Press release
Exelon Reports First Quarter 2020 Results
Earnings Release Highlights GAAP Net Income of $0.60 per share and Adjusted (non-GAAP) Operating Earnings of $0.87 per share for the first quarter of 2020
About this update from Exelon Corporation
[{"type":"text","content":"\nEarnings Release Highlights\n\n\n\nGAAP Net Income of $0.60 per share and Adjusted (non-GAAP) Operating Earnings of $0.87 per share for the first quarter of 2020\n\n\nRevising range for full year 2020 adjusted (non-GAAP) operating earnings guidance to $2.80-$3.10 per share from original guidance of $3.00-$3.30 per share\n\n\nStrong utility reliability performance - every utility achieved top quartile in outage frequency and outage duration\n\n\nGenerations’ nuclear fleet capacity factor was 93.9% for the quarter, ahead of the industry average of 91% (based on full year 2019)\n\n\n CHICAGO--(BUSINESS WIRE)--\nExelon Corporation (Nasdaq: EXC) today reported its financial results for the first quarter of 2020.\n\n\n“We had another strong quarter, with each of our utilities achieving high reliability performance and our nuclear fleet completing seven of eight refueling outages - nearly all shorter than planned,” said Christopher M. Crane, president and CEO of Exelon. “The consistent performance of our frontline employees in providing safe and reliable service has never been more evident as we all confront the global pandemic and the devastating disruption to our economy. In recognition of these extraordinary circumstances, we are supporting customers experiencing financial hardship by suspending disconnections, waiving new late charges and reconnecting customers on request. We remain on track to invest $26 billion across our utilities to further improve reliability and customer service, and we have contributed more than $5.9 million to national and local organizations to provide immediate relief to communities affected by COVID-19.”\n\n\n“Despite experiencing one of the warmest winters on record and significant erosion of demand as a result of the pandemic, we reported solid adjusted (non-GAAP) earnings of 0.87 per share, coming in just below the midpoint of our guidance range,” said Joseph Nigro, senior executive vice president and CFO of Exelon. “We identified an additional $250 million in cost savings and lowered capital expenditures at Exelon Generation by $125 million. However, even with these and other actions, the unprecedented slowdown in economic activity and unpredictable nature of the recovery has led us to lower our full-year earnings guidance from $3.00-$3.30 per share to $2.80-$3.10 per share. We will continue to loo...