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EXC » Topics » Narrows Full Year 2009 Earnings Guidance

This excerpt taken from the EXC 8-K filed Oct 23, 2009.

Narrows Full Year 2009 Earnings Guidance

CHICAGO (October 23, 2009) – Exelon Corporation (NYSE: EXC) today announced that its third quarter 2009 consolidated earnings prepared in accordance with GAAP were $757 million, or $1.14 per diluted share, compared with earnings of $700 million, or $1.06 per diluted share, in the third quarter of 2008.

Exelon’s adjusted (non-GAAP) operating earnings for the third quarter of 2009 were $633 million, or $0.96 per diluted share, compared with $706 million, or $1.07 per diluted share, for the same period in 2008.

“We are achieving our financial commitments despite difficult weather, economic and market conditions,” said John W. Rowe, Exelon’s chairman and CEO. “We continue to deliver cost savings and solid operations as shown by a 94.7 percent nuclear capacity factor for the third quarter and reliable utility performance through the critical summer months. We remain committed to achieving full year 2009 operating earnings within the guidance range we issued last fall and are narrowing that range to $4.00 to $4.10 per share.”

The decrease in third quarter 2009 adjusted (non-GAAP) operating earnings to $0.96 per share from $1.07 per share in third quarter 2008 was primarily due to:

 

  •  

Lower energy gross margins at Exelon Generation Company, LLC (Generation) largely due to unfavorable portfolio and market conditions;

 

  •  

Higher costs at Generation associated with a higher number of scheduled nuclear refueling outage days;

 

  •  

Reversal of benefits recorded in the first quarter of 2009 related to an Illinois investment tax credit ruling;

 

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Reduced load at Commonwealth Edison Company (ComEd) and PECO Energy Company (PECO), primarily driven by the impact of unfavorable weather conditions and current economic conditions; and

 

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Increased depreciation and amortization expense primarily related to the higher scheduled competitive transition charge (CTC) amortization at PECO and increased depreciation across the operating companies due to ongoing capital expenditures.

Lower third quarter 2009 earnings were partially offset by:

 

  •  

Increased electric distribution revenue at ComEd resulting from the September 2008 distribution rate case order; and

 

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Decreased operating and maintenance expense largely due to savings achieved through the ongoing cost management initiative and lower uncollectible accounts expense at PECO, partially offset by increased pension and other postretirement benefits (OPEB) expense.

Adjusted (non-GAAP) operating earnings for the third quarter of 2009 do not include the following items (after-tax) that were included in reported GAAP earnings:

 

  •  

Unrealized gains of $87 million, or $0.13 per diluted share, related to nuclear decommissioning trust (NDT) fund investments;

 

  •  

Mark-to-market gains of $77 million, or $0.12 per diluted share, primarily from Generation’s economic hedging activities;

 

  •  

Costs totaling $58 million, or $0.09 per diluted share, associated with early debt retirements;

 

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Income of $32 million, or $0.05 per diluted share, resulting from the reduction in Generation’s decommissioning obligations;

 

  •  

Costs of $11 million, or $0.02 per diluted share, associated with the 2007 Illinois electric rate settlement agreement;

 

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External costs of $6 million, or $0.01 per diluted share, related to Exelon’s terminated offer to acquire NRG Energy, Inc. (NRG); and

 

  •  

Income of $3 million for the true-up of severance costs as a result of headcount reductions associated with Exelon’s cost management program.

Adjusted (non-GAAP) operating earnings for the third quarter of 2008 did not include the following items (after-tax) that were included in reported GAAP earnings:

 

  •  

Mark-to-market gains of $65 million, or $0.10 per diluted share, primarily from Generation’s economic hedging activities;

 

  •  

Costs of $26 million, or $0.04 per diluted share, associated with the 2007 Illinois electric rate settlement agreement;

 

  •  

Unrealized losses of $60 million, or $0.09 per diluted share, related to NDT fund investments; and

 

  •  

Income of $15 million, or $0.02 per diluted share, resulting from the reduction in Generation’s decommissioning obligations.

 

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