EXC Q2 2024 Earnings
Reported Aug 1, 2024 at 6:56 AM ET · SEC Source
Q2 24 EPS
$0.47
BEAT +17.50%
Est. $0.40
Q2 24 Revenue
$5.36B
BEAT +9.47%
Est. $4.90B
vs S&P Since Q2 24
+0.5%
BEATING MARKET
EXC +33.2% vs S&P +32.7%
Market Reaction
Did EXC Beat Earnings? Q2 2024 Results
Exelon posted a standout second quarter, with adjusted earnings of $0.47 per share clearing the $0.40 Wall Street consensus by 17.50% and revenue of $5.36 billion topping estimates by 9.47%, representing 11.3% growth year over year. The utility giant… Read more Exelon posted a standout second quarter, with adjusted earnings of $0.47 per share clearing the $0.40 Wall Street consensus by 17.50% and revenue of $5.36 billion topping estimates by 9.47%, representing 11.3% growth year over year. The utility giant's outperformance was anchored by broad-based rate increases across its distribution and transmission networks, favorable weather, and disciplined cost management, with PHI emerging as the quarter's strongest contributor after adjusted operating earnings jumped to $162.00 million from $115.00 million, boosted by Pepco Maryland multi-year plan reconciliations and the absence of a prior-year environmental charge. ComEd also delivered meaningful growth, while PECO was the lone soft spot, weighed down by higher interest and depreciation costs. The broader utility sector is navigating surging electricity demand, partly tied to data center expansion, a trend that underscores the strategic value of Exelon's planned $34.50 billion capital program through 2027. Management reaffirmed full-year 2024 adjusted EPS guidance of $2.40 to $2.50, expecting to deliver at the midpoint or better.
Key Takeaways
- • Distribution and transmission rate increases at PHI
- • Distribution rate increases at BGE
- • Favorable weather at PECO
- • Favorable impacts of Pepco multi-year plan reconciliations
- • Higher transmission peak load at ComEd
- • Disciplined cost management
- • Timing of distribution earnings at ComEd
EXC YoY Financials
Q2 2024 vs Q2 2023, source: SEC Filings
EXC Revenue by Segment
With YoY comparisons, source: SEC Filings
“I am pleased to report strong second-quarter earnings and industry-leading operational performance as Exelon maintains our consistent track record of delivering results. We continue achieving the top-tier reliability our customers expect, and in an evolving regulatory environment, we are being nimble in our financial and regulatory strategies, ensuring our investments meet customers' growing demands and needs.”
— Calvin Butler, Q2 2024 Earnings Press Release
EXC Earnings Trends
EXC vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
EXC EPS Trend
Earnings per share: estimate vs actual
EXC Revenue Trend
Quarterly revenue: estimate vs actual
EXC Quarterly Results
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q4 25 BEAT FY | $0.57 | $0.59 | +3.20% | $5.41B | +0.10% |
| FY Full Year | $2.71 | $2.77 | +2.36% | $24.26B | +0.02% |
| Q2 25 BEAT | $0.37 | $0.39 | +6.09% | $5.43B | -1.01% |
| Q4 24 BEAT FY | $0.59 | $0.64 | +7.94% | $5.47B | +5.57% |
| FY Full Year | $2.45 | $2.50 | +2.00% | $23.03B | +1.26% |
| Q2 24 BEAT | $0.40 | $0.47 | +17.50% | $5.36B | +9.47% |