Exelon Corporation Q4 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

Financial Performance

  • 2023 adjusted operating earnings were $2.38 per share, exceeding the midpoint of guidance and representing nearly 6% growth over the midpoint of Exelon’s 2022 guidance.
  • Full-year GAAP earnings were $2.34 per share.
  • Q4 adjusted earnings were $0.60 per share.
  • 2024 earnings guidance initiated at $2.40 to $2.50 per share.
  • 2024 dividend set at $1.52 per share, up 5.5% from 2023.
  • Exelon delivered a consolidated ROE of 9.3% for 2023, within the targeted 9% to 10% range.
  • Management reiterated a long-term annual earnings growth target of 5% to 7% through 2027, compared to the 2023 guidance midpoint of $2.36 per share.

Operational Highlights

  • Exelon achieved record operational performance across several utilities, including ComEd and Pepco Holdings.
  • ComEd received PA Consulting’s ReliabilityOne Award for the most reliable utility in the U.S.
  • Customer satisfaction improved across most utilities, with ComEd entering the top quartile.
  • Exelon invested $7.3 billion in capital during 2023.
  • Weather in the Mid-Atlantic was historically mild, creating a $140 million headwind that was substantially mitigated by the company.
  • Safety performance was below expectations, with OSHA metrics flagged as an area for improvement in 2024.

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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 Andrew Plenge, 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 fourth 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 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'd 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 measu

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