Exelon Corporation Q1 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter Overview

  • Exelon reported GAAP EPS of $0.49 and non-GAAP EPS of $0.64 for Q1 2022. This compares to Q1 2021 non-GAAP EPS of $0.55, reflecting an improvement driven by higher transmission and distribution rates.
  • Adjusted operating earnings from continuing operations increased to $0.64 versus $0.55 in the prior-year quarter. When excluding discontinued operations accounting adjustments, Q1 2022 results were $0.02 higher than Q1 2021.
  • Post-separation from Constellation was completed on February 1, 2022. Total shareholder return since announcement reached 76% through mid-April 2022, significantly outperforming industry benchmarks.

Financial Guidance and Outlook

  • Full-year 2022 earnings guidance reaffirmed at $2.18–$2.32 per share.
  • Management maintains a long-term operating EPS growth target of 6%–8% through 2025.
  • Q1 trailing 12-month ROE was 8.9%, slightly below the 9%–10% target range, with expectations to return to the range by year-end as rate cases and earnings flow through.
  • $29 billion capital spending planned over the next four years; nearly 100% of rate base growth expected to be covered by alternative recovery mechanisms.

Key Operational and Strategic Highlights

  • ComEd reliability remained top decile, achieving its highest Q1 reliability on record.

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Operator: Hello, and welcome to Exelon's First Quarter Earnings Conference Call. My name is Olivia, and I'll be your event specialist today. [Operator Instructions] Please note that today's webcast is being recorded. [Operator Instructions] It is now my pleasure to turn today's program over to Jeanne Jones, Senior Vice President of Corporate Finance. The floor is yours. Jeanne Jones : Thank you, Olivia. Good morning, everyone, and thank you for joining our first quarter 2022 earnings conference call. Leading the call today are Chris Crane, Exelon's President and Chief Executive Officer; and Joe Nigro, Exelon's Chief Financial Officer. They're joined by other members of Exelon's senior management team who will be available to answer your questions following our prepared remarks. We issued our earnings release this morning along with the presentation, all of which can be found in the Investor Relations section of Exelon's website. The earnings release and other matters which we discuss during today's call contain forward-looking statements and estimates that are subject to various risks and uncertainties. Actual results could differ from our forward-looking statements based on factors and assumptions discussed in today's material and comments made during this call. Please refer to today's 8-K and Exelon's other SEC filings for discussions of risk factors and other factors that may cause results to differ from management's projections, forecasts and expectations. Today's present

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