Exelon Corporation Q2 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

Financial Highlights

  • GAAP EPS: $0.41 per share.
  • Non-GAAP EPS: $0.89 per share, up $0.34 versus Q2 2020 ($0.55 per share).
  • Year‑over‑year improvement driven by:
    • Lower storm costs compared to 2020’s record storm season.
    • Higher utility earnings from new rate cases and improved treasury rates impacting ComEd’s ROE.
    • ExGen benefited from higher ZEC revenue, fewer nuclear outage days, and realized/unrealized gains from Constellation Technology Ventures and nuclear decommissioning trust funds.
  • Full‑year earnings guidance reaffirmed at $2.60 to $3.00 per share.
  • Trailing 12‑month consolidated ROE at utilities improved to 9.6%, up 50 bps versus Q1 2021, returning to the 9%–10% target range.

Operational & Strategic Highlights

  • Strong reliability across all utilities:
    • All utilities achieved first‑quartile performance in outage duration and frequency.
    • ComEd delivered top‑decile performance in both metrics.
  • Nuclear fleet performance:
    • 36.6 TWh of zero‑carbon generation.
    • Approximately 20 million metric tons of CO₂ avoided.
    • Capacity factor: 93.7% for the quarter.

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Operator: Hello and welcome to Exelon’s Second Quarter Earnings Call. My name is Danny and I will be your event specialist today. [Operator Instructions] It is now my pleasure to turn today’s program over to Dan Eggers, Senior Vice President of Corporate Finance. The floor is yours. Dan Eggers: Thank you, Danny. Good morning, everyone and thank you for joining our second quarter 2021 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 are 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, including uncertainties surrounding the planned separation that may cause results to differ from management’s projections, forecasts and expectations. Today’s presentation also includes references

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