Exelon Corporation Q4 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

Key Highlights

  • Exelon reported 2022 adjusted operating earnings of $2.27 per share, exceeding the midpoint of guidance by $0.02 and representing 8.1% growth compared to the 2021 guidance midpoint.
  • Fourth quarter 2022 GAAP and non‑GAAP earnings were $0.43 per share.
  • 2022 GAAP full‑year earnings were $2.08 per share.
  • Three of Exelon’s four utilities delivered best-ever operating performance in 2022.
  • Earned ROE was 9.4% in 2022, the highest since 2019 and within the 9%–10% target range.

Operational Performance

  • Top-decile outage frequency across three of four utilities and top‑quartile outage duration across all utilities.
  • Significant storm response performance during Winter Storm Elliott, restoring power to 112,000 BGE customers.
  • Continued strong customer satisfaction with top‑quartile performance at BGE, ComEd and PECO.
  • Gas odor response times remained top decile, with BGE achieving a best-on-record year.

Strategic and Regulatory Developments

  • Successful completion of the corporate separation from Constellation within one year.
  • ComEd filed its first multiyear rate and grid plans under the Illinois Climate and Equitable Jobs Act after extensive stakeholder engagement.

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Operator: Hello and welcome to Exelon's Fourth Quarter Earnings Call. My name is Gigi and I'll 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] It is now my pleasure to turn today's program over to Andy Plenge, Vice President of Investor Relations. The floor is yours. Andy Plenge: Thank you, Gigi. Good morning everyone and thank you for joining our fourth quarter 2022 earnings conference call. Leading the call today are Calvin Butler, Exelon's President and Chief Executive Officer; and Jeanne Jones, 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 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 will 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 that may

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