Exelon Q4 Highlights: Earnings Exceed Projections, Dividend Hike & More

Exelon Corp EXC reported fourth-quarter fiscal 2023 operating revenue growth of 15% year-over-year to $5.37 billion, beating the estimates of $4.17 billion.

Adjusted EPS improved to $0.60 from $0.43 in 2022, beating the estimate of $0.58.

ComEd’s Adjusted Operating Earnings increased to $269 million from $211 million YoY, primarily due to increases in electric distribution formula rate earnings.

PECO’s Adjusted Operating Earnings increased to $154 million from $102 million YoY, primarily due to distribution rate increases and favorable impacts from lower storm costs.

BGE’s Adjusted Operating Earnings increased to $199 million from $114 million YoY, primarily due to favorable impacts of the multi-year plans, including the recognition of the reconciliation in 2023.

PHI’s Adjusted Operating Earnings increased to $102 million from $90 million YoY due to distribution and transmission rate increases and timing of excess deferred tax amortization.

Exelon’s net cash flows generated by operating activities for the fiscal 2023 totaled $4.70 billion, compared to $4.87 billion in 2022.

The company’s cash, restricted cash, and cash equivalents at the end of the quarter totaled $1.10 billion.

Dividend: EXC declared a quarterly dividend of $0.38 per share for the first quarter of 2024, representing a 5.6% growth over last quarter’s dividend. The dividend is payable on March 15, 2024, to shareholders of record as of 5 p.m. Eastern time on March 4, 2024.

“Over the next four years, Exelon will invest $35 billion to serve our customers, resulting in 7.5% rate base growth and an expected annualized earnings growth rate of 5% to 7% through 2027, off the midpoint of our 2023 guidance, with an expectation of being at midpoint or better in that range,” commented Exelon Chief Financial Officer Jeanne Jones.

2024 Outlook: EXC expects adjusted EPS of $2.40 to $2.50 versus $2.41 consensus, driven by continued investment in jurisdictions’ energy transformations and doing so as affordably and efficiently as possible.

“In 2024, we will continue to innovate and partner with regulators and stakeholders across Exelon’s jurisdictions to support our shared energy and environmental goals, while demonstrating the power of impact for our customers and communities”, commented President and CEO Calvin Butler.

Price Action: EXC shares are trading higher by 4% at $36.12 on the last check Wednesday.