Summary
Exelon Corporation (EXC) announced on September 18, 2002, that its Chairman and CEO, John W. Rowe, presented a positive outlook for the company's third quarter 2002 operating results at the Merrill Lynch Global Power and Gas Leaders Conference. The company plans to provide more specific financial guidance during its third quarter conference call on October 30, 2002. This guidance will include a narrowed range for 2002 earnings and an initial range for 2003 earnings. Notably, Exelon anticipates that its 2003 earnings per share could meet or exceed the current consensus estimate of $4.89, potentially leaning towards the upper end of the guidance range. Furthermore, Exelon addressed the ongoing review of goodwill allocation to ComEd's transmission and distribution business by the Federal Energy Regulatory Commission (FERC) and the Securities and Exchange Commission (SEC). The company maintains its belief that the allocation is compliant with Generally Accepted Accounting Principles and expressed optimism regarding discussions with both regulatory bodies, hoping for a resolution soon. This filing also includes standard forward-looking statement disclaimers, cautioning investors about potential material differences between projected and actual results due to various economic, business, competitive, and regulatory factors.
Key Highlights
- 1Positive outlook for Q3 2002 operating results.
- 2Plans to provide tightened 2002 earnings guidance and initial 2003 earnings guidance on October 30, 2002.
- 3Expects 2003 earnings per share to meet or exceed the current consensus of $4.89, potentially at the higher end of guidance.
- 4Believes goodwill allocation to ComEd's T&D business is GAAP compliant.
- 5Actively engaging with FERC and SEC regarding goodwill allocation; optimistic about discussions.
- 6Regulatory bodies (FERC and SEC) are still reviewing the goodwill allocation issue.
- 7Standard forward-looking statement disclosures included, highlighting potential risks and uncertainties.