Exelon Profit Rises 31% on Fewer-Storm Related Costs

   By Tess Stynes 
 

Exelon Corp. (EXC) said its fourth-quarter earnings rose 31% as the power company benefited from fewer storm-related costs.

The year-earlier period included impacts from superstorm Sandy at its Philadelphia-based PECO utility and its Maryland-based BGE utility.

Exelon, the largest owner and operator of nuclear-power plants in the U.S., acquired Constellation Energy Group in an $8 billion deal during 2012 that added a growing retail power business in states such as Texas, New Jersey and Pennsylvania.

The company's wholesale power business has continued to struggle as power prices have remained low for a prolonged period and demand has been flat.

In the latest quarter, the company's generating segment's adjusted earnings fell 35% on lower realized market prices, increased depreciation and amortization expense and weaker margins.

Exelon reported a profit of $495 million, or 58 cents a share, down from $378 Million, or 44 cents a share, a year earlier. Excluding hedging impacts and other items, adjusted earnings fell to 50 cents from 64 cents. Revenue decreased 1.3% to $6.18 billion.

Analysts polled by Thomson Reuters expected per-share profit of 54 cents and revenue of $5.56 billion.

Operating and maintenance costs declined 5.9%.

For the year, Exelon forecast per-share earnings of $2.25 to $2.55. Analysts polled by Thomson Reuters expected $2.28.

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