Exelon Posts Lower Sales
February 03 2016 - 10:50AM
Dow Jones News
Exelon Corp. said its revenue and adjusted profit fell in its
latest quarter, thanks to mild weather that hit the utility's
natural-gas-distribution businesses in Pennsylvania and
Illinois.
Still, sales topped expectations and shares edged 1.4% higher in
morning trading.
The Chicago-based power company, which is trying to complete its
$6.8 billion acquisition of Pepco Holdings Inc. amid regulatory
pushback, operates three utilities. Like other energy providers,
Exelon said unseasonably warm weather at the end of the year hurt
fourth-quarter results.
Profit at the company's PECO segment, which provides electricity
and natural gas to about 2.1 million customers in southeastern
Pennsylvania fell to $79 million from $98 million a year earlier
amid record December temperatures in the eastern part of the U.S.
Better performance in Exelon's other businesses helped offset that
decline. In its ComEd segment, which services nearly four million
customers in Illinois, earnings rose to $87 million from $73
million. Exelon's generation segment, which includes nuclear energy
and provides power to customers across five states, swung to a
profit of $154 million, compared with a loss of $91 million a year
earlier.
Over all, Exelon reported a profit of $309 million, or 33 cents
a share, up from $38 million, or five cents, a year earlier.
Excluding a $51 million one-time gain, merger costs, asset
impairments and other items, earnings per share fell to 38 cents
from 48 cents.
Operating revenue slid 7.6% to $6.70 billion. Analysts projected
40 cents in adjusted per-share profit on $5.74 million in revenue,
according to Thomson Reuters.
For the year, Exelon expects to earn $2.40 to $2.70 in adjusted
earnings per share, bracketing the $2.52 average analyst estimate.
The company also said it intends to raise its dividend by 2.5% each
year over the next three years. Exelon has paid out 31 cents a
quarter since mid-2013.
Write to Lisa Beilfuss at lisa.beilfuss@wsj.com
(END) Dow Jones Newswires
February 03, 2016 10:35 ET (15:35 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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