Exelon, a Chicago-based utility company, exceeded expectations in its fourth-quarter financial report, showcasing higher revenue and earnings driven by distribution rate increases.
Financial Performance
Profit Surge: Exelon reported a fourth-quarter profit of $617 million, equating to 62 cents per share. This marked a significant increase from the $432 million, or 43 cents per share, reported in the same period the previous year.
Exceeding Expectations: Adjusted earnings stood at 60 cents per share, surpassing the anticipated 58 cents per share according to analysts surveyed by FactSet.
Revenue Growth: The company saw revenue spike to $5.37 billion, up from $4.67 billion, significantly beating analysts’ expectations which were set at $3.87 billion.
Future Outlook
2024 Projections: Exelon is targeting adjusted earnings of $2.40 to $2.50 per share by 2024, slightly above the projected $2.41 per share by analysts.
Investment Plans: CFO Jeanne Jones announced plans to invest $35 billion into the company’s system over the next four years, emphasizing a commitment to future growth.
Segment Performance
- Boosted Segments: Earnings across various segments, such as ComEd and PECO, experienced a surge in the fourth quarter due to rate increases.
These positive results underscore Exelon’s strong performance and strategic growth initiatives moving forward.
