Exelon (EXC) Reports Strong Financial Results and Introduces 2024 Earnings Outlook

Exelon Corporation (NASDAQ: EXC) has reported its financial results for the fourth quarter and full year 2023, as well as initiated its 2024 financial outlook. The company's GAAP net income for the fourth quarter of 2023 was $0.62 per share, with adjusted (non-GAAP) operating earnings reaching $0.60 per share. Additionally, Exelon has introduced a guidance range for 2024 adjusted (non-GAAP) operating earnings of $2.40 to $2.50 per share, and declared a quarterly dividend of $0.38 per share for the first quarter of 2024, representing a 5.6% growth over the 2023 fourth quarter dividend.

Exelon's President and CEO, Calvin Butler, stated, "Exelon had another strong year in 2023, both financially and operationally. In 2024, we will continue to innovate and partner with regulators and stakeholders across Exelon’s jurisdictions to support our shared energy and environmental goals, while demonstrating the power of impact for our customers and communities."

Exelon's Chief Financial Officer, Jeanne Jones, added, "For the full year 2023, we earned $2.34 per share on a GAAP basis and $2.38 per share on a non-GAAP basis, results that are at the top end of our narrowed guidance range. Over the next four years, Exelon will invest $35 billion to serve our customers, resulting in 7.5% rate base growth and an expected annualized earnings growth rate of 5% to 7% through 2027."

The company's shares have moved 4.5% and are now trading at a price of $36.29.

Exelon's full 8-K submission is available here.

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