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Exelon Corporation (EXC)

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Exelon Corporation (EXC)

Q2 2014 Earnings Conference Call

July 31, 2014 10:00 AM ET

Executives

Ravi Ganti – Vice President-Investor Relations

Christopher M. Crane - President and CEO

Jonathan W. Thayer – EVP and CFO

Joseph Nigro – EVP-Exelon; CEO-Constellation

Joseph Dominguez – SVP-Federal Regulatory Affairs & Public Policy

Analysts

Dan Eggers – Credit Suisse

Steve Fleishman – Wolfe Research

Greg Gordon – ISI

Jonathan Arnold – Deutsche Bank

Hugh Wynne – Sanford Bernstein

Angie Storozynski – Macquarie Capital

Presentation

Operator

Good morning, my name is Amy, and I’ll be your conference operator today. At this time, I would like to welcome everyone to the second quarter 2014 earnings call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. (Operator Instructions) Thank you. Mr. Ravi Ganti, you may begin your conference.

Ravi Ganti

Thank you, Amy. Good morning everyone, and thanks for joining our second quarter 2014 earning conference call. Leading the call today are Chris Crane, Exelon’s President and CEO; Jack Thayer, Exelon’s Executive Vice President and CFO, and Joe Nigro, CEO Constellation.

They are joined by other members of Exelon’s senior management team, who will be available to answer your questions following our prepared remarks. We issued our earning release this morning along with a presentation, each of which can be found in the Investor Relations section of Exelon’s website. The press release and other matters that we discuss during today’s call contain forward-looking statements and estimates that are subject to various risks and uncertainties.

The actual results could defer from our forward-looking statements, based on factors and assumptions discussed in today's earning release, comments we do in this call, and in the risk factors section of the earnings release. Please reported today's 8-K and Exelon’s other fillings for a discussion of factors that may cause the results to differ from managements projections, forecasts, and expectations.

Today’s presentation also includes references to adjusted opening earnings which is a non-GAAP measure. Please report to the information contained in the appendix of our presentation and the earnings release for reconciliation between the non-GAAP measures to the GAAP earnings. We have scheduled 60 minutes for this call.

I’ll now turn the call over to Chris Crane, Exelon, CEO.

Christopher M. Crane

Thanks, Ravi. Good morning to everybody and thank you for joining. We had a good quarter overall, but before I get into those details I wanted to start today’s call by re-emphasizing Exelon’s long-term strategy. Our strategy is to continue to leverage our integrated business model to create value, invest for growth, and explore ways to diversify our business into other areas of the energy value chain. The utilities provide stable earnings in dividend support and allow us to reinvest in projects to strengthen the infrastructure. Our competitive business provides commodity upside, and the platform to diversify into adjacent markets.

On the regulated side, the Pepco Holdings transaction provides an opportunity to accelerate our regulated growth, and provides stable cash flows, earnings accretion and dividend stability. The geographic fit in the operational synergies provide us the opportunity to deliver better customer service. On the Genco side, we continue to look for ways to grow in the existing markets we serve, and diversify into other related areas.

Our partnership with Bloom Energy Fuel Cells is aligned with our goals of keeping up with our customer needs and the growth demand for distributed generation. Our acquisition of the Integrys Energy Services business allows us to expand our retail footprint further in an industry that continues to mature, consolidate, and provide hedging diversification benefits for our existing portfolio.

Similarly, our interest in the Annova LNG is another example. We are significant participants in natural gas market, managing approximately 1.4 trillion cubic feet of gas on an annual basis. This project fits nicely in this business and aims to develop mid-scale, LNG facility near Port of Brownsville, Texas. It’s in its early stage of screening for development with very little financial commitment for us at this moment, but has significant potential upside. So you can expect that we will continue to look for, and find diversification opportunities that leverage our expertise and strengths.

Moving on to the quarterly results, we posted a solid quarter with operating earnings of $0.51 per share, which is just over the upper end of our guidance range. For the full-year, we are reaffirming our guidance range of $2.25 to $2.55 a share, which we provided to you at the beginning of the year. Jack is going to go into more details about the earning in our financial performance in his remarks.

On the operational front, we had a solid operational performance at our nuclear fleet this quarter. We achieved 91.8% capacity factor while completing five refueling outages during the second quarter. After completing our spring refueling outages, we ran at 98.8% for the month of June.

These capacity factors include our ownership share of the CENG plants, which became integrated into the Exelon operations platform on April 1. Our gas renewable fleets had a strong quarter as well with fossil hydro dispatch match at 99.2% and our solar and wind energy capture at 94.7%.

ComEd and PECO had significant storms around the end of the quarter and on the last day of the quarter we had severe weather including multiple tornados in Illinois that caused service interruptions to over 420,000 customers in the ComEd service territory. PECO faced two storms on July 3 and July 8 that left more than 400,000 customers without power. In the matter of three days, or a little less, the power was restored to over 99.9% of those affected, demonstrating a storm response capability of our organization. I'd like to thank those personnel that were involved for the quick and rapid response.

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