Infrastructure
Exelon Results Mixed, But Maintains 2009 Outlook (EXC, NRG, RRI)
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Electricity generator Exelon Corporation (NYSE:EXC) this morning reported EPS of $1.08 on revenue of $4.77 billion. Analysts’ estimates averaged EPS of $1.14 and revenue of $4.62 billion. Non-GAAP EPS was $1.20.
Exelon didn’t say anything new about its hostile takeover offer for NRG Energy, Inc. (NYSE:NRG). Exelon filed a proxy statement in March for approval at NRG’s annual shareholders meeting, which NRG has so far not scheduled. NRG is expecting to close its own $287.5 million acquisition of the Texas retail business of Reliant Energy, Inc. (NYSE:RRI) during the current quarter.
In its report today, Exelon reaffirmed a non-GAAP operating earnings range of $4.00-$4.30 for 2009 and non-GAAP earnings for the second quarter of $0.95-$1.05/share.
Exelon shares are trading nearly flat this morning, at $45.58. The stock’s 52-week range is $38.41-$92.13.
Paul Ausick
April 23, 2009
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