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Exelon Projects Weak Year EPS View

By Melodie Warner Exelon Corp. (EXC) forecast full-year earnings below Wall Street's expectations as the wholesale power plant operator faces continued challenges amid low U.S. natural gas prices. In presentation slides released ahead of its Thursday analyst meeting, Exelon said it expects 2012 adjusted operating earnings of $2.55 to $2.85 a share, while analysts surveyed by Thomson Reuters most recently estimated per-share earnings at $2.98. Exelon owns Illinois utility Commonwealth Edison, but its largest business is operating power plants across the U.S. and selling the electricity on the wholesale market. Historically low U.S. natural gas prices have forced wholesale power prices lower, while warm winter weather cut energy demand. In March, the largest operator of nuclear plants in the U.S. completed its acquisition of Constellation Energy Group Inc., owner of Baltimore Gas & Electric, Pennsylvania utility PECO as well as a fleet of nuclear power plants and a retail power business. The company's guidance includes earnings from Constellation Energy and BGE. Exelon said it plans to identify additional cost management opportunities within the combined company, use project financing for renewable opportunities and maintain flexibility on the timing of generation growth projects. Last month, Exelon reported its first-quarter earnings dropped 70% amid costs related to the Constellation acquisition, while mild weather, weak demand and low power prices contributed to a 5.4% revenue decline. Shares were trading at $37.42 premarket, down 3 cents. The stock has fallen 14% so far this year. Write to Melodie Warner at melodie.warner@dowjones.com

Stock News for Exelon (EXC)
DateTimeHeadline
03/29/201510:00:03You'll Never Believe Where America's Nuclear Waste Could End...
03/27/201511:57:00PECO Requests PUC Approval to Make Additional Infrastructure...
03/27/201511:01:00Power Down for Earth Hour March 28
03/26/201515:53:00Senate Energy and Public Utilities Committee Passes ComEd’s E...
03/26/201513:37:00Illinois Senate Energy and Public Utilities Committee Passes...
03/26/201512:00:00Power Down for Earth Hour March 28
03/26/201512:00:00Power Down for Earth Hour March 28
03/26/201504:15:34Investors Presented With An Ideal Time To Buy Exelon
03/25/201516:00:00ComEd Expands Opower Program to Give Customers Insights on Energy...
03/25/201516:00:00ComEd Expands Opower Program to Give Customers Insights on Energy...
03/25/201511:00:00ComEd Provides $10 Million in Financial Assistance to Customers...
03/24/201511:16:00PECO Completes Nearly 700 Electric Projects in 2014
03/20/201511:00:00Don’t Let Winter Weather Bring You Down – Spring into Energy Sav...
03/19/201514:00:00PECO Honored for February 2014 Ice Storm Restoration Response
03/19/201514:00:00BGE Honored for February 2014 Ice Storm Restoration Response
03/19/201514:00:00ComEd Honored for June 2014 Double “Derecho” and Tornado Res...
03/19/201511:44:00HB 3328/SB1879 Offers a Comprehensive Plan for Illinois’ Energy F...
03/19/201510:22:00BGE Encourages Customers to Kick Off Spring Cleaning with a $50...
03/18/201512:30:00Procter & Gamble, Constellation and Community Celebrate One of...
03/17/201508:00:00Exelon and Pepco Holdings Inc. Reach Settlement Agreement with...

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