EXELON CORP Quarterly Report for Q1 Ended Mar 31, 2024

Summary

Exelon Corporation reported solid financial results for the first quarter of 2024, with net income attributable to common shareholders of $658 million, a slight decrease from $669 million in the prior year period. Diluted earnings per share were $0.66, consistent with the previous year. The company's operating revenues increased to $6,043 million from $5,563 million, driven by higher electric operating revenues across its subsidiaries, particularly ComEd. Despite increased interest expenses and storm costs impacting some subsidiaries, the company benefited from rate increases at BGE and PHI, and less unfavorable weather impacts at PECO. Capital expenditures remained significant, totaling $1,767 million, primarily for infrastructure improvements. The company maintained a strong liquidity position with substantial cash and cash equivalents. Exelon's regulatory filings indicate ongoing efforts to recover capital investments through rate cases, with several completed and pending proceedings across its operating territories. These regulatory actions are crucial for future earnings potential and managing the significant capital expenditure program.

Key Highlights

• 1Total operating revenues increased to $6,043 million in Q1 2024 from $5,563 million in Q1 2023.
• 2Net income attributable to common shareholders was $658 million, a slight decrease from $669 million in the prior year.
• 3Diluted earnings per share remained stable at $0.66 for both Q1 2024 and Q1 2023.
• 4Capital expenditures totaled $1,767 million, indicating continued investment in infrastructure.
• 5Operating income was $1,114 million, a slight increase from $1,106 million in the prior year.
• 6The company's balance sheet shows total assets of $103,211 million as of March 31, 2024, up from $101,546 million at the end of 2023.
• 7Exelon maintains strong liquidity, with cash and cash equivalents totaling $1,308 million at the end of the quarter.

Frequently Asked Questions