Dive Brief:
- Exelon reported second quarter adjusted operating earnings of $509 million, or 59 cents per share, compared with 51 cents per share a year ago.
- The company exceeded its guidance and analysts' expectations, and credited higher revenue net of purchased power and fuel at its generation segment, a reduction in the number of nuclear outage days, and relief from spent nuclear fuel disposal fees.
- Exelon's nuclear fleet produced 43,805 GWh in the second quarter of 2015, compared with 41,397 GWh in the same period last year.
Dive Insight:
Exelon reported strong operations from all of its segments and bested the Zacks Consensus Estimate for earnings by almost 16%. But its revenues, just shy of $6.7 billion, missed the firm's estimates by 2.5%.
“All of our businesses continue to deliver best in class operations, benefiting our customers and shareholders,” Exelon President and CEO Christopher Crane said in a statement. The company "achieved earnings above our guidance range this quarter led by strong financial performance at Constellation."
Crane went on to say the company was narrowing full-year operating earnings guidance to $2.35/share to $2.55/share.
Among positive factors, Exelon noted: higher revenues net of purchased power and fuel; portfolio management optimization; the Integrys acquisition; cancelation of the Department of Energy spent nuclear fuel disposal fees; and lower uncollectible accounts at Baltimore Gas & Electric.
Higher storm costs at PECO and poor weather in its Commonwealth Edison territories held earnings back, however.
Exelon said that of nuclear facility it owns, the company achieved a 93.1% capacity factor for the second quarter of 2015, compared with 91.8% last year. The number of planned refueling outage days totaled 71 in the second quarter of 2015, compared with 108 in the second quarter of 2014. And there were 18 non-refueling outage days in the second quarter of 2015, compared with 44 days last year.
