Summary
Exelon Corporation's (EXC) first quarter of 2022 filing reflects a significant transition with the completion of its separation from Constellation, its former generation and wholesale business, on February 1, 2022. While this separation resulted in Constellation's operations being classified as discontinued, Exelon's core utility business demonstrated resilience. Total operating revenues for the quarter increased to $5,327 million from $4,632 million in the prior year period, driven by higher electric and natural gas revenues across its utility operating companies. Despite an overall decrease in net income attributable to common shareholders from continuing operations, primarily due to separation-related costs and tax adjustments, the company's adjusted operating earnings (a non-GAAP measure) showed improvement. Key drivers for the adjusted earnings growth include favorable regulatory rate increases and higher electric distribution earnings at its utility subsidiaries, particularly ComEd and PECO. The company continues to invest in infrastructure and maintain a strong liquidity position, with significant capital expenditures planned for the remainder of the year.
Financial Highlights
45 data points| Revenue | $5.33B |
| Operating Expenses | $4.43B |
| Operating Income | $900.00M |
| Net Income | $598.00M |
| Shares Outstanding (Basic) | 981.00M |
| Shares Outstanding (Diluted) | 981.00M |
Key Highlights
- 1Total operating revenues increased by 14.9% to $5,327 million for the three months ended March 31, 2022, compared to $4,632 million for the same period in 2021.
- 2Net income attributable to common shareholders from continuing operations decreased to $481 million from $525 million in the prior year period, impacted by separation costs and tax adjustments.
- 3Adjusted operating earnings (non-GAAP) increased to $634 million ($0.64 per diluted share) for the three months ended March 31, 2022, from $542 million ($0.55 per diluted share) in the prior year period.
- 4ComEd and PECO reported increases in net income of $188 million and $206 million, respectively, driven by rate increases and higher distribution earnings.
- 5Capital expenditures for the three months ended March 31, 2022, were $1,695 million, reflecting ongoing investments in transmission and distribution infrastructure.
- 6Exelon completed the separation of Constellation on February 1, 2022, with Constellation's operations now presented as discontinued operations.
- 7The company maintained compliance with its debt covenants and had access to its revolving credit facilities, demonstrating a strong liquidity position.