Exelon Announces Solid Fourth Quarter 2013 Results Company also provides 2014 earnings expectation
Exelon Corporation (NYSE: EXC) announced fourth quarter 2013 and full year consolidated earnings
'Exelon delivered another year of strong operational performance and earnings within our guidance range, despite challenging market conditions,' said Exelon President and CEO Christopher M. Crane. 'On the generation side of our business, we achieved a nuclear capacity factor of greater than 94 percent in a year of record output. Each of Exelon's three utilities had its best year in reliability and customer satisfaction.'
Fourth Quarter Operating Results
As shown in the table above, Exelon's adjusted (non-GAAP) operating earnings decreased to $0.50 per share in the fourth quarter of 2013 from $0.64 per share in the fourth quarter of 2012. Earnings in fourth quarter 2013 primarily reflected the following negative factors:
- Lower realized energy prices for the sale of energy across all regions;
- Increased depreciation and amortization expenses, primarily from an increase in capital expenditures across the operating companies;
- Discrete favorable impacts of the Illinois Commerce Commission (ICC) October 2012 Distribution Rate Order; and
- Prior year benefits from a state tax net operating loss.
These factors were offset by:
- Increased capacity prices related to the Reliability Pricing Model (RPM) for the PJM Interconnection, LLC market (PJM);
- Merger O&M synergies;
- Increased distribution revenue:
- At ComEd, due to higher allowed ROE and recovery of capital investment pursuant to the formula rate under the Energy Infrastructure Modernization Act (EIMA);
- At BGE, due to the rate case orders for electric and natural gas; and
- Decreased storm-related costs at PECO and BGE due to Hurricane Sandy in the fourth quarter of 2012.
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