Exelon Corporation Q3 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

Financial Performance

  • GAAP EPS: $1.23; Non-GAAP EPS: $1.09.
  • Non-GAAP EPS increased by $0.05 compared to Q3 2020 ($1.04 → $1.09).
  • Utilities contributed $0.66 per share, driven by:
    • Above-normal summer weather in non-decoupled jurisdictions.
    • Operational strength and rate case impacts.
  • ExGen contributed $0.44 per share; down $0.03 versus Q3 2020 due to:
    • Unrealized/realized losses in Constellation venture investments.
    • Lower PJM capacity revenues.
    • More planned outage days.
    Partially offset by higher ZEC revenues and decommissioning trust gains.
  • Full-year EPS guidance narrowed to $2.70–$2.90 (previously $2.60–$3.00).

Operational and Strategic Highlights

  • Illinois passed landmark clean energy legislation targeting 100% carbon-free power by 2045.
  • Reversal of planned retirements of Byron and Dresden nuclear stations; 650 jobs being refilled and $300M in plant investments expected over 5 years.
  • Closed transaction to acquire EDF’s stake in CENG, adding 17 TWh of zero-carbon generation.
  • DOE grant awarded for hydrogen production pilot at Nine Mile Point, targeting 2022 launch.

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Operator: Hello, and welcome to Exelon's Third Quarter Earnings Call. My name is Justin and I will 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]. [Operator Instructions] Finally, should you intend to call systems as a best practice, we suggest you first refresh your browser. If that does not resolve the issue, please click on the help option, in the upper right-hand corner of your screen, for online troubleshooting. It is now my pleasure to turn today's program, over to Emily Duncan, Vice President of Investor Relations. The floor is yours. Emily Duncan: Thank you, Justin. Good morning, everyone, and thank you for joining our third 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'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 this presentation, all of which can be found in the Investor Relations section of Exelon's website. The earnings release and other matters which we discussed during today's call contain forward-looking statements and estimates that are subject to various risks and uncertainties. Act

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