Oct. 31--Chicago-based Exelon generated higher year-over-year revenue and earnings in the third quarter, beating Wall Street estimates.
The company cited favorable weather conditions in the ComEd service territory and benefits from last year's acquisition of Chicago-based Integrys Energy Services as contributing to the improved year-over-year results.
"Our focus on operational performance and strategic investments to grow our business continues to deliver results across all of our businesses," Christopher Crane, Exelon president and CEO, said in a statement.
Exelon is one of the largest U.S. energy providers, doing business in 48 states, with 2014 revenue of $27.4 billion.
Net income: The company reported net income of $757 million for the quarter ending Sept. 30, up from $676 million during the same quarter last year.
Earnings per share: Adjusted earnings increased to 83 cents per share in the third quarter, up from 78 cents per share in 2014. That beat consensus analyst estimates of 71 cents per share.
The company raised full-year earnings projections to a range of $2.40 to $2.60 per share.
Revenue: Revenue for the quarter was $7.4 billion, up from $6.7 billion last year.
Chicago weather: Warmer weather during the third quarter this year in the ComEd service territory led to more energy use in northern Illinois, the company said, contributing to the higher revenue and earnings. ComEd's adjusted earnings increased $25 million during the quarter.
Nuclear power: Exelon owns the nation's largest commercial nuclear fleet, including six facilities in Illinois. An Exelon-backed bill was introduced in February to provide subsidies for low-carbon electricity, including nuclear power plants. Exelon says three of its six nuclear plants -- Byron, the Quad Cities and Clinton -- are struggling financially and are in danger of shutting down.
The company said Thursday that it will put off a decision on its Clinton facility for one year, in part to give lawmakers more time to consider the legislation. In September, Exelon said it was putting off its decision on the future of the Quad Cities and Byron plants for a year as well.
rchannick@tribpub.com
