Exelon Corp (EXC, Financial) released its Q3 2023 earnings report on November 2, 2023. The company reported GAAP Net Income of $0.70 per share, up from $0.68 per share in Q3 2022. Adjusted Operating Earnings for the quarter were $0.67 per share, down from $0.75 per share in the same period last year.
Financial Performance
Exelon Corp (EXC, Financial) reported operating revenues of $5,980 million for the third quarter of 2023. The company's operating expenses for the quarter totaled $4,857 million, resulting in an operating income of $1,123 million. Net income attributable to common shareholders was $700 million.
Company Performance
Exelon Corp (EXC, Financial) reported strong utility reliability performance during the quarter, with every utility achieving top quartile in outage duration and outage frequency. The company also reported key milestones in its six active rate reviews. Despite an active summer storm season, Exelon's third quarter performance remained in line with expectations.
Financial Outlook
Exelon Corp (EXC, Financial) narrowed its full-year 2023 Adjusted Operating Earnings guidance from $2.30-$2.42 per share to $2.32-$2.40 per share. The company reaffirmed its fully regulated operating EPS compounded annual growth target of 6-8% from 2021 and 2022 guidance midpoints through 2025 and 2026.
Company Commentary
In the third quarter we continued to see strong execution of our financial plan and our strategy to lead the energy transformation, achieving top-quartile service reliability and key milestones in our six active rate reviews," said Exelon President and CEO Calvin Butler.
Despite an active summer storm season, Exelon’s third quarter performance remained in line with expectations, as we recorded Adjusted (non-GAAP) Operating Earnings of $0.67 per share," said Exelon Executive Vice President and CFO Jeanne Jones.
For more detailed financial information, please refer to the full earnings report on the Exelon Corp (EXC, Financial) website.
Explore the complete 8-K earnings release (here) from Exelon Corp for further details.
