Exelon Corporation (NYSE:EXC) reported fourth-quarter financial numbers Friday.
Exelon's GAAP Net Income for the fourth quarter of 2018 decreased to $0.16 per share from $1.94 per share in the fourth quarter of 2017.
Adjusted (non-GAAP) Operating Earnings increased to $0.58 per share in the fourth quarter of 2018 from $0.56 per share in the fourth quarter of 2017
Adjusted (non-GAAP) Operating Earnings in the fourth quarter of 2018 primarily reflect higher utility earnings due to electric distribution and energy efficiency earnings at ComEd, regulatory rate increases at PHI and the absence of a 2017 impairment of certain transmission-related income tax regulatory assets; and, at Generation, lower realized energy prices, partially offset by the favorable impacts of Illinois ZEC revenue, increased capacity prices and tax savings related to the Tax Cuts and Jobs Act
Exelon Utilities project capital expenditures of $23 billion over the next four years, supporting 7.8% annual rate base growth to the benefit of its customers
CEO Chris Crane said, ”This was another record-breaking year for Exelon, with our Utility and Generation businesses demonstrating best-ever performances in multiple categories thanks to the hard work of our employees, who also surpassed their previous record for volunteerism.
“Our ongoing strategy to invest in advanced technology and infrastructure resulted in improved resiliency, reliability and customer satisfaction at our electric and gas companies.”
Exelon introduced a guidance range for 2019 Adjusted (non-GAAP) Operating Earnings of $3.00 to $3.30 per share.
Shares gave back 80 cents, or 1.7%, to $47.33
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