ComEd parent cutting dividend 41 percent
BY FRANCINE KNOWLES Business Reporter firstname.lastname@example.org February 7, 2013 9:42AM
Commonwealth Edison parent company Exelon Corp. will cut its dividend 41 percent starting with the second quarter dividend, the utility said Thursday.
The dividend will fall to 31 cents per share quarterly from 52.5 cents per share. On an annualized basis, it will fall to $1.24 per share from $2.10 per share, the utility said.
Exelon said it is taking the action “to position us to maintain our investment grade rating, return a stable dividend and provide capacity to invest in growth.
The utility said it earned $378 million, or 44 cents per share, in the fourth quarter, compared with $606 million, or 91 cents per share, in the year ago quarter. For the year, Exelon earned $1.16 billion, or $1.42 per share, down from $2.5 billion, or $3.75 per share, within its guidance range.
The report includes results for Constellation Energy and Baltimore Gas and Electric Co., which Exelon only acquired in March 2012.