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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Exelon Corp | NYSE:EXC | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 48.80 | 0 | 01:00:00 |
Exelon Corporation (NYSE:EXC) announced first quarter 2016 consolidated earnings as follows:
First Quarter
2016
2015
Adjusted (non-GAAP) Operating Results:
Net Income ($ millions)
$
632
$
615
Diluted Earnings per Share
$
0.68
$
0.71
GAAP Results:
Net Income ($ millions)
$
173
$
693
Diluted Earnings per Share
$
0.19
$
0.80
“We are delighted to have closed the PHI acquisition during the first quarter, establishing Exelon Utilities as the largest utility in the U.S. by number of customers and also delivering on our commitment to increase the earnings mix from regulated and contracted businesses,” said Christopher M. Crane, Exelon’s president and CEO. “Unfortunately, we are also announcing plans to retire the economically challenged Clinton and Quad Cities nuclear plants in Illinois on June 1, 2017 and June 1, 2018, respectively, without passage of adequate legislation in the current spring legislative session and Quad Cities clearing in the 2019-20 RPM capacity auction.”
First Quarter Operating Results
As shown in the table above, Exelon’s adjusted (non-GAAP) Operating Earnings decreased to $0.68 per share in the first quarter of 2016 from $0.71 per share in the first quarter of 2015. Exclusive of $0.03 unfavorable earnings impacts of the PHI acquisition and other financing arrangements, quarter over quarter Operating Earnings are essentially flat reflecting:
First quarter 2016 results also include $2 million, net of tax, of PHI Operating Earnings from March 24, 2016 to March 31, 2016.
Adjusted (non-GAAP) Operating Earnings for the first quarter of 2016 do not include the following items (after tax) that were included in reported GAAP Net Income:
(in millions) (per diluted share)Exelon Adjusted (non-GAAP) Operating Earnings
$632
$0.68
Mark-to-Market Impact of Economic Hedging Activities
64 0.07 Unrealized Gains Related to NDT Fund Investments 31 0.03 Amortization of Commodity Contract Intangibles 12 0.01 Merger and Integration Costs(1) (76) (0.08) Merger Commitments(2) (394) (0.42) Long-Lived Asset Impairment (71) (0.07) Cost Management Program (14) (0.02) CENG Non-Controlling Interest (11) (0.01)Exelon GAAP Net Income
$173
$0.19
(1) Includes a pre-tax charge to GAAP earnings of approximately $52 million of PHI related merger severance. (2) Approval of the merger across all regulatory jurisdictions was conditioned on Exelon and PHI agreeing to certain commitments pursuant to which Exelon recorded a total pre-tax charge to GAAP earnings of $508 million.Adjusted (non-GAAP) Operating Earnings for the first quarter of 2015 do not include the following items (after tax) that were included in reported GAAP Net Income:
(in millions) (per diluted share)Exelon Adjusted (non-GAAP) Operating Earnings
$615 $0.71Mark-to-Market Impact of Economic Hedging Activities
100 0.11 Unrealized Gains Related to NDT Fund Investments 24 0.03 Amortization of Commodity Contract Intangibles 24 0.03 Merger and Integration Costs (21) (0.02) Mark-to-Market Impact of PHI Merger Related Interest Rate Swap (48) (0.06) Midwest Generation Bankruptcy Recoveries 6 0.01 CENG Non-Controlling Interest (7) (0.01)Exelon GAAP Net Income
$693 $0.80First Quarter and Recent Highlights
Operating Company Results
ComEd consists of electricity transmission and distribution operations in Northern Illinois.
ComEd's first quarter 2016 GAAP Net Income was $115 million compared with $90 million in the first quarter of 2015. Adjusted (non-GAAP) Operating Earnings for the first quarter of 2016 and 2015 do not include merger and integration costs that were included in reported GAAP earnings. A reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Net Income is presented in the table below:
($ millions) 1Q16 1Q15ComEd Adjusted (non-GAAP) Operating Earnings
$
110
$
92
Merger and Integration Costs 5 (2 )ComEd GAAP Net Income
$
115
$
90
ComEd’s Adjusted (non-GAAP) Operating Earnings in the first quarter of 2016 increased by $18 million from the same quarter in 2015, primarily due to higher electric distribution and transmission formula rate earnings, partially offset by less favorable weather.
For the first quarter of 2016, heating degree-days in the ComEd service territory were down 20.2 percent relative to the same period in 2015 and were 8.3 percent below normal. Total retail deliveries decreased by 4.6 percent in the first quarter of 2016 compared with the same period in 2015.
Weather-normalized retail electric deliveries were slightly less in the first quarter of 2016 compared with the same period in 2015.
PECO consists of electricity transmission and distribution operations and retail natural gas distribution operations in Southeastern Pennsylvania.
PECO’s first quarter 2016 GAAP Net Income was $124 million compared with $139 million in the first quarter of 2015. Adjusted (non-GAAP) Operating Earnings for the first quarter of 2016 and 2015 do not include certain items (after tax) that were included in reported GAAP earnings. A reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Net Income is presented in the table below:
($ millions) 1Q16 1Q15PECO Adjusted (non-GAAP) Operating Earnings
$126
$140
Merger and Integration Costs (1) (1) Cost Management Program (1) —PECO GAAP Net Income
$124
$139
PECO’s Adjusted (non-GAAP) Operating Earnings in the first quarter of 2016 decreased $14 million from the same quarter in 2015, primarily due to less favorable weather, partially offset by increased electric distribution revenue pursuant to the 2015 PAPUC authorized electric distribution rate increase effective January 1, 2016.
For the first quarter of 2016, heating degree-days in the PECO service territory were down 27.2 percent relative to the same period in 2015 and were 13.7 percent below normal. Total retail electric deliveries were down 8.2 percent compared with the first quarter of 2015. Natural gas deliveries (including both retail and transportation segments) in the first quarter of 2016 were down 20.1 percent compared with the same period in 2015.
Weather-normalized retail electric deliveries remained relatively consistent while gas deliveries increased 4.0 percent in the first quarter of 2016 compared with the same period in 2015. The increased gas volumes were driven primarily by moderate economic conditions and customer growth.
BGE consists of electricity transmission and distribution operations and retail natural gas distribution operations in Central Maryland.
BGE’s first quarter 2016 GAAP Net Income was $98 million, compared with $106 million in the first quarter of 2015. Adjusted (non-GAAP) Operating Earnings for the first quarter of 2015 do not include various items (after tax) that were included in reported GAAP earnings. A reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Net Income is presented in the table below:
($ millions) 1Q16 1Q15BGE Adjusted (non-GAAP) Operating Earnings
$100
$107
Merger and Integration Costs (1) (1) Cost Management Program (1) —BGE GAAP Net Income
$98
$106
BGE’s Adjusted (non-GAAP) Operating Earnings in the first quarter of 2016 decreased $7 million from the same quarter in 2015, primarily due to increased storm costs in BGE's service territory. Due to revenue decoupling, BGE is not affected by actual weather with the exception of major storms.
PHI consists of electricity transmission and distribution operations in the District of Columbia and portions of Maryland, Delaware, and New Jersey and retail natural gas distribution operations in northern Delaware.
PHI’s GAAP Net Loss from March 24-31, 2016 was $309 million. Adjusted (non-GAAP) Operating Earnings for the successor period do not include merger and integration costs and merger commitments that were included in reported GAAP earnings. A reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Net Income is presented in the table below:
($ millions) March 24-31, 2016PHI Adjusted (non-GAAP) Operating Earnings
$2
Merger and Integration Costs (33) Merger Commitments (278)PHI GAAP Net Loss
$(309)
Generation consists of owned and contracted electric generating facilities and wholesale and retail customer supply of electric and natural gas products and services, including renewable energy products, risk management services and natural gas exploration and production activities.
Generation's first quarter 2016 GAAP Net Income was $310 million compared with $443 million in the first quarter of 2015. Adjusted (non-GAAP) Operating Earnings for the first quarter of 2016 and 2015 do not include various items (after tax) that were included in reported GAAP earnings. A reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Net Income is in the table below:
($ millions)1Q16
1Q15Generation Adjusted (non-GAAP) Operating Earnings
$315
$303
Mark-to-Market Impact of Economic Hedging Activities
64 100 Unrealized Gains Related to NDT Fund Investments 31 24 Amortization of Commodity Contract Intangibles 12 24 Merger and Integration Costs (10) (7) Merger Commitments (2) — Midwest Generation Bankruptcy Recoveries — 6 Long-Lived Asset Impairment (71) — Reassessment of State Deferred Income Taxes (6) — Cost Management Program (12) — CENG Non-Controlling Interest (11) (7)Generation GAAP Net Income
$310
$443
Generation’s Adjusted (non-GAAP) Operating Earnings in the first quarter of 2016 increased by $12 million compared with the same quarter in 2015. This increase primarily reflects nuclear refueling outage timing, fewer non-refueling outage days, and increased capacity pricing, partially offset by lower realized energy prices and increased nuclear decommissioning amortization expense.
Adjusted (non-GAAP) Operating Earnings
Adjusted (non-GAAP) Operating Earnings, which generally exclude significant one-time charges or credits that are not normally associated with ongoing operations, mark-to-market adjustments from economic hedging activities and unrealized gains and losses from NDT fund investments, are provided as a supplement to results reported in accordance with GAAP. Management uses such adjusted (non-GAAP) Operating Earnings measures internally to evaluate the company’s performance and manage its operations. Reconciliation of GAAP Net Income to adjusted (non-GAAP) Operating Earnings for historical periods is attached. Additional earnings release attachments are posted on Exelon’s Web site: www.exeloncorp.com and have been furnished to the Securities and Exchange Commission on Form 8-K on May 6, 2016.
Cautionary Statements Regarding Forward-Looking Information
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, that are subject to risks and uncertainties. The factors that could cause actual results to differ materially from the forward-looking statements made by Exelon Corporation, Exelon Generation Company, LLC, Commonwealth Edison Company, PECO Energy Company, Baltimore Gas and Electric Company, Pepco Holdings LLC (PHI), Potomac Electric Power Company, Delmarva Power & Light Company, and Atlantic City Electric Company (Registrants) include those factors discussed herein, as well as the items discussed in (1) Exelon’s 2015 Annual Report on Form 10-K in (a) ITEM 1A. Risk Factors, (b) ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations and (c) ITEM 8. Financial Statements and Supplementary Data: Note 23; (2) PHI’s 2015 Annual Report on Form 10-K in (a) ITEM 1A. Risk Factors, (b) ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations and (c) ITEM 8. Financial Statements and Supplementary Data: Note 16; and (3) other factors discussed in filings with the SEC by the Registrants. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this press release. None of the Registrants undertakes any obligation to publicly release any revision to its forward-looking statements to reflect events or circumstances after the date of this press release.
Exelon Corporation (NYSE:EXC), now including the Pepco Holdings utilities, is the nation’s leading competitive energy provider, with 2015 revenues of approximately $34.5 billion. Headquartered in Chicago, Exelon does business in 48 states, the District of Columbia and Canada. Exelon is one of the largest competitive U.S. power generators, with more than 32,700 megawatts of owned capacity comprising one of the nation’s cleanest and lowest-cost power generation fleets. The company’s Constellation business unit provides energy products and services to approximately 2 million residential, public sector and business customers, including more than two-thirds of the Fortune 100. Exelon’s six utilities deliver electricity and natural gas to approximately 10 million customers in Delaware, the District of Columbia, Illinois, Maryland, New Jersey and Pennsylvania through its Atlantic City Electric, BGE, ComEd, Delmarva Power, PECO and Pepco subsidiaries. Follow Exelon on Twitter @Exelon.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160506005205/en/
Exelon CorporationDan Eggers, 312-394-2345Investor RelationsPaul Adams, 410-470-4167Corporate Communications
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