Exelon beats Q4 profit estimates on higher electricity rates

By Thomson Reuters Feb 21, 2024 | 7:15 AM

(Reuters) – Utility firm Exelon beat fourth-quarter profit estimates on Wednesday, helped by higher electricity rates.

Adjusted operating earnings from its Baltimore Gas and Electric Company (BGE), which provides gas and electricity to customers in Maryland, jumped about 75% in the quarter to $199 million compared with the previous year.

The company reported a revenue of $5.37 billion for the quarter ended Dec. 31, a 15% rise from the previous year, beating analysts’ average estimates of $4.17 billion, according to LSEG data.

The electricity and natural gas supplier expects to spend about $35 billion in capital expenditures over the next four years.

The company reported an adjusted profit of 60 cents per share for the quarter, compared with analysts’ average estimates of 58 cents.

Exelon expects 2024 adjusted earnings between $2.40 per share and $2.50 per share, above analysts’ average expectation of $2.41 per share at mid-point.

The utility firm provides gas and electricity to over 10 million customers in New Jersey, Illinois, Pennsylvania, Maryland, Delaware and Washington, DC.

(Reporting by Tanay Dhumal in Bengaluru; Editing by Vijay Kishore)