Exelon Corp. (NASDAQ: EXC) reported Q3 EPS of $1.04, $0.17 better than the analyst estimate of $0.87. Revenue for the quarter came in at $8.85 billion versus the consensus estimate of $8.35 billion.

Earnings Release Highlights

• GAAP Net Income of $0.51 per share and Adjusted (non-GAAP) Operating Earnings of $1.04 per share for the third quarter of 2020
• Raising our guidance range for full year 2020 Adjusted (non-GAAP) Operating Earnings from $2.80 - $3.10 per share to $3.00 - $3.20 per share
• Strong utility reliability and customer operations performance - every utility achieved top quartile in outage frequency & duration, customer satisfaction, abandon rate and gas odor response
• Generation’s nuclear fleet ran with a capacity factor of 96.0%
• Pepco filed the second multi-year plan in Maryland; filing proposes flat distribution rates for the first two years
• Conducting a strategic review of our corporate structure to determine how best to create value and position our businesses for success

“Our financial results exceeded expectations, and our utility and generation operational performance remained strong despite the challenges of the pandemic, record heat and extreme storms, including tropical storm Isaias on the East Coast and a hurricane-scale derecho that spawned 13 tornadoes across our ComEd territory in the Midwest,” said Christopher M. Crane, president and CEO of Exelon. “We also confronted difficult strategic decisions on specific generation assets during the quarter, including our plans to prematurely retire our Byron and Dresden nuclear stations in Illinois in 2021 due to broken energy policies that don’t fairly value clean energy resources. In addition, our gas-fired Mystic plant in Boston will retire in 2024 when its cost of service agreement expires. We expect to finish the year strong as we maintain our focus on safe, reliable operations, reducing costs, supporting clean energy policies and positioning the company for the future.”

“Excellent operational performance and our success in managing costs during the pandemic continues to drive strong financial performance, resulting in adjusted (non-GAAP) third-quarter earnings of $1.04 per share, which exceeded our guidance of $0.80 to $0.90 per share,” said Joseph Nigro, senior executive vice president and CFO of Exelon. “So far this year, we have invested $4.5 billion at our utilities to improve infrastructure and further increase grid reliability for customers, with more on the way as we move forward with new proposed capital projects across our service territories over the next several years. We are raising our year-end earnings guidance to $3.00 to $3.20 per share from $2.80 to $3.10 per share.”

GUIDANCE:

Exelon Corp. sees FY2020 EPS of $3.00-$3.20, versus the consensus of $2.97.

For earnings history and earnings-related data on Exelon Corp. (EXC) click here.