Summary
Exelon Corporation reported solid financial results for the first quarter of 2023, with a significant increase in net income attributable to common shareholders from continuing operations, rising to $669 million ($0.67 per diluted share) from $481 million ($0.49 per diluted share) in the same period last year. This growth was driven by higher electric distribution formula rate earnings at ComEd, benefiting from increased allowed ROE due to rising U.S. Treasury rates and higher rate base, as well as favorable rate impacts at PECO, BGE, and PHI. The company also benefited from lower corporate support service costs previously allocated to Constellation and carrying costs related to ComEd's Carbon Mitigation Credit (CMC) regulatory assets. Despite these positives, results were partially offset by unfavorable weather impacting PECO and PHI, higher interest expenses, increased environmental liabilities at Pepco, and higher depreciation and credit loss expenses at PECO. Operationally, the company continues to focus on infrastructure investment, with projected capital expenditures for 2023 estimated at $7.175 billion across its utility operations. Exelon is actively pursuing funding opportunities under the Infrastructure Investment and Jobs Act, having submitted multiple applications for smart grid and grid resilience grants, totaling nearly $700 million. The company's liquidity remains strong, supported by operating cash flows and access to credit facilities, with no outstanding amounts on its main revolving credit facilities as of March 31, 2023. Exelon also maintained its quarterly dividend at $0.36 per share.
Financial Highlights
46 data points| Revenue | $5.56B |
| Operating Expenses | $4.46B |
| Operating Income | $1.11B |
| Net Income | $669.00M |
| EPS (Basic) | $0.67 |
| EPS (Diluted) | $0.67 |
| Shares Outstanding (Basic) | 995.00M |
| Shares Outstanding (Diluted) | 996.00M |
Key Highlights
- 1Net income from continuing operations increased by 39% to $669 million ($0.67/share) from $481 million ($0.49/share) year-over-year.
- 2ComEd's electric distribution formula rate earnings improved due to higher allowed ROE and rate base, while PECO, BGE, and PHI saw benefits from rate increases.
- 3Capital expenditures for 2023 are projected at $7.175 billion across Exelon's utility operations.
- 4Exelon is actively seeking nearly $700 million in federal funding through applications for the Infrastructure Investment and Jobs Act.
- 5The company maintained strong liquidity with no outstanding amounts on its revolving credit facilities as of March 31, 2023.
- 6The quarterly dividend remained stable at $0.36 per share.