On February 12, 2025, Exelon Corp (EXC, Financial) released its 8-K filing detailing its financial results for the fourth quarter and full year of 2024. Exelon, a leading utility company serving approximately 10 million power and gas customers across Illinois, Pennsylvania, Maryland, New Jersey, Delaware, and Washington, D.C., reported earnings that exceeded analyst expectations.
Exelon Corp (EXC, Financial) reported a GAAP net income of $0.64 per share and adjusted (non-GAAP) operating earnings of $0.64 per share for the fourth quarter of 2024. This performance surpassed the analyst estimate of $0.62 per share. For the full year, the company achieved a GAAP net income of $2.45 per share and adjusted operating earnings of $2.50 per share, closely aligning with the annual estimate of $2.46 per share.
The company's performance is significant as it reflects Exelon's ability to manage operational challenges and regulatory environments effectively. However, challenges such as higher depreciation, amortization, and interest expenses at certain utilities, as well as lower allowed returns on equity, could pose potential hurdles in maintaining this growth trajectory.
Exelon Corp (EXC, Financial) declared a quarterly dividend of $0.40 per share for the first quarter of 2025, indicating a strong commitment to returning value to shareholders. The company also announced plans to invest $38 billion in capital expenditures over the next four years, aiming for a 7.4% rate base growth and a 5-7% compounded annual growth in operating EPS from 2024 to 2028. These investments are crucial for enhancing grid reliability and meeting customer needs, positioning Exelon as a leader in the regulated utilities sector.
Exelon's income statement highlights an increase in utility earnings due to favorable distribution and transmission rate adjustments, tax deductions, and lower operational costs. The balance sheet reflects a robust financial position, supporting the company's extensive capital expenditure plans. Cash flow statements indicate efficient cash management, crucial for funding future growth initiatives.
| Metric | Q4 2024 | Q4 2023 |
|---|---|---|
| GAAP Net Income per Share | $0.64 | $0.62 |
| Adjusted Operating Earnings per Share | $0.64 | $0.60 |
| Full-Year GAAP Net Income per Share | $2.45 | $2.34 |
| Full-Year Adjusted Operating Earnings per Share | $2.50 | $2.38 |
Exelon Corp (EXC, Financial) has demonstrated resilience and strategic foresight in navigating the complexities of the utility sector. The company's focus on grid reliability, customer service, and regulatory compliance has been instrumental in achieving top-quartile performance. Looking ahead, Exelon's 2025 guidance of $2.64-$2.74 per share in adjusted operating earnings suggests continued growth and stability.
Exelon's financial performance in 2024 exceeded expectations, with earnings of $0.64 per share (GAAP and non-GAAP) in the last quarter of 2024 and full-earnings of $2.45 per share on a GAAP basis and $2.50 per share on a non-GAAP basis," said Exelon Chief Financial Officer Jeanne Jones.
Overall, Exelon Corp (EXC, Financial) remains well-positioned to capitalize on industry trends and regulatory developments, ensuring sustainable growth and value creation for its stakeholders.
Explore the complete 8-K earnings release (here) from Exelon Corp for further details.
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