Exelon Corporation Q3 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter Highlights

  • GAAP earnings were $0.68 per share; adjusted operating earnings were $0.75 per share, up from $0.53 in Q3 2021. Excluding a prior-year $0.08 discontinued operations adjustment, results were $0.14 per share higher year-over-year.
  • Year-to-date earnings reached $1.84 per share, representing 82% of the midpoint of full-year guidance (ahead of prior 80% expectations).
  • 2022 EPS guidance narrowed to $2.21–$2.29 (from $2.18–$2.32).
  • Trailing 12‑month ROE improved to 9.3%, within the 9%–10% target range.
  • Reliability performance remains top-tier, with ComEd and PECO achieving best-on-record metrics and significant customer satisfaction achievements across utilities.

Leadership Updates

  • CEO Chris Crane announced retirement effective year-end due to health reasons.
  • Calvin Butler, currently President & COO, will become CEO and join the Board.
  • Jeanne Jones has been appointed CFO, bringing 15 years of experience across finance roles.

Regulatory & Rate Case Developments

  • Delaware PSC approved Delmarva Power’s gas distribution settlement for a $13.4 million increase (ROE 9.6%).
  • Pennsylvania PUC approved PECO’s annual gas distribution revenue increase of $54.8 million effective January 1, 2023.

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Operator: Good day and thank you for standing by. Welcome to the Q3 2022 Exelon Corporation Earnings Conference Call. At this time all participants are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today’s conference is being recorded. And I would now like to hand the conference over to your speaker today, Mr. Andy Plenge, Vice President of Investor Relations. Sir, please go ahead. Andy Plenge: Thank you, Chris. Good morning everyone and thank you for joining our third quarter 2022 earnings conference call. Leading the call today are Chris Crane, Exelon’s Chief Executive Officer; and Jeanne Jones, Exelon’s Chief Financial Officer. They’re joined by Calvin Butler, Exelon’s President and Chief Operating Officer, who will join Chris, Jeanne and other members of Exelon’s senior management team to answer your questions following 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

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