Why has Exelon revised its 2008 earnings guidance?

Exelon revised its earnings guidance to reflect updated financial projections for the year. The company is providing this information as part of its participation in the Lehman Brothers 2008 Energy/Power Conference.

What is the significance of the new $1.5 billion share repurchase program?

The $1.5 billion share repurchase program signifies the company's confidence in its financial position and its commitment to returning capital to shareholders. It's a substantial addition to existing buyback programs, suggesting management's belief that Exelon's stock may be undervalued or as a means to manage its capital structure.

Where can I find more details about the revised guidance and the share repurchase program?

More details are available in Exhibit 99.1 (Press Release) and Exhibit 99.2 (Presentation Slides) attached to this Form 8-K filing with the SEC.

Are the earnings figures provided GAAP or non-GAAP?

The filing provides both revised GAAP earnings guidance ($3.90 to $4.30 per share) and revised adjusted (non-GAAP) operating earnings guidance ($4.15 to $4.30 per share). Investors should pay attention to the distinction between these two metrics.

EXC 8-K: Regulation FD

Summary

Exelon Corporation (EXC) filed an 8-K on September 4, 2008, to disclose two significant updates for investors. Firstly, the company announced a revision to its 2008 earnings guidance. The adjusted (non-GAAP) operating earnings range was narrowed to $4.15 to $4.30 per share, while the GAAP earnings guidance range was revised to $3.90 to $4.30 per share. This guidance update was communicated during Exelon's participation in the Lehman Brothers 2008 Energy/Power Conference. Secondly, Exelon's Board of Directors authorized a substantial new share repurchase program, amounting to up to $1.5 billion of the company's outstanding common stock. This program is incremental to previously announced repurchase initiatives, reflecting a commitment to returning capital to shareholders and managing its equity base.

Key Highlights

1Exelon revised its 2008 adjusted (non-GAAP) operating earnings guidance to $4.15 - $4.30 per share.
2Exelon revised its 2008 GAAP earnings guidance to $3.90 - $4.30 per share.
3The company is participating in the Lehman Brothers 2008 Energy/Power Conference.
4Exelon's Board of Directors authorized a new share repurchase program of up to $1.5 billion.
5This new repurchase program is in addition to existing programs announced in September 2007 ($1.25 billion) and February 2008 ($500 million).
6The filing includes press releases and presentation slides as exhibits.
7The report contains forward-looking statements subject to risks and uncertainties.

EXELON CORP 8-K Report, Regulation FD Disclosure (Sep 4, 2008)

Summary

Key Highlights

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