Exelon said its first-quarter net income attributable to common shareholders fell by $11 million from a year earlier, and diluted earnings per share dropped from $0.67 to $0.66. The company cited higher interest expense at PECO, PHI and Exelon Corporate, and lower ComEd electric distribution earnings from a lower ROE.

1. 01

   Exelon said its first-quarter net income attributable to common shareholders fell by $11 million from a year earlier, and diluted earnings per share dropped from $0.67 to $0.66. The company cited higher interest expense at PECO, PHI and Exelon Corporate, and lower ComEd electric distribution earnings from a lower ROE.

2. 02

   The company said ComEd's net income for Q1 2024 decreased $48 million from the same period a year earlier, mainly due to lower electric distribution earnings reflecting lower allowed ROE. The company said ComEd's effective income tax rate was 9.0% compared with 22.8% a year earlier.

3. 03

   The company said FERC issued a final audit report on July 27, 2023 and that ComEd, having determined that a loss was probable regarding its overhead cost allocation methodology, recorded a regulatory liability. The company said the final outcome could result in future losses above the amounts currently accrued.

4. 04

   The company said total commitments under its credit facilities were $4.0 billion as of March 31, 2024, of which $2.7 billion was available to support additional commercial paper. It also said it did not issue shares under its at-the-market (ATM) program and did not enter into any forward sale agreements during Q1 2024.

Key figures

Quarter ended March 31, 2024

Revenue

$6.0B

Operating income

$1.1B

Net income

$658M

EPS

$0.66

Operating cash flow

$992M

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.