Exelon Corporation’s EXC fourth-quarter 2024 earnings of 64 cents per share surpassed the Zacks Consensus Estimate of 59 cents by 8.5%. The figure also increased from the year-ago level of 60 cents per share. Higher distribution and transmission rate increases at Pepco Holdings LLC boosted year-over-year earnings.

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On a GAAP basis, earnings were 64 cents per share, which increased 3.2% from the year-ago quarter’s 62 cents.

Adjusted earnings per share in 2024 were $2.50 compared with $2.38 in 2023.  This metric was at the upper end of the guided range of $2.40-$2.50 per share.

Total Revenues of Exelon

Exelon reported revenues of $5.47 billion, which surpassed the Zacks Consensus Estimate of $5.45 billion by 0.3%. The top line was 1.9% higher than the year-ago figure of $5.36 billion.

In 2024, total revenues were $23.02 billion, up 5.9% year over year.

Highlights of Exelon’s Q4 Release

Total electric deliveries (in GWhs) in the reported quarter were up 2.4%, primarily due to higher volumes sold to Large commercial & industrial customers.

Due to revenue decoupling, ComEd’s distribution earnings were not affected by actual weather or customer usage patterns.

Exelon's total operating expenses increased 2.05% year over year to $4.37 billion.

Operating income amounted to $1.09 billion, up marginally year over year.

Interest expenses totaled $467 million, up 3.3% from the year-ago quarter’s level.

Despite a 0.25% year-over-year drop in customer volume in 2024, Exelon electric deliveries (in GWhs) in 2024 improved 2.5%. Higher usage by residential customers and Large commercial & industrial customers impacted the volume positively in 2024.

In the reported quarter, adjusted net income was $642 million compared with $603 million in the year-ago quarter.

Q4 Segmental Earnings of EXC

Commonwealth Edison Company (ComEd): Adjusted earnings in the fourth quarter were $243 million, down 9.7% from the year-ago quarter. The year-over-year decline was due to the timing of distribution earnings, lower allowed distribution ROE, the absence of a return on the pension asset within distribution earnings and lower carrying cost recovery related to the CMC regulatory asset.

PECO Energy Company (PECO): Adjusted operating earnings for the reported quarter increased 27.3% year over year to $196 million, primarily due to higher tax repair deductions and lower storm costs.

Baltimore Gas and Electric Company (BGE): Adjusted earnings for the quarter decreased 12.1% year over year to $175 million due to lower impacts of multi-year plans reconciliations, higher depreciation and amortization cost, and higher interest expense.

Pepco Holdings LLC (PHI): Adjusted operating earnings for the quarter increased 29.4% year over year to $132 million due to distribution and transmission rate increases and a decrease in contracting and storm costs.

Others: It reported a loss of $104 million in the fourth quarter, narrower than the loss of $123 million in the year-ago quarter.

EXC’s Financial Highlights

Cash and cash equivalents totaled $357 million as of Dec. 31, 2024, compared with $445 million as of Dec. 31, 2023.

Long-term debt was $42.94 billion as of Dec. 31, 2024, compared with $39.7 billion as of Dec. 31, 2023.

Cash provided by operating activities in 2024 totaled $5.57 billion compared with $4.70 billion in the year-ago period.

In 2024, the company issued long-term debt worth $4.97 billion and retired long-term debt worth nearly $1.56 billion.

Guidance of Exelon

Exelon expects earnings in the range of $2.64-$2.74 per share for 2025. The Zacks Consensus Estimate for the same is pinned at $2.46 per share, down from the lower end of the company’s guided range. The company also reaffirms its adjusted (non-GAAP) operating EPS compounded annual growth target of 5-7% through 2028.

Exelon will be making $38 billion of critical investments in its energy infrastructure in the 2025-2028 period. The new capital expenditure indicates a 10% increase from the prior plan and will be utilized to support customer needs and grid reliability.

Zacks Rank of Exelon

Exelon has a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Other Releases

NextEra Energy, Inc. NEE reported fourth-quarter 2024 adjusted earnings of 53 cents per share, which beat the Zacks Consensus Estimate of 51 cents by 3.9%.

NEE’s long-term (three-to-five years) earnings growth rate is 7.78%. It delivered an average earnings surprise of 6.5% in the last four quarters.

CMS Energy Corporation CMS reported fourth-quarter 2024 earnings per share (EPS) of 87 cents, which beat the Zacks Consensus Estimate of 86 cents by 1.2%.

CMS’ long-term earnings growth rate is 7.68%. The company delivered an average earnings surprise of 4.76% in the last four quarters.

WEC Energy Group WEC reported fourth-quarter 2024 earnings of $1.43 per share, which missed the Zacks Consensus Estimate of $1.44 by 0.7%.

WEC’s long-term earnings growth rate is 7.61%. It delivered an average earnings surprise of 6.34% in the last reported quarter.

 

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