Exelon Announces Fourth Quarter and Full Year 2012 Exelon Announces Fourth Quarter and Full Year 2012 Results Introduces 2013 guidance; declares first quarter dividend and sets revised dividend policy
February 07, 2013
CHICAGO — Exelon Corporation (NYSE: EXC) announced fourth quarter and full year 2012 consolidated earnings as follows:
Exelon Consolidated Earnings (unaudited)
Full Year Fourth Quarter
2012 2011 2012 2011
Adjusted (non-GAAP) Operating Results:
Net Income ($ millions) $2,330 $2,763 $547 $544
Diluted Earnings per Share $2.85 $4.16 $0.64 $0.82
GAAP Results:
Net Income ($ millions) $1,160 $2,495 $378 $606
Diluted Earnings per Share $1.42 $3.75 $0.44 $0.91
“Exelon had another strong year of operational performance and closed on a very successful, transformational merger that gives us a presence across the value chain,” said Christopher M. Crane, Exelon’s president and CEO. “Despite major storms and severe economic challenges, we delivered 2012 earnings within our guidance range. We have revised our dividend, effective with the second quarter 2013 dividend, to position us to maintain our investment grade rating, return a stable dividend and provide capacity to invest in growth.”
Fourth Quarter Operating Results
Fourth quarter 2012 earnings include financial results for Constellation Energy and Baltimore Gas and Electric Company (BGE). Therefore, the composition of results of operations from 2012 and 2011 are not comparable for Exelon Generation Company, LLC (Generation), BGE and Exelon.
As shown in the table above, Exelon’s adjusted (non-GAAP) operating earnings declined to $0.64 per share in the fourth quarter of 2012 from $0.82 per share in the fourth quarter of 2011. Earnings in fourth quarter 2012 primarily reflected the following negative factors:
• Lower energy margins at Generation, resulting from decreased capacity pricing related to the Reliability Pricing Model (RPM) for the PJM Interconnection, LLC (PJM) market, higher nuclear fuel costs and lower realized market prices for the sale of energy across all regions;
• Higher operating and maintenance expenses, including increased labor, contracting and materials and the impact of higher storm costs at PECO and BGE due to Sandy;
• Impact of increased average diluted common shares outstanding as a result of the merger; and
• Higher depreciation and amortization expense due to ongoing capital expenditures.
These factors were partially offset by:
• The addition of Constellation Energy’s contribution to Generation’s energy margins; and
• Favorable impacts of weather at ComEd and PECO.
Adjusted (non-GAAP) operating earnings for the fourth quarter of 2012 do not include the following items (after tax) that were included in reported GAAP earnings:
https://www.exeloncorp.com/Newsroom/pr_20130207_EXC_Q4Earnings.aspx
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