Exelon (NASDAQ:EXC) earnings for first quarter of 2020 have EXC stock taking off on Friday. This is thanks to the company reporting adjusted earnings per share (EPS) of 87 cents. That’s better than Wall Street’s estimate of 84 cents per share. However, its revenue of $8.75 billion missed analysts’ estimates of $8.8 billion.
Now, let’s take a look at some of the finer details from the most recent Exelon earnings report.
- Adjusted per-share earnings match what was reported in the first quarter of 2019.
- Revenue for the quarter comes in 7.7% lower than the $9.48 billion reported during the same time last year.
- Operating income of $1.22 billion is the same as it was during the first quarter of the previous year.
- The Exelon earnings report also has it bringing in a net income of $376 million.
- That’s a 61.1% decline compared to its net income of $966 million from the same period of the year prior.
Christopher Crane, president and CEO of Exelon, said this in the Q1 earnings report:
“We had another strong quarter, with each of our utilities achieving high reliability performance and our nuclear fleet completing seven of eight refueling outages – nearly all shorter than planned. We remain on track to invest $26 billion across our utilities to further improve reliability and customer service, and we have contributed more than $5.9 million to national and local organizations to provide immediate relief to communities affected by COVID-19.”
Exelon also updates its 2020 outlook in the most recent earnings report. This has it lowering its adjusted EPS guidance to a range of $2.80 to $3.10 from the previous $3.00 to $3.30. Wall Street is looking for adjusted EPS of $3.04 during the year.
EXC stock was up 6.3% as of Friday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.