Exelon (EXC) Q2 2024 earnings summary

Executive summary

• Q2 2024 adjusted operating earnings were $0.47 per share, up from $0.41 in Q2 2023, with GAAP EPS at $0.45, driven by higher rates, favorable weather, and strong operational reliability; full-year and long-term EPS growth guidance reaffirmed.

• All utilities achieved top quartile reliability, with ComEd and Pepco Holdings in the top decile for outage metrics, and strong customer satisfaction at ComEd and PECO.

• 90% of 2024 debt financings completed, supporting a $34.5B capital plan through 2027.

• Regulatory progress includes ComEd's refiled Grid Plan, ongoing rate cases at PECO and Pepco, and new frameworks in Maryland.

• Net income attributable to common shareholders rose $105M year-over-year for Q2 2024, with segment results led by ComEd and PHI.

Financial highlights

• Q2 2024 operating revenues were $5.36B, up from $4.82B in Q2 2023; net income was $448M, up from $343M.

• Six-month YTD adjusted operating EPS was $1.16, up from $1.11 in the prior year period.

• Q2 2024 operating income was $913M (vs. $704M in Q2 2023); cash flow from operations for H1 2024 was $2.45B, up from $1.76B.

• Capital expenditures for H1 2024 totaled $3.47B.

• Dividend of $0.38 per share declared for Q3 2024.

Outlook and guidance

• Full-year 2024 adjusted operating EPS guidance reaffirmed at $2.40–$2.50 per share, with 5–7% annualized EPS growth targeted through 2027.

• $34.5B capital plan through 2027, supporting 7.5% expected rate base growth.

• $1.6B equity issuance planned through 2027, with $150M in 2024.

• Pending rate cases include ComEd, PECO, and Pepco, with decisions expected by year-end 2024.

• Capital expenditures for 2024 projected at $7.4B.