Exelon Corporation Q3 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

Key Financial Highlights

  • Q3 2023 GAAP EPS: $0.70 per share; Non-GAAP EPS: $0.67 (down from $0.75 in Q3 2022).
  • Primary year-over-year EPS drivers:
    • Negative: $0.07 weather and storm impact; $0.04 higher interest expense; $0.03 O&M, tax and formula rate timing (expected to reverse in Q4).
    • Positive: $0.05 higher distribution and transmission rates; $0.01 carrying costs from ComEd’s carbon mitigation credit regulatory asset.
  • Full-year 2023 EPS guidance narrowed to $2.32–$2.40 (from $2.30–$2.42 prior), with management targeting “midpoint or better.”
  • Capital investment on track at $7.2 billion for 2023.
  • Company reaffirms 6%–8% regulated EPS CAGR guidance through 2025/2026.
  • Equity issuance plan unchanged: $425 million by 2025.

Operational and Strategic Highlights

  • Strong reliability performance across all utilities; ComEd and PHI recorded best-ever outage frequency and duration for the third consecutive quarter.
  • BGE restored major storm-related damage significantly faster than historical models projected.
  • Customer satisfaction improving across utilities; PECO now benchmarks in first quartile.
  • Safety performance improving, particularly at PHI.
  • PJM selected Exelon for transmission projects totaling approximately $850 million, with spending weighted toward 2029–2030.

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Operator: Hello, and welcome to Exelon's Third Quarter Earnings Call. My name is Gigi, and I'll be your event specialist today. [Operator Instructions]. It is now my pleasure to turn today's program over to Andrew Plunge, Vice President of Investor Relations. The floor is yours. Andrew Plenge: Thank you, Gigi, and good morning, everyone. We're pleased to have you with us for our 2023 third quarter earnings call. Leading the call today are in 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 they will be available to answer your questions following our prepared remarks. Today's presentation, along with our earnings release and other financial information can be found in the Investor Relations section of Exelon's website. We would also like to remind you that today's presentation and the associated earnings release materials contain forward-looking statements, which are subject to risks and uncertainties. You can find the cautionary statements on these risks on Slide 2 of today's presentation or in our SEC filings. In addition, today's presentation includes references to adjusted operating earnings and other non-GAAP measures. between these measures and the nearest equivalent GAAP measures can be found in the appendix of our presentation and in our earnings release. It is now my pleasure to turn the call over to Calvin Butler, Exelon's P

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