Exelon Corporation Q1 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

Financial Highlights

  • GAAP EPS: $0.67 per share, up from $0.64 in Q1 2022.
  • Non-GAAP (adjusted operating) EPS: $0.70 per share, up from $0.64 in Q1 2022.
  • EPS growth drivers included:
    • $0.10 increase from higher distribution and transmission rates due to completed rate cases and higher treasury rates.
    • $0.03 benefit from lapping one-time 2022 items (separation adjustment and Illinois customer refund).
    • Offset by $0.05 negative impact from mild weather in non-decoupled jurisdictions (Pennsylvania and Delaware).
    • $0.02 higher interest expense due to rising rates and debt levels.
  • The $0.70 EPS reflects approximately 30% of full year guidance midpoint of $2.36, modestly above historical first-quarter earnings weight of 28%.
  • Full-year EPS guidance of $2.30–$2.42 reaffirmed; management continues to target midpoint or higher.
  • Exelon reiterates long-term annual operating EPS growth target of 6%–8% through 2025 and 2026.
  • Utilities remain on track to achieve 9%–10% earned ROE for 2023.

Operational & Reliability Performance

  • Record-best system reliability across all four utilities in Q1 2023:
    • ComEd and PHI achieved all-time best outage frequency results.

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Operator: Hello and welcome to Exelon's First Quarter Earnings Call. My name is Gigi and I'll be your event specialist today. All lines have been placed on mute to prevent any background noise. Please note that today's webcast is being recorded. During the presentation, we'll have a question-and-answer session. [Operator Instructions] It is now my pleasure to turn today's program over to Andy Plenge, Vice President of Investor Relations. The floor is yours. Andrew Plenge: Thank you, Gigi. Good morning everyone. We are pleased to have you with us for our 2023 first quarter earnings call. Leading the call today are Calvin Butler, Exelon's President and Chief Executive Officer; and Jeanne Jones, Exelon's Chief Financial Officer. Other members of Exelon's senior management team are also with us today and will be available to answer your questions following our prepared remarks. You may have seen that we issued our earnings release this morning, our release along with the presentation being used for today's can be found in the Investor Relations section of Exelon's website. As a reminder, the earnings release and other matters that we will discuss during today's call, contain forward-looking statements and estimates that are subject to various risks and uncertainties. As a result, 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. You can find in today's 8-K and Exelon's

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