Exelon Reports Strong Financial Performance

By Tamara Parker • Wednesday, February 12 10:17 • Permanent Link

Exelon Corporation (NASDAQ: EXC) has reported its financial results for the fourth quarter and full year 2024, showcasing a strong performance. The company's GAAP net income for the fourth quarter of 2024 increased to $0.64 per share from $0.62 per share in the fourth quarter of 2023. Adjusted (non-GAAP) operating earnings for the same period also saw an increase, rising to $0.64 per share from $0.60 per share in the fourth quarter of 2023.

For the full year 2024, Exelon's GAAP net income increased to $2.45 per share from $2.34 per share in 2023. Similarly, adjusted (non-GAAP) operating earnings for 2024 increased to $2.50 per share from $2.38 per share in 2023.

The company's individual business units also demonstrated noteworthy performances. ComEd's (Commonwealth Edison) fourth quarter of 2024 GAAP net income decreased to $243 million from $268 million in the fourth quarter of 2023. PECO (Philadelphia Electric Company) saw an increase in both GAAP net income and adjusted (non-GAAP) operating earnings for the fourth quarter of 2024, with GAAP net income increasing to $195 million from $153 million and adjusted operating earnings rising to $196 million from $154 million in the fourth quarter of 2023. BGE (Baltimore Gas and Electric) and PHI (Pepco Holdings Inc.) also reported changes in GAAP net income and adjusted operating earnings for the fourth quarter of 2024 compared to the same period in 2023.

Exelon has also initiated its financial outlook for 2025, introducing a guidance range for adjusted (non-GAAP) operating earnings of $2.64-$2.74 per share. The company has declared a quarterly dividend of $0.40 per share for the first quarter of 2025, implying an expected total 2025 dividend that represents an approximate 60% payout of adjusted (non-GAAP) operating earnings per share.

Moreover, Exelon is projecting to invest $38 billion of capital expenditures over the next four years, representing an increase of 10% versus the prior plan to support customer needs and grid reliability. This is expected to result in a 7.4% growth in the rate base and operating EPS compounded annual growth of 5-7% from 2024 to 2028.

Exelon's financial performance in 2024 has exceeded expectations, with the company's focus on industry-leading operations, cost management, a broad suite of customer saving solutions, and advocacy for fair and equitable energy policies. The company remains committed to delivering premium value for the investments it makes while meeting and exceeding the evolving needs of its customers and communities.

Exelon's strong financial results and strategic initiatives position the company as a leader in the energy transformation, setting the stage for continued innovation and excellence as it celebrates its 25th anniversary in 2025. Today the company's shares have moved 0.2% to a price of $42.45. For more information, read the company's full 8-K submission here.

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