Exelon Corporation Q2 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

Overview

  • Exelon reported Q2 2023 GAAP EPS of $0.34 and non-GAAP (adjusted operating) EPS of $0.41.
  • Non-GAAP EPS decreased by $0.03 from Q2 2022 ($0.44), primarily due to higher interest expense and unfavorable weather at PECO.
  • Management reaffirmed full-year 2023 EPS guidance of $2.30 to $2.42 and expects to be at the midpoint or better.
  • The company continues to target 6% to 8% annualized EPS growth from 2021–2025 and 2022–2026.

Key Operational Highlights

  • Three utilities (ComEd, PECO, PHI) achieved best-on-record outage frequency and duration performance for the first half of 2023.
  • All four utilities operated in the top quartile for reliability.
  • Gas utilities maintained top decile performance in gas odor response.
  • Customer satisfaction remains steady but below 2021 levels due to economic pressures such as inflation and higher commodity prices.

Safety Performance

  • Safety results declined at three of four utilities, driven by minor incidents such as slips, falls, and vehicle-related events.
  • Action plans underway include revised safety plans, facility reviews, and expanded simulation-based training.

Sustainability and ESG Progress

  • Connected over 200,000 customers to 3+ GW of renewable resources (16% increase since 2021).

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Operator: Hello and welcome to Exelon’s Second 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 Andy Plenge, Vice President of Investor Relations. The floor is yours. Andy Plenge: Thank you, Gigi and good morning everyone. We are pleased to have you with us for our 2023 second 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 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’s now my pleasure to turn the call over to Calvin Butler, Exelon’s

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