) announced third-quarter 2013 pro forma earnings of 78 cents per
share, surpassing the Zacks Consensus Estimate by 12 cents.
Quarterly earnings edged up 1.3% year over year on the back of
robust performance from the generating assets, positive outcomes
from strategic investments, improvement in capacity prices
associated with the Reliability Pricing Model for the PJM
Interconnection, LLC market and operating and maintenance
synergies related to the Constellation-merger.
The results excluded unrealized gain related to nuclear of 3
cents, a mark-to-market gain of 17 cents from the economic
hedging activities, a penny charge for the asset retirement
obligations, the Constellation-merger and integration costs of 3
cents, a 5 cents charge for the amortization of commodity
contract intangibles and long-lived asset impairment charges of 3
cents. Including these one time charges and gains, the company's
earnings were 86 cents compared with 35 cents in the year-ago
Exelon's total operating revenues were $6.5 billion, beating the
Zacks Consensus Estimate by $0.2 billion.
However, quarterly revenues edged down 1.2% year over year
primarily due to lower sales figures at the company's
Commonwealth Edison Company
PECO Energy Company
("PECO") businesses. This was partially offset by a rise in
Baltimore Gas and Electric
In the quarter under review, total operating expenses declined
11.7% year over year to $5.3 billion, mainly due to a decrease in
purchase power and fuel expenses as well as operating and
Decline in operating expenses offset the decline in revenue,
resulting in an operating income of $1.3 billion, up 108% year
Exelon ended the quarter with cash and cash equivalents of $1.6
billion, up from $1.4 billion at the end of 2012.
Long-term debt as of Sep 30, 2013 totaled $17.6 billion, up from
$17.2 billion as of Dec 31, 2012.
During the first nine months of 2013, net cash flows provided by
operating activities was $4.4 billion versus $4.6 billion in the
year-ago comparable period.
Exelon' capital expenditure was $3.9 billion during the first
nine months of 2013 compared with $4.1 billion in the prior-year
Exelon's hedging program involves hedging of the commodity risks
for expected generation, typically on a ratable basis over a
three-year period. The proportion of expected generation hedged
as of Sep 30, 2013, is 97% - 100% for 2013, 84% - 87% for 2014,
and 48% - 51% for 2015.
Exelon narrowed its full-year 2013 guidance to $2.40 - $2.60 per
share from the earlier projection of $2.35 - $2.65 per share.
) posted operational earnings of $2.41 per share, ahead of the
Zacks Consensus Estimate of $2.29 by 5.2%.
Exelon currently has a Zacks Rank #3 (Hold). However, other
stocks from the industry that are presently performing well
NRG Yield, Inc.
UNS Energy Corporation
), each with a Zacks Rank #1 (Strong Buy).
ENTERGY CORP (ETR): Free Stock Analysis
EXELON CORP (EXC): Free Stock Analysis Report
NRG YIELD INC-A (NYLD): Free Stock Analysis
UNS ENERGY CORP (UNS): Free Stock Analysis
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