Exelon's Q1 Earnings & Sales Beat Estimates, Delivery Volume Up

Exelon Corporation’s EXC first-quarter 2025 earnings of 92 cents per share surpassed the Zacks Consensus Estimate of 85 cents by 8.3%. (See the Zacks Earnings Calendar to stay ahead of market-making news.)

The bottom line also increased 35.3% from the year-ago level of 68 cents. Higher distribution and transmission-rate increase at Commonwealth Edison Company and Pepco Holdings LLC boosted year-over-year earnings.

On a GAAP basis, earnings were 90 cents per share, which increased 36.4% from the year-ago quarter’s 66 cents.

Total Revenues of Exelon

Exelon reported revenues of $6.71 billion, which surpassed the Zacks Consensus Estimate of $6.45 billion by 4.05%. The top line was 11.1% up from the year-ago figure of $6.04 billion.

Exelon Corporation Price, Consensus and EPS Surprise

Exelon Corporation price-consensus-eps-surprise-chart | Exelon Corporation Quote

Highlights of Exelon’s Q1 Release

Despite a 0.48% year-over-year drop in customer volume, total electric deliveries of 21,314 gigawatt hours in the reported quarter were up 3.4%, primarily due to higher volumes sold to the all customers group.

Due to revenue decoupling, ComEd’s distribution earnings were not affected by actual weather or customer usage patterns.

Exelon's total operating expenses increased nearly 5% year over year to $5.17 billion.

Operating income amounted to $1.53 billion, up 37.9% year over year.

Interest expenses totaled $510 million, up nearly 9% from the year-ago quarter’s level.

In the reported quarter, adjusted net income was $908 million compared with $658 million in the year-ago quarter.

Segmental Details of EXC

Commonwealth Edison Company (ComEd): Adjusted earnings in the first quarter were $325 million, up 48.4% from the year-ago quarter. The year-over-year increase was primarily due to the timing of distribution earnings, higher distribution and transmission rate base, driven by incremental investments to serve customers and higher return on regulatory assets, primarily due to an increase in asset balances.

PECO Energy Company (PECO): Adjusted operating earnings for the reported quarter increased 77.8% year over year to $265 million, primarily due to higher electric and gas distribution rates associated with updated recovery of investments to serve customers, normal weather and the timing of tax repairs deductions.

Baltimore Gas and Electric Company (BGE): Adjusted earnings for the quarter decreased 1.5% year over year to $260 million due to higher interest expense.

Pepco Holdings LLC (PHI): Adjusted operating earnings for the quarter increased 15.5% year over year to $194 million due to favorable distribution and transmission rates at Pepco and Delmarva Power & Light Company( DPL), driven by updated recovery of investments to serve customers and favorable weather at DPL.

EXC’s Financial Highlights

Cash and cash equivalents totaled $1,004 million as of March 31, 2025, compared with $357 million as of Dec. 31, 2024.

Long-term debt was $45.34 billion as of March 31, 2025, compared with $42.94 billion as of Dec. 31, 2024.

Cash provided by operating activities in the first quarter of 2025 totaled $1.2 billion compared with $0.99 billion in the year-ago period.

Guidance of Exelon

Exelon reaffirmed earnings in the range of $2.64-$2.74 per share for 2025. The Zacks Consensus Estimate for the same is pinned at $2.67 per share, a tad lower than the company’s guided range. The company also reaffirmed its adjusted (non-GAAP) operating EPS compounded annual growth target of 5-7% through 2028.

Exelon will be making $38 billion of critical investments in its energy infrastructure in the 2025-2028 period.

Zacks Rank of Exelon

Exelon has a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Other Releases

NextEra Energy, Inc. NEE reported first-quarter 2025 adjusted earnings of 99 cents per share, which beat the Zacks Consensus Estimate of 97 cents by 2.1%.

NEE’s long-term (three-to-five years) earnings growth rate is 7.72%. It delivered an average earnings surprise of 3.58% in the last four quarters.

Edison International EIX reported first-quarter 2025 adjusted earnings of $1.37 per share, which surpassed the Zacks Consensus Estimate of $1.21 by 13.2%.

EIX’s long-term earnings growth rate is 6.97%. It delivered an average earnings surprise of 8.82% in the last four quarters.

PG&E Corporation PCG reported first-quarter 2025 adjusted EPS of 33 cents, which lagged the Zacks Consensus Estimate of 35 cents by 5.7%.

PCG’s long-term earnings growth rate is 9.84%. It delivered an average earnings surprise of 3.31% in the last four quarters.

 

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This article originally published on Zacks Investment Research (zacks.com).

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