Exelon beats profit estimates on customer additions, higher prices

Reuters | May 3, 2023

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(Reuters) – Exelon Corp beat first-quarter profit estimates on Wednesday, as the U.S. electric and gas utility company benefited from customer additions and higher prices.

The company’s adjusted net income was 70 cents per share for the quarter ended March 31, higher than analysts’ average estimate of 66 cents per share, according to Refinitiv data.

The company, which serves more than 10 million customers through its six subsidiaries, saw higher rates at three of its units—PECO, BGE and PHI.

However, all units signed on more customers, with ComEd, the company’s biggest unit, reporting an increase to 4.13 million total customers from 4.11 million a year earlier.

Last week, Exelon’s peers Southern Co and NextEra Energy also beat quarterly profit estimates, helped by higher prices and clean energy investment push.

Exelon affirmed its full-year adjusted profit forecast of $2.30-$2.42 per share.

The company’s quarterly revenue rose to $5.56 billion from $5.33 billion a year earlier. Analysts on average estimated $5.27 billion, according to Refinitiv data.


(Reporting by Saikeerthi in Bengaluru; Editing by Shilpi Majumdar)