Summary
Exelon Corporation (EXC) reported its financial results for the second quarter and the first six months of 2020. For the quarter ended June 30, 2020, net income attributable to common shareholders increased by $37 million to $521 million, or $0.53 per diluted share, compared to $484 million, or $0.50 per diluted share, in the prior year's quarter. This improvement was driven by higher net unrealized and realized gains on Nuclear Decommissioning Trust (NDT) funds and increased mark-to-market gains on economic hedging activities, partially offset by the significant impact of the Deferred Prosecution Agreement (DPA) payment by ComEd, reduced capacity revenue, and increased credit loss expenses related to COVID-19. For the first six months of 2020, net income attributable to common shareholders decreased by $288 million to $1.103 billion, or $1.13 per diluted share, compared to $1.391 billion, or $1.43 per diluted share, in the same period of 2019. The year-to-date decline was primarily attributed to the ComEd DPA payment, higher net unrealized and realized losses on NDT funds, reduced load due to COVID-19, and increased credit loss expenses. The company is actively managing costs and has initiated cost-saving measures to mitigate the financial impacts of the pandemic.
Financial Highlights
49 data points| Revenue | $7.32B |
| Operating Expenses | $6.77B |
| Operating Income | $565.00M |
| Interest Expense | $421.00M |
| Net Income | $574.00M |
| EPS (Basic) | $0.53 |
| EPS (Diluted) | $0.53 |
| Shares Outstanding (Basic) | 976.00M |
| Shares Outstanding (Diluted) | 976.00M |
Key Highlights
- 1Net income attributable to common shareholders for Q2 2020 was $521 million, up from $484 million in Q2 2019.
- 2Diluted EPS for Q2 2020 was $0.53, an increase from $0.50 in Q2 2019.
- 3For the six months ended June 30, 2020, net income attributable to common shareholders decreased to $1.103 billion from $1.391 billion in the prior year.
- 4ComEd entered into a Deferred Prosecution Agreement (DPA) with the U.S. Attorney's Office, resulting in a $200 million payment, which negatively impacted earnings.
- 5COVID-19 impacted load, leading to an estimated reduction in net income for both Generation and Utility Registrants.
- 6The company is implementing cost-saving measures totaling approximately $250 million across its operations to offset negative impacts.
- 7Despite market disruptions due to COVID-19, Exelon has maintained access to capital markets and completed its planned long-term debt issuances for 2020.