Exelon (EXC) Q3 2024 earnings summary

Executive summary

• Reported GAAP earnings of $0.70 per share and adjusted operating earnings of $0.71 per share for Q3 2024, up from $0.67 per share in Q3 2023, with net income of $707 million and nine-month net income of $1.81 billion.

• Reaffirmed full-year 2024 adjusted operating earnings guidance of $2.40–$2.50 per share and 5–7% EPS CAGR target through 2027.

• All utilities achieved top quartile reliability and safety, with ComEd and Pepco Holdings in the top decile for outage metrics.

• $34.5 billion in critical energy infrastructure investments underway to support grid modernization and economic development.

• Regulatory progress includes proposed orders and settlements in major rate cases across Illinois, Pennsylvania, and D.C.

Financial highlights

• Q3 2024 adjusted operating EPS was $0.71, up from $0.67 in Q3 2023; GAAP EPS remained at $0.70 year-over-year.

• Q3 2024 net income was $707 million; nine-month net income was $1,813 million, up from $1,711 million year-over-year.

• Operating revenues for Q3 2024 were $6,154 million, up from $5,980 million in Q3 2023.

• Cash flows from operating activities for the nine months ended September 30, 2024, were $4,143 million, up from $3,292 million year-over-year.

• Higher earnings were primarily driven by timing at ComEd, increased distribution and transmission rates, and favorable rate increases at BGE and PHI.

Outlook and guidance

• Full-year 2024 adjusted operating EPS guidance of $2.40–$2.50 per share reaffirmed, with a 5–7% CAGR target through 2027.

• $34.5 billion capital plan for 2024–2027 supports 7.5% expected rate base growth.

• Approximately 90% of rate base will have established rates or known mechanisms through 2026/2027 after year-end orders.

• Dividend payout ratio projected at ~60%, with dividend growth in line with EPS CAGR.

• Management expects cash flows and credit facilities to be sufficient to meet operating, financing, and capital requirements.