Exelon’s 3Q results surpass Wall Street expectations

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CHICAGO — U.S. power generator Exelon Corp., which services Maryland customers through Baltimore Gas & Electric, on Tuesday reported third-quarter net income of $501 million.

The Chicago-based company said it had profit of 51 cents per share. Earnings, adjusted for non-recurring costs and asset impairment costs, were $1.04 per share.

The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 87 cents per share.

The energy company posted revenue of $8.85 billion in the period. Exelon expects full-year earnings in the range of $3 to $3.20 per share.

Exelon shares have dropped 10% since the beginning of the year, while the Standard & Poor’s 500 index has risen 2.5%. The stock has decreased 10% in the last 12 months.

Also Tuesday, Exelon’s board of directors declared a regular quarterly dividend of $0.3825 per share on its common stock. The dividend is payable Dec. 10 to shareholders of record of Exelon as of end of business on Nov. 16.

Exelon Corporation is a Fortune 100 energy company with the largest number of electricity and natural gas customers in the U.S. Exelon does business in 48 states, the District of Columbia and Canada and had 2019 revenue of $34 billion.

Exelon serves approximately 10 million customers in Maryland, Delaware, the District of Columbia, Illinois, New Jersey and Pennsylvania through its BGE, Atlantic City Electric, ComEd, Delmarva Power, PECO and Pepco subsidiaries.

The company is one of the largest competitive U.S. power generators, with 31,000 megawatts of nuclear, gas, wind, solar and hydroelectric generating capacity comprising one of the nation’s cleanest and lowest-cost power generation fleets. The company’s Constellation business unit provides energy products and services to approximately 2 million residential, public sector and business customers, including three fourths of the Fortune 100.