Exelon Corporation Q3 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter Highlights

  • Reported GAAP earnings of $0.70 per share and adjusted operating earnings of $0.71 per share, exceeding expectations from the prior quarter’s guidance.
  • Compared to Q3 2023, adjusted operating EPS increased from $0.67 to $0.71, driven primarily by $0.04 timing-related uplift at ComEd.
  • Exelon reaffirmed full-year 2024 operating earnings guidance of $2.40 to $2.50 per share and long-term EPS growth guidance of 5% to 7% annually through 2027.
  • Operational performance remained at top quartile across nearly all key safety, reliability, and customer satisfaction metrics despite severe storms and mutual assistance deployments.

Operational Performance

  • ComEd and Pepco Holdings maintained top decile outage performance even amid unprecedented tornado activity in Illinois and multi-state hurricane recovery support.
  • All four operating companies are now in the top quartile for serious injury safety performance for the first time.
  • Customer satisfaction improved versus Q2 2024, with BGE now operating in the second quartile along with Pepco Holdings.

Regulatory & Rate Case Progress

  • ComEd (Illinois):
    • Administrative Law Judge (ALJ) issued proposed order recommending approval of the revised multiyear grid plan.

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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 Plenge, Vice President of Investor Relations. The floor is yours. Andrew Plenge: Thank you, Gigi. Good morning, everyone. We’re pleased to have you with us for our 2024 third quarter earnings call. Leading the call today are 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. Reconciliations 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

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