Chicago-based Exelon Corporation (NASDAQ: EXC) today reported its financial results for the fourth quarter 2019.
Exelon's GAAP net income for the fourth quarter of 2019 increased to $0.79 per share from $0.16 per share in the fourth quarter of 2018.
Adjusted (non-GAAP) Operating Earnings increased to $0.83 per share in the fourth quarter of 2019 from $0.58 per share in the fourth quarter of 2018.
Adjusted (non-GAAP) Operating Earnings in the fourth quarter of 2019 primarily reflect higher utility earnings due to regulatory rate increases at PECO, BGE and PHI, and higher generation earnings due to higher realized energy prices, decreased nuclear outage days, lower operating and maintenance expense and research and development income tax benefits, partially offset by lower capacity prices.
Exelon introduced a guidance range for 2020 Adjusted (non-GAAP) Operating Earnings of $3.00-$3.30 per share. The outlook for 2020 Adjusted (non-GAAP) Operating Earnings for Exelon and its subsidiaries excludes Mark-to-market adjustments from economic hedging activities; Unrealized gains and losses from NDT funds to the extent not offset by contractual accounting as described in the notes to the consolidated financial statements and, Certain costs related to plant retirement.
Said CEO Christopher Crane, "Each of our utilities achieved record-high customer satisfaction in 2019 as we continued to invest in infrastructure to increase reliability and prepare the grid to accommodate more renewable energy, electric vehicles and other technology necessary to meet the challenge of climate change."
Shares added $1.03, or 2.1%, to $49.38
