Summary
Exelon Corporation reported strong second-quarter 2001 earnings of $0.97 per diluted share, a significant increase of 17% compared to the pro forma comparable period in 2000. This performance exceeded market expectations despite unfavorable weather and a decline in wholesale power prices during June. The company's integrated strategy, encompassing robust generation, efficient energy delivery, and expanding power marketing operations, was credited for these positive results. Exelon reaffirmed its full-year earnings per share guidance of $4.50. The company highlighted strong operational performance across its key segments. Exelon Generation demonstrated superior execution with high nuclear capacity factors and efficient fossil operations. Exelon's Power Team division saw growth through new long-term contracts, though its wholesale marketing performance was impacted by market conditions. Energy Delivery, comprising ComEd and PECO Energy, showed increased EBIT, driven by lower operating expenses at ComEd and improved delivery revenues at PECO, despite flat overall retail sales.
Key Highlights
- 1Reported second quarter 2001 diluted earnings of $0.97 per share, a 17% increase over pro forma comparable 2000 earnings.
- 2Total energy sales for the quarter were 48,522 GWh, a 31% increase compared to pro forma second quarter 2000.
- 3Exelon Generation's nuclear operations achieved a 93.6% capacity factor and added 129 megawatts through power uprate projects.
- 4Exelon Generation's fossil operations maintained high performance with 97% on-time delivery and 94% dispatch availability.
- 5Energy Delivery EBIT increased by 10% to $706 million, driven by lower operating expenses at ComEd and improved revenues at PECO.
- 6Exelon reaffirmed its full-year 2001 earnings per share guidance of $4.50.
- 7The company expects to discontinue annual goodwill amortization of approximately $140 million effective January 1, 2002, due to a new accounting standard.