8-KOther Events

EXELON CORP 8-K Report (Jul 25, 2001)

Filed July 25, 2001For Securities:EXC

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.

Frequently Asked Questions

Exelon reported earnings of $0.97 per diluted share for the second quarter of 2001.

The second quarter 2001 earnings per diluted share of $0.97 represented a 17% increase over the pro forma diluted operating earnings for the comparable period in 2000, which was $0.83 per diluted share.

The strong performance was attributed to the combined contributions of Exelon's generation group (including nuclear and fossil operations), its Power Team wholesale marketing division, and its energy delivery operations (ComEd and PECO). Superior execution and the company's integrated strategy were also highlighted as key drivers.

Yes, Exelon confirmed its previous earnings guidance, maintaining its commitment to achieving $4.50 earnings per share for the full year 2001.

Yes, consistent with a new accounting standard (FASB), Exelon expects to discontinue the annual amortization of approximately $140 million of goodwill, effective January 1, 2002.