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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 | |
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0.00 | 0.00% | 48.80 | 0 | 01:00:00 |
Exelon Corporation (NYSE:EXC) announced second quarter 2015 consolidated earnings as follows:
Second Quarter
2015
2014
Adjusted (non-GAAP) Operating Results:
Net Income ($ millions)
$508
$440
Diluted Earnings per Share
$0.59
$0.51
GAAP Results:
Net Income ($ millions)
$638
$522
Diluted Earnings per Share
$0.74
$0.60
“All of our businesses continue to deliver best in class operations, benefiting our customers and shareholders,” said Christopher M. Crane, Exelon’s president and CEO. “Exelon achieved earnings above our guidance range this quarter, led by strong financial performance at Constellation. Based on our results through June, we are narrowing our full-year operating earnings guidance to $2.35 to $2.55 per share.”
Second Quarter Operating Results
As shown in the table above, Exelon’s Adjusted (non-GAAP) Operating Earnings increased to $0.59 per share in the second quarter of 2015 from $0.51 per share in the second quarter of 2014. Earnings in the second quarter of 2015 primarily reflected the following favorable factors:
These factors were partially offset by:
Adjusted (non-GAAP) Operating Earnings for the second 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
$508
$0.59
Mark-to-Market Impact of Economic Hedging Activities
143 0.16 Unrealized Losses Related to NDT Fund Investments (56) (0.06) Amortization of Commodity Contract Intangibles (9) (0.01) Merger and Integration Costs (18) (0.02)Mark-to-Market Impact of PHI Merger Related Interest Rate Swaps
71 0.08 Long-Lived Asset Impairment (15) (0.02) CENG Non-Controlling Interest 14 0.02Exelon GAAP Net Income
$638
$0.74
Adjusted (non-GAAP) Operating Earnings for the second quarter of 2014 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
$440
$0.51
Mark-to-Market Impact of Economic Hedging Activities
(8) (0.01) Unrealized Gains Related to NDT Fund Investments 76 0.09 Merger and Integration Costs (31) (0.03) Amortization of Commodity Contract Intangibles (23) (0.03) Long-Lived Asset Impairments (68) (0.08) Gain on CENG Integration 159 0.18 CENG Non-Controlling Interest (23) (0.03)Exelon GAAP Net Income
$522
$0.60
Second Quarter and Recent Highlights
Operating Company Results
Generation consists of the generation, physical delivery and marketing of power across multiple geographical regions through its customer-facing business, Constellation, which sells electricity and natural gas to both wholesale and retail customers. Generation also sells renewable energy and other energy-related products and services, and engages in natural gas and oil exploration and production activities (Upstream).
Generation's second quarter 2015 GAAP Net Income was $398 million, compared with net income of $340 million in the second quarter of 2014. Adjusted (non-GAAP) Operating Earnings for the second quarter of 2015 and 2014 do not include various items (after tax) that were included in reported GAAP Net Income:
($ millions) 2Q15 2Q14Generation Adjusted (non-GAAP) Operating Earnings
$309
$231
Mark-to-Market Impact of Economic Hedging Activities 145 (8) Unrealized (Losses) Gains Related to NDT Fund Investments (56) 76 Amortization of Commodity Contract Intangibles (9) (23) Merger and Integration Costs (5) (19) Long-Lived Asset Impairments — (53) Gain on CENG Integration — 159 CENG Non-Controlling Interest 14 (23)Generation GAAP Net Income
$398
$340
Generation’s Adjusted (non-GAAP) Operating Earnings in the second quarter of 2015 increased $78 million compared with the same quarter in 2014. This increase primarily reflected higher revenue net of purchased power and fuel as a result of a reduction in the number of nuclear outage days, favorability from portfolio management optimization activities, the Integrys acquisition and the cancellation of the DOE spent nuclear fuel disposal fee; as well as higher realized NDT fund gains. These increases were partially offset by increased interest and income tax expenses.
ComEd consists of electricity transmission and distribution operations in Northern Illinois.
ComEd's second quarter 2015 GAAP Net Income was $99 million, compared with net income of $111 million in the second quarter of 2014. Adjusted (non-GAAP) Operating Earnings for the second quarter of 2015 do not include merger and integration costs that were included in reported GAAP Net Income:
($ millions)2Q15
2Q14ComEd Adjusted (non-GAAP) Operating Earnings
$101
$111
Merger and Integration Costs (2) —ComEd GAAP Net Income
$99
$111
ComEd’s Adjusted (non-GAAP) Operating Earnings in the second quarter of 2015 decreased $10 million from the same quarter in 2014 primarily as a result of unfavorable weather offset by increased electric distribution earnings, reflecting the impacts of increased capital investment, partially offset by lower allowed return on common equity due to a decrease in treasury rates.
For the second quarter of 2015, heating degree-days in the ComEd service territory were down 1.3 percent relative to the same period in 2014 and were 10.3 percent below normal. Cooling degree days were down 34.0 percent from prior year and 21.6 percent below normal. Total retail electric deliveries decreased 3.8 percent in the second quarter of 2015 compared with the same period in 2014.
Weather-normalized retail electric deliveries decreased 1.2 percent in the second quarter of 2015 compared with the same period in 2014.
PECO consists of electricity transmission and distribution operations and retail natural gas distribution operations in Southeastern Pennsylvania.
PECO’s second quarter 2015 GAAP Net Income was $70 million, compared with net income of $84 million in the second quarter of 2014. Adjusted (non-GAAP) Operating Earnings for the second quarter of 2015 do not include merger and integration costs that were included in reported GAAP Net Income:
($ millions) 2Q15 2Q14PECO Adjusted (non-GAAP) Operating Earnings
$71
$84
Merger and Integration Costs (1) —PECO GAAP Net Income
$70
$84
PECO’s Adjusted (non-GAAP) Operating Earnings in the second quarter of 2015 decreased $13 million from the same quarter in 2014 primarily due to increased storm costs.
For the second quarter of 2015, heating degree-days in the PECO service territory were down 16.0 percent relative to the same period in 2014 and were 29.2 percent below normal. Cooling degree days were up 36.8 percent from the prior year and 47.4 percent above normal. Total retail electric deliveries were up 2.7 percent compared with the second quarter of 2014. Natural gas deliveries (including both retail and transportation segments) in the second quarter of 2015 were down 5.7 percent compared with the same period in 2014.
Weather-normalized retail electric and gas deliveries decreased 0.7 percent and increased 1.6 percent, respectively, in the second quarter of 2015 compared with the same period in 2014.
BGE consists of electricity transmission and distribution operations and retail natural gas distribution operations in Central Maryland.
BGE’s second quarter 2015 GAAP Net Income was $44 million, compared with net income of $16 million in the second quarter of 2014. Adjusted (non-GAAP) Operating Earnings for the second quarter of 2015 do not include merger and integration costs that were included in reported GAAP Net Income:
($ millions) 2Q15 2Q14BGE Adjusted (non-GAAP) Operating Earnings
$45
$16
Merger and Integration Costs (1) —BGE GAAP Net Income
$44
$16
BGE’s Adjusted (non-GAAP) Operating Earnings in the second quarter of 2015 increased $29 million from the same quarter in 2014, primarily due to decreased uncollectible accounts expense and increased distribution revenues pursuant to increased rates effective in December 2014. Due to decoupling, BGE's distribution revenues are not affected by actual weather.
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, which include the reconciliation on page 8, 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 July 29, 2015.
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, Commonwealth Edison Company, PECO Energy Company, Baltimore Gas and Electric Company and Exelon Generation Company, LLC (Registrants) include those factors discussed herein, as well as the items discussed in (1) Exelon’s 2014 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 22; (2) Exelon’s Second Quarter 2015 Quarterly Report on Form 10-Q (to be filed on July 29, 2015) in (a) Part II, Other Information, ITEM 1A. Risk Factors; (b) Part 1, Financial Information, ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations and (c) Part I, Financial Information, ITEM 1. Financial Statements: Note 19; 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) is the nation’s leading competitive energy provider, with 2014 revenues of approximately $27.4 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 32,000 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 more than 2.5 million residential, public sector and business customers, including more than two-thirds of the Fortune 100. Exelon’s utilities deliver electricity and natural gas to more than 7.8 million customers in central Maryland (BGE), northern Illinois (ComEd) and southeastern Pennsylvania (PECO). Follow Exelon on Twitter @Exelon.
EXELON CORPORATION Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Consolidated Statements of Operations(unaudited)
(in millions, except per share data)
Three Months Ended June 30, 2015 Three Months Ended June 30, 2014 GAAP (a) AdjustmentsAdjustedNon-GAAP
GAAP (a) AdjustmentsAdjustedNon-GAAP
Operating revenues $ 6,514 $ (7 ) (b),(c) $ 6,507 $ 6,024 $ 170 (b),(c) $ 6,194 Operating expenses Purchased power and fuel 2,449 214 (b),(c) 2,663 2,412 108 (b),(c) 2,520 Operating and maintenance 2,042 (41 ) (d),(e) 2,001 2,166 (137 ) (d),(e) 2,029 Depreciation and amortization 602 — 602 590 — 590 Taxes other than income 294 — 294 288 — 288 Total operating expenses 5,387 173 5,560 5,456 (29 ) 5,427 Gain on sale of assets 7 — 7 13 — 13 Gain on consolidation and acquisition of businesses — — — 261 (261 ) (i) — Operating income 1,134 (180 ) 954 842 (62 ) 780 Other income and (deductions) Interest expense (155 ) (104 ) (d),(f) (259 ) (238 ) 8 (d) (230 ) Other, net (17 ) 127 (g) 110 230 (162 ) (g) 68 Total other income and (deductions) (172 ) 23 (149 ) (8 ) (154 ) (162 ) Income before income taxes 962 (157 ) 805 834 (216 ) 618 Income taxes 327 (41 )(b),(c),(d),(e),(f),(g)
286 277 (111 )(b),(c),(d),(e),(i),(g)
166 Equity in losses of unconsolidated affiliates (2 ) — (2 ) — — — Net income 633 (116 ) 517 557 (105 ) 452 Net income (loss) attributable to noncontrolling interests and preference stock dividends (5 ) 14 (h) 9 35 (23 ) (h) 12 Net income attributable to common shareholders $ 638 $ (130 ) $ 508 $ 522 $ (82 ) $ 440 Effective tax rate 34.0 % 35.5 % 33.2 % 26.9 % Earnings per average common share Basic $ 0.74 $ (0.15 ) $ 0.59 $ 0.61 $ (0.10 ) $ 0.51 Diluted $ 0.74 $ (0.15 ) $ 0.59 $ 0.60 $ (0.09 ) $ 0.51 Average common shares outstanding Basic 863 863 860 860 Diluted 866 866 864 864 Effect of adjustments on earnings per average diluted common share recorded in accordance with GAAP:Mark-to-market impact of economic hedging activities (b)
$(0.16
)
$0.01
Amortization of commodity contract intangibles (c) 0.01 0.03 Merger and integration costs (d) 0.02 0.03 Long-lived asset impairment (e) 0.02 0.08Mark-to-market impact of PHI merger related interest rate swaps (f)
(0.08 ) — Unrealized losses (gains) related to NDT fund investments (g) 0.06 (0.09 ) CENG Non-controlling interest (h) (0.02 ) 0.03 Gain on CENG integration (i) — (0.18 ) Total adjustments $ (0.15 ) $ (0.09 ) (a) Results reported in accordance with accounting principles generally accepted in the United States (GAAP). (b) Adjustment to exclude the mark-to-market impact of Exelon’s economic hedging activities, net of intercompany eliminations. (c) Adjustment to exclude the non-cash amortization of intangible assets, net, related to commodity contracts recorded at fair value, if and when applicable, related to the Constellation merger, the CENG integration and the Integrys acquisition. (d) Adjustment to exclude certain costs associated with the Constellation merger, pending PHI acquisition, and at Generation, the CENG integration and Integrys acquisition, including, if and when applicable, professional fees, employee-related expenses, integration activities, upfront credit facilities fees, merger commitments, and certain pre-acquisition contingencies. (e) Adjustment to exclude a 2015 and 2014 charge to earnings related to the impairment of investments in long-term leases and a 2014 charge to earnings related to the impairment of certain wind generating assets. (f) Adjustment to exclude the mark-to-market impact of Exelon Corporate's forward-starting interest rate swaps related to financing for the pending PHI acquisition. (g) Adjustment to exclude the unrealized gains and losses on NDT fund investments to the extent not offset by contractual accounting as described in the notes to the consolidated financial statements. (h) Adjustment to account for Generation's non-controlling interest related to CENG exclusion items, primarily related to the impact of unrealized gains and losses on NDT fund investments in 2015, and in 2014 the impact of unrealized gains and losses on NDT fund investments, certain merger and acquisition costs, and non-cash amortization of intangible assets, net, related to commodity contracts. (i) Adjustment to exclude the gain recorded upon consolidation of CENG resulting from the difference in the fair value of CENG’s net assets and the equity method investment previously recorded on Generation’s and Exelon’s books and the settlement of pre-existing commitments between Generation and CENG. EXELON CORPORATION Reconciliation of Adjusted (non-GAAP) Operating Earnings toGAAP Consolidated Statements of Operations
(unaudited)
(in millions, except per share data)
Six Months Ended June 30, 2015 Six Months Ended June 30, 2014 GAAP (a) AdjustmentsAdjustedNon-GAAP
GAAP (a) AdjustmentsAdjustedNon-GAAP
Operating revenues $ 15,345 $ (201 ) (b),(c) $ 15,144 $ 13,261 $ 1,020 (b),(c),(d) $ 14,281 Operating expenses Purchased power and fuel 6,919 220 (b),(c) 7,139 6,752 187 (b),(c) 6,939 Operating and maintenance 4,123 (53 ) (d),(e),(f) 4,070 4,024 (149 ) (d),(f) 3,875 Depreciation and amortization 1,212 — 1,212 1,154 — 1,154 Taxes other than income 598 — 598 580 — 580 Total operating expenses 12,852 167 13,019 12,510 38 12,548 Equity in losses of unconsolidated affiliates — — — (20 ) 12 (c),(d) (8 ) Gain on sales of assets 8 — 8 18 — 18 Gain on consolidation of CENG — — — 261 (261 ) (j) — Operating income 2,501 (368 ) 2,133 1,010 733 1,743 Other income and (deductions) Interest expense, net (501 ) (15 ) (d),(g) (516 ) (465 ) 8 (d) (457 ) Other, net 64 78 (h) 142 330 (205 ) (h),(k) 125 Total other income and (deductions) (437 ) 63 (374 ) (135 ) (197 ) (332 ) Income before income taxes 2,064 (305 ) 1,759 875 536 1,411 Income taxes 690 (104 )(b),(c),(d),(e),(f),(g),(h)
586 224 201(b),(c),(d),(f),(h),(j),(k)
425 Equity in losses of unconsolidated affiliates (2 ) — (2 ) — — — Net income 1,372 (201 ) 1,171 651 335 986 Net income attributable to noncontrolling interests, preferred security dividends and redemption and preference stock dividends 41 7 (i) 48 39 (23 ) (i) 16 Net income attributable to common shareholders $ 1,331 $ (208 ) $ 1,123 $ 612 $ 358 $ 970 Effective tax rate 33.4 % 33.3 % 25.6 % 30.1 % Earnings per average common share Basic $ 1.54 $ (0.24 ) $ 1.30 $ 0.71 $ 0.42 $ 1.13 Diluted $ 1.54 $ (0.24 ) $ 1.30 $ 0.71 $ 0.41 $ 1.12 Average common shares outstanding Basic 862 862 860 860 Diluted 866 866 863 863 Effect of adjustments on earnings per average diluted common share recorded in accordance with GAAP: Mark-to-market impact of economic hedging activities (b) $ (0.27 ) $ 0.52 Amortization of commodity contract intangibles (c) (0.02 ) 0.06 Merger and integration costs (d) 0.04 0.04 Long-lived asset impairment (e) 0.02 0.08 Midwest Generation bankruptcy recoveries (f) (0.01 ) —Mark-to-market impact of PHI merger related interest rate swaps (g)
(0.03 ) — Unrealized gains related to NDT fund investments (h) 0.04 (0.10 ) CENG Non-controlling interest (i) (0.01 ) 0.03 Gain on CENG integration (j) — (0.18 ) Tax settlement (k) — (0.04 ) Total adjustments $ (0.24 ) 0.41Note: For the six months ended June 30, 2014, includes the results of operations of CENG beginning April 1, 2014, the date the nuclear operating services agreement was executed.
(a) Results reported in accordance with GAAP. (b) Adjustment to exclude the mark-to-market impact of Exelon’s economic hedging activities, net of intercompany eliminations. (c) Adjustment to exclude the non-cash amortization of intangible assets, net, related to commodity contracts recorded at fair value, if and when applicable, related to the Constellation merger, the CENG integration and the Integrys acquisition. (d) Adjustment to exclude certain costs associated with the Constellation merger, pending PHI acquisition, and at Generation, the CENG integration and Integrys acquisition, including, if and when applicable, professional fees, employee-related expenses, integration activities, upfront credit facilities fees, merger commitments, and certain pre-acquisition contingencies. (e) Adjustment to exclude a 2015 and 2014 charge to earnings related to the impairment of investments in long-term leases and a 2014 charge to earnings related to the impairment of certain wind generating assets. (f) Adjustment to reflect a benefit related to the favorable settlement of a long-term railcar lease agreement pursuant to the Midwest Generation bankruptcy. (g) Adjustment to exclude the mark-to-market impact of Exelon Corporate's forward-starting interest rate swaps related to financing for the pending PHI acquisition. (h) Adjustment to exclude the unrealized gains on NDT fund investments to the extent not offset by contractual accounting as described in the notes to the consolidated financial statements. (i) Adjustment to account for Generation's non-controlling interest related to CENG exclusion items, primarily related to the impact of unrealized gains and losses on NDT fund investments in 2015, and in 2014 the impact of unrealized gains and losses on NDT fund investments, certain merger and acquisition costs, and non-cash amortization of intangible assets, net, related to commodity contracts. (j) Adjustment to exclude the gain recorded upon consolidation of CENG resulting from the difference in the fair value of CENG’s net assets and the equity method investment previously recorded on Generation’s and Exelon’s books and the settlement of pre-existing commitments between Generation and CENG. (k) Adjustment to reflect a benefit related to favorable settlements in 2014 of certain income tax positions on Constellation’s 2009-2012 tax returns.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150729005615/en/
Exelon CorporationFrancis Idehen, 312-394-3967Investor RelationsPaul Adams, 410-470-4167Corporate Communications
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