Exelon Corporation Q2 FY2020 Earnings Call

· Earnings call transcript and AI-powered summary

Exelon Q2 2020 Earnings Summary

Financial Performance

  • GAAP EPS was 0.53 per share; non-GAAP EPS was 0.55. This exceeded guidance of 0.35 to 0.45 due to early cost savings.
  • Compared to Q2 2019, non-GAAP EPS declined by 0.05. This was driven by utility storm costs, timing items, and higher bad debt, partially offset by lower operating expenses in ExGen.
  • Exelon Utilities contributed 0.29 per share, slightly above expectations despite a 0.04 impact from a major Philadelphia storm.
  • ExGen contributed 0.26 per share, benefiting from accelerated cost savings in outage work, labor, travel, and training.
  • Full-year EPS guidance reaffirmed at 2.80 to 3.10. Q3 guidance is 0.80 to 0.90 per share.

Operational Highlights

  • Nuclear fleet delivered its best Q2 capacity factor in over a decade at 95.4 percent.
  • Utilities remained top quartile in outage duration and frequency despite pandemic and storms.
  • PECO managed its eighth-largest storm event with rapid restoration measures and remote storm support operations.
  • Power dispatch match was 97.4 percent; renewable capture rate was 92.7 percent.

Regulatory and Legal Developments

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Operator: Hello, and welcome to Exelon's Second Quarter Earnings Call. My name is Nora and I will be your events 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 will have a question-and-answer session. [Operator Instructions] It is now my pleasure to turn today's program over to Dan Eggers, Senior Vice President of Corporate Finance. Sir, the floor is yours. Daniel Eggers: Thank you, Nora. Good morning, everyone, and thank you for joining our second quarter 2020 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, both 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

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