By Tess Stynes
Exelon Corp. (EXC) said its fourth-quarter earnings rose 31% as
the power company benefited from fewer storm-related costs.
The year-earlier period included impacts from superstorm Sandy
at its Philadelphia-based PECO utility and its Maryland-based BGE
utility.
Exelon, the largest owner and operator of nuclear-power plants
in the U.S., acquired Constellation Energy Group in an $8 billion
deal during 2012 that added a growing retail power business in
states such as Texas, New Jersey and Pennsylvania.
The company's wholesale power business has continued to struggle
as power prices have remained low for a prolonged period and demand
has been flat.
In the latest quarter, the company's generating segment's
adjusted earnings fell 35% on lower realized market prices,
increased depreciation and amortization expense and weaker
margins.
Exelon reported a profit of $495 million, or 58 cents a share,
down from $378 Million, or 44 cents a share, a year earlier.
Excluding hedging impacts and other items, adjusted earnings fell
to 50 cents from 64 cents. Revenue decreased 1.3% to $6.18
billion.
Analysts polled by Thomson Reuters expected per-share profit of
54 cents and revenue of $5.56 billion.
Operating and maintenance costs declined 5.9%.
For the year, Exelon forecast per-share earnings of $2.25 to
$2.55. Analysts polled by Thomson Reuters expected $2.28.
Write to Tess Stynes at tess.stynes@wsj.com
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