Exelon 3Q profit rises, beats analyst estimates
THE ASSOCIATED PRESS October 30, 2013 9:14AM
Updated: October 30, 2013 9:14AM
Exelon Corp., the nation’s largest supplier of wholesale electric power, said Thursday that its third-quarter net income rose as expenses fell. Revenue declined on lower energy prices.
Exelon earned $738 million, or 86 cents per share, for the quarter that ended Sept. 30. That was up from $296 million, or 35 cents per share, during the same period last year.
The year-ago period was held down by an array of accounting charges. Not counting special items, Exelon would have earned 78 cents per share in the most recent quarter, up from 77 cents per share a year earlier.
Revenue fell 1.2 percent to $6.5 billion, from $6.58 billion a year earlier.
Analysts surveyed by FactSet had been expecting a profit of 66 cents per share on revenue of $6.2 billion.
Exelon saved money as it boosted the share of nuclear power that it used, and it also benefited from income tax benefits from a solar project. But lower market prices for selling energy across all of its regions and higher costs for nuclear fuel offset those factors. It also saw less-favorable weather in its ComEd territory in northern Illinois and its PECO territory in Pennsylvania.
The company narrowed its full-year profit guidance to a range of $2.40 to $2.60 per share. It had previously predicted 2013 earnings of $2.35 to $2.65 per share.
Analysts expect $2.45 per share.