Summary
Exelon Corporation's (EXC) Q2 2009 results show a decrease in net income for the three-month period ending June 30, 2009, to $657 million ($0.99 EPS) from $748 million ($1.13 EPS) in the prior year quarter, primarily due to lower energy gross margins at the Generation segment, unfavorable market conditions, and increased operating expenses. However, for the six-month period ending June 30, 2009, net income saw a slight increase to $1,369 million ($2.07 EPS) from $1,329 million ($2.01 EPS) in the comparable period of 2008. This improvement was driven by increased distribution revenues at ComEd and PECO, benefits from an Illinois Supreme Court decision regarding investment tax credits, and ongoing cost-saving initiatives. The company continues to navigate a challenging economic environment, monitoring liquidity and counterparty creditworthiness closely. Exelon has also terminated its efforts to acquire NRG.
Financial Highlights
48 data points| Revenue | $4.14B |
| Operating Expenses | $3.13B |
| Operating Income | $1.02B |
| Interest Expense | $159.00M |
| Net Income | $657.00M |
| EPS (Basic) | $1.00 |
| EPS (Diluted) | $0.99 |
| Shares Outstanding (Basic) | 659.00M |
| Shares Outstanding (Diluted) | 661.00M |
Key Highlights
- 1Net income for the three months ended June 30, 2009, decreased to $657 million from $748 million in the prior year period, impacting earnings per share (EPS) to $0.99 from $1.13.
- 2For the six months ended June 30, 2009, net income increased to $1,369 million ($2.07 EPS) from $1,329 million ($2.01 EPS) in the same period of 2008.
- 3The Generation segment experienced lower energy gross margins, impacted by trading portfolio results, uranium supply agreement gains in the prior year, and unfavorable market conditions.
- 4Increased distribution revenue at ComEd and PECO, resulting from rate case orders, partially offset negative impacts.
- 5Exelon has terminated its proposal to acquire NRG Energy, Inc., concluding an extensive exchange offer process.
- 6The company is managing liquidity effectively despite challenging capital and credit markets, with significant available credit facilities.
- 7Exelon is implementing cost-saving initiatives, including management reorganization and job reductions, projecting significant operational and maintenance expense savings.