuck-in acquisitions completed in the prior year [6] Business Line Data and Key Metrics Changes - Utilities segment generated FFO of $187 million, slightly ahead of the prior year, benefiting from inflation indexation and approximately $450 million of capital added to the rate base [7] - Transport segment's FFO was $304 million, slightly ahead of the prior year, supported by high asset utilization in global intermodal logistics and increased traffic levels on toll roads [8] - Midstream segment generated FFO of $157 million, representing a 10% increase over the same period last year, driven by strong organic growth [8] - Data segment's FFO was $113 million, a 45% increase compared to the prior year, driven by contributions from a tower portfolio acquisition in India and new capacity commissioning [9] Market Data and Key Metrics Changes - The Canadian energy sector is experiencing strong demand, with a significant increase in requested power demand from data centers in Alberta, rising from 200 megawatts to approximately 12 gigawatts [14] - Improved end market diversification with key Canadian infrastructure projects enhancing global market access, including LNG Canada ramping up production [15] Company Strategy and Development Direction - The company is focused on capital recycling and has secured $2.4 billion in sale proceeds to date, achieving an annual record for BIP [9] - Recent acquisitions include a leading fiber provider in the U.S. and a railcar leasing platform, with a total capital deployment of $1.3 billion [22][25] - The company aims to capture opportunities in the infrastructure super cycle driven by digitalization and AI [27] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the current market conditions and the positive impact of AI infrastructure on business operations [32] - The Canadian midstream sector is expected to benefit from increased investor interest and organic growth opportunities [20] Other Important Information - The company has completed significant asset sales, including a 23% interest in an Australian export terminal and a partial sale of its UK Port operation, generating substantial proceeds [10][12] Q&A Session Summary Question: What prompted the acceleration in deal velocity? - Management noted that the increase in transaction activity is due to investors returning to the market, driven by strong capital markets and a positive outlook on operating conditions [32] Question: Are there opportunities to monetize partial stakes in Canadian midstream businesses? - Management indicated that while there are opportunities for partial sales, the focus remains on organic growth opportunities within the Canadian midstream sector [34][35] Question: What protections does Brookfield have in place for its investment in Intel's JV? - Management clarified that the arrangement with Intel is largely financial and contractual, minimizing commercial risks [41] Question: How should the potential impact of Class I railroad mergers be viewed? - Management highlighted that as the largest short line operator, they are well-positioned to maintain a competitive market and assist in the merger process [47] Question: Has the attractiveness of the U.S. as an investment geography expanded? - Management confirmed that the U.S. remains attractive due to the AI infrastructure boom, while also noting opportunities in other markets [52] Question: Are there plans to focus more on oil assets in midstream investments? - Management stated that while they continue to look at both gas and oil assets, most opportunities currently lie within existing portfolio expansions [71]

Financial Data and Key Metrics Changes - The company reported strong double-digit growth in revenue, adjusted EBITDA, and adjusted earnings per share for Q2 2025, with revenues of $6.8 billion, net income of $229 million, adjusted diluted EPS of $2.48, and adjusted EBITDA of $669 million [5][11][12] - The record backlog reached $35.8 billion, indicating robust demand and operational capacity [5][12] Business Line Data and Key Metrics Changes - The acquisition of Dynamic Systems is expected to enhance Quanta's capabilities in mechanical, plumbing, and process infrastructure, expanding its addressable market across several strategic verticals [5][6] - A strategic investment in Bell Lumber and Pole Company was made to strengthen Quanta's core utility infrastructure equipment portfolio [6][7] Market Data and Key Metrics Changes - Utilities in the U.S. are forecasting significant increases in power demand driven by new technologies, including data centers and AI, which is expected to lead to historic investments in high voltage transmission infrastructure [9][10] - The company noted that 80-85% of its work is self-performed, providing execution certainty and a competitive edge in the bidding process [27][28] Company Strategy and Development Direction - Quanta's core strategy focuses on craft skilled labor, execution certainty, investment discipline, and a solution-based approach to deliver comprehensive infrastructure solutions [7][8] - The company aims to deepen customer relationships and establish new growth platforms, supported by a disciplined approach to acquisitions and capital deployment [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to capitalize on expanding opportunities in the energy and infrastructure landscape, which is undergoing significant transformation [9][10] - The company anticipates continued growth in revenues and earnings, supported by a favorable regulatory environment and strong demand for its differentiated portfolio of solutions [12][13] Other Important Information - The company is evaluating refinancing alternatives to enhance liquidity post-acquisition, ensuring continued support for operations and capital investments [11] - Management emphasized the importance of maintaining a prudent leverage profile, targeting a leverage ratio between 1.5 to 2 times [102][103] Q&A Session Summary Question: Can you provide insights on backlog growth and its implications? - Management indicated confidence in sequential backlog growth driven by incremental transmission bookings and a strong demand environment [17][19] Question: What prompted the acquisition of Dynamic Systems? - The acquisition was driven by customer demand for more comprehensive solutions and the strategic fit of Dynamic Systems' capabilities with Quanta's existing operations [35][36] Question: How is the company preparing for potential short-term slowdowns in renewables? - Management stated that the company has historically been able to move labor across segments and is well-prepared to manage fluctuations in demand [61][62] Question: Can you discuss the cross-sell opportunities with Dynamic Systems? - There are significant customer synergies expected between Dynamic Systems and Quanta's existing operations, particularly in providing integrated solutions [78][81] Question: How does the company view the impact of the ITC winding down on renewables? - Management believes that the demand for renewables will remain strong despite regulatory changes, as customers are well-prepared and have safe harbored projects into 2028 and beyond [45][46] Question: What is the outlook for free cash flow given the higher adjusted EBITDA? - The free cash flow outlook remains unchanged due to the timing of cash collections and the need for a prudent approach to large receivables [97][98]