Press release
Exelon Reports Third Quarter 2020 Results
Earnings Release Highlights GAAP Net Income of $0.51 per share and Adjusted (non-GAAP) Operating Earnings of $1.04 per share for the third quarter of 2020
About this update from Exelon Corporation
[{"type":"text","content":"\nEarnings Release Highlights\n\n\nGAAP Net Income of $0.51 per share and Adjusted (non-GAAP) Operating Earnings of $1.04 per share for the third quarter of 2020\n\n\nRaising our guidance range for full year 2020 Adjusted (non-GAAP) Operating Earnings from $2.80 - $3.10 per share to $3.00 - $3.20 per share\n\n\nStrong utility reliability and customer operations performance - every utility achieved top quartile in outage frequency & duration, customer satisfaction, abandon rate and gas odor response\n\n\nGeneration’s nuclear fleet ran with a capacity factor of 96.0%\n\n\nPepco filed the second multi-year plan in Maryland; filing proposes flat distribution rates for the first two years\n\n\nConducting a strategic review of our corporate structure to determine how best to create value and position our businesses for success\n\n\n \n\n CHICAGO--(BUSINESS WIRE)--\nExelon Corporation (Nasdaq: EXC) today reported its financial results for the third quarter of 2020.\n\n“Our financial results exceeded expectations, and our utility and generation operational performance remained strong despite the challenges of the pandemic, record heat and extreme storms, including tropical storm Isaias on the East Coast and a hurricane-scale derecho that spawned 13 tornadoes across our ComEd territory in the Midwest,” said Christopher M. Crane, president and CEO of Exelon. “We also confronted difficult strategic decisions on specific generation assets during the quarter, including our plans to prematurely retire our Byron and Dresden nuclear stations in Illinois in 2021 due to broken energy policies that don’t fairly value clean energy resources. In addition, our gas-fired Mystic plant in Boston will retire in 2024 when its cost of service agreement expires. We expect to finish the year strong as we maintain our focus on safe, reliable operations, reducing costs, supporting clean energy policies and positioning the company for the future.”\n\n“Excellent operational performance and our success in managing costs during the pandemic continues to drive strong financial performance, resulting in adjusted (non-GAAP) third-quarter earnings of $1.04 per share, which exceeded our guidance of $0.80 to $0.90 per share,” said Joseph Nigro, senior executive vice president and CFO of Exelon. “So far this year, we have invested $4.5 billion at our utilities to improve...