Summary
Exelon Corporation reported solid financial results for the nine months ended September 30, 2022, with net income attributable to common shareholders from continuing operations increasing to $1,622 million, or $1.65 per diluted share, compared to $1,307 million, or $1.33 per diluted share, in the same period of 2021. This improvement was driven by higher electric distribution earnings, favorable rate increases across its utility subsidiaries, and a reduction in certain corporate costs previously allocated to its discontinued generation business. Key operational highlights include continued investment in capital expenditures, totaling $4,952 million for the nine months ended September 30, 2022, to support infrastructure improvements and reliability. The company also strengthened its financial position by issuing common stock and managing its debt. Exelon's utility operations continue to benefit from regulatory rate approvals and performance-based mechanisms. While the company faces ongoing regulatory proceedings and potential impacts from new legislation like the Inflation Reduction Act, its diversified utility portfolio and disciplined financial management position it to navigate these factors effectively.
Financial Highlights
46 data points| Revenue | $4.84B |
| Operating Expenses | $3.83B |
| Operating Income | $1.01B |
| Net Income | $676.00M |
| Shares Outstanding (Basic) | 988.00M |
| Shares Outstanding (Diluted) | 989.00M |
Key Highlights
- 1Net income attributable to common shareholders from continuing operations increased by 24% to $1,622 million for the first nine months of 2022 compared to the prior year period.
- 2Diluted earnings per share from continuing operations grew to $1.65, up from $1.33 in the prior year.
- 3Total operating revenues for the nine months increased to $14,412 million from $13,514 million, reflecting rate increases and customer growth across its utility businesses.
- 4Capital expenditures for the nine months ended September 30, 2022, were $4,952 million, primarily invested in transmission and distribution infrastructure.
- 5Exelon completed an equity securities offering in August 2022, raising $563 million in net proceeds, which were used to repay debt.
- 6The company maintained compliance with debt covenants and had ample liquidity with $3.4 billion available under its revolving credit facilities as of September 30, 2022.
- 7While the Inflation Reduction Act is estimated to increase cash taxes by approximately $200 million annually starting in 2023, Exelon is continuing to assess its full impact.