Exelon Corporation reported first quarter 2009 earnings of $712 million, up from $581 million in first quarter 2008. Adjusted non-GAAP earnings were $797 million or $1.20 per share, up from $620 million or $0.93 per share. Exelon reaffirmed its 2009 earnings guidance of $4.00-$4.30 per share. Key drivers of the increase were higher energy margins at Exelon Generation due to increased nuclear output and favorable market conditions, lower outage costs, and increased revenues at ComEd and PECO from new rates. Exelon also provided updates on its proposed acquisition of NRG Energy and various regulatory and operational activities.
Progress Energy announced its fourth quarter and full year 2008 financial results. For the fourth quarter, it reported GAAP earnings of $0.41 per share compared to $0.40 per share the previous year. Full year 2008 GAAP earnings were $3.19 per share compared to $1.97 per share in 2007. The company affirmed its 2009 ongoing earnings guidance range of $2.95 to $3.15 per share. Progress Energy's chairman stated that 2009 will be challenging but that the company is controlling costs to minimize the impact of rising fuel and energy policy costs on customers.
Progress Energy reported first quarter 2004 ongoing earnings of $0.64 per share compared to $0.84 per share in the first quarter of 2003. GAAP earnings were $0.45 per share compared to $0.94 per share in the prior year. The decrease in ongoing and GAAP earnings was primarily due to lower wholesale sales, higher O&M costs, and common stock dilution. However, most business lines delivered results consistent with plans. Progress Energy reaffirmed its 2004 earnings guidance of $3.50 to $3.65 per share. Significant events in the quarter included renewing the Robinson Nuclear Plant license for 20 additional years and completing a power uprate at Brunswick Nuclear Unit 1.
This document provides a summary of Exelon Corporation's second quarter 2007 financial results and outlook. Key points include:
- Reported GAAP earnings of $702 million compared to $644 million in Q2 2006. Adjusted operating earnings were $700 million compared to $577 million.
- Affirmed full-year 2007 adjusted operating earnings guidance of $4.00-$4.30 per share. Revised GAAP earnings guidance to $3.70-$4.00 per share.
- Announced a comprehensive electric rate settlement in Illinois that provides $1 billion in rate relief for customers over multiple years. Generation will contribute funding as a one-time transition to market rates.
DTE Energy reported a 25% increase in earnings for 2005 compared to 2004, driven by operational and regulatory improvements at its electric and gas utilities Detroit Edison and MichCon. It expects continued strong earnings growth in 2006 across all of its business segments. Non-utility operations performed well in 2005 and are expected to contribute further to earnings growth in 2006. The company provided guidance of $3.60 to $3.90 per share in operating earnings for 2006, a significant increase over 2005.
Progress Energy reported first quarter 2005 results, with ongoing earnings of $0.52 per share and GAAP earnings of $0.38 per share. Core ongoing earnings, which exclude synthetic fuels, were $0.53 per share, up from $0.45 per share in the prior year. Approximately 1,450 employees elected to retire under a voluntary enhanced retirement program. Progress Energy reaffirmed its 2005 ongoing earnings guidance of $2.90 to $3.20 per share.
Progress Energy reported lower earnings in Q4 2007 and full year 2007 compared to the same periods in 2006, primarily due to divestitures. For Q4, core ongoing earnings were $0.40 per share compared to $0.59 last year, with higher O&M expenses partially offsetting factors. For full year, core ongoing earnings were $2.81 per share compared to $2.63 last year, helped by lower taxes and favorable weather partially offset by higher O&M. Progress Energy reaffirmed its 2008 ongoing earnings target of $3.05 per share, within a range of 10 cents.
Progress Energy reported third-quarter 2008 earnings results and updated full-year 2008 earnings guidance. Key highlights include:
- Third-quarter GAAP earnings of $1.19 per share compared to $1.24 per share in third-quarter 2007.
- Third-quarter ongoing earnings of $1.17 per share, matching third-quarter 2007 ongoing earnings.
- Updated 2008 ongoing earnings guidance to $2.95 to $3.05 per share, the lower end of the previously announced range.
Progress Energy announced its 2008 second-quarter results, reporting GAAP earnings of $0.79 per share compared to a loss of $0.75 per share in the previous year. Ongoing earnings were $0.77 per share compared to $0.56 per share last year. The company reaffirmed its 2008 ongoing earnings guidance of $3.05 per share, with a range of 10 cents above and below the target. Progress Energy saw increased wholesale revenues and AFUDC equity contributions in the second quarter compared to the previous year. The company also received approval for two new nuclear reactors in Florida and submitted a license application to the Nuclear Regulatory Commission.
Progress Energy announced its fourth quarter and full year 2008 financial results. For the fourth quarter, it reported GAAP earnings of $0.41 per share compared to $0.40 per share the previous year. Full year 2008 GAAP earnings were $3.19 per share compared to $1.97 per share in 2007. The company affirmed its 2009 ongoing earnings guidance range of $2.95 to $3.15 per share. Progress Energy's chairman stated that 2009 will be challenging but that the company is controlling costs to minimize the impact of rising fuel and energy policy costs on customers.
Progress Energy reported first quarter 2004 ongoing earnings of $0.64 per share compared to $0.84 per share in the first quarter of 2003. GAAP earnings were $0.45 per share compared to $0.94 per share in the prior year. The decrease in ongoing and GAAP earnings was primarily due to lower wholesale sales, higher O&M costs, and common stock dilution. However, most business lines delivered results consistent with plans. Progress Energy reaffirmed its 2004 earnings guidance of $3.50 to $3.65 per share. Significant events in the quarter included renewing the Robinson Nuclear Plant license for 20 additional years and completing a power uprate at Brunswick Nuclear Unit 1.
This document provides a summary of Exelon Corporation's second quarter 2007 financial results and outlook. Key points include:
- Reported GAAP earnings of $702 million compared to $644 million in Q2 2006. Adjusted operating earnings were $700 million compared to $577 million.
- Affirmed full-year 2007 adjusted operating earnings guidance of $4.00-$4.30 per share. Revised GAAP earnings guidance to $3.70-$4.00 per share.
- Announced a comprehensive electric rate settlement in Illinois that provides $1 billion in rate relief for customers over multiple years. Generation will contribute funding as a one-time transition to market rates.
DTE Energy reported a 25% increase in earnings for 2005 compared to 2004, driven by operational and regulatory improvements at its electric and gas utilities Detroit Edison and MichCon. It expects continued strong earnings growth in 2006 across all of its business segments. Non-utility operations performed well in 2005 and are expected to contribute further to earnings growth in 2006. The company provided guidance of $3.60 to $3.90 per share in operating earnings for 2006, a significant increase over 2005.
Progress Energy reported first quarter 2005 results, with ongoing earnings of $0.52 per share and GAAP earnings of $0.38 per share. Core ongoing earnings, which exclude synthetic fuels, were $0.53 per share, up from $0.45 per share in the prior year. Approximately 1,450 employees elected to retire under a voluntary enhanced retirement program. Progress Energy reaffirmed its 2005 ongoing earnings guidance of $2.90 to $3.20 per share.
Progress Energy reported lower earnings in Q4 2007 and full year 2007 compared to the same periods in 2006, primarily due to divestitures. For Q4, core ongoing earnings were $0.40 per share compared to $0.59 last year, with higher O&M expenses partially offsetting factors. For full year, core ongoing earnings were $2.81 per share compared to $2.63 last year, helped by lower taxes and favorable weather partially offset by higher O&M. Progress Energy reaffirmed its 2008 ongoing earnings target of $3.05 per share, within a range of 10 cents.
Progress Energy reported third-quarter 2008 earnings results and updated full-year 2008 earnings guidance. Key highlights include:
- Third-quarter GAAP earnings of $1.19 per share compared to $1.24 per share in third-quarter 2007.
- Third-quarter ongoing earnings of $1.17 per share, matching third-quarter 2007 ongoing earnings.
- Updated 2008 ongoing earnings guidance to $2.95 to $3.05 per share, the lower end of the previously announced range.
Progress Energy announced its 2008 second-quarter results, reporting GAAP earnings of $0.79 per share compared to a loss of $0.75 per share in the previous year. Ongoing earnings were $0.77 per share compared to $0.56 per share last year. The company reaffirmed its 2008 ongoing earnings guidance of $3.05 per share, with a range of 10 cents above and below the target. Progress Energy saw increased wholesale revenues and AFUDC equity contributions in the second quarter compared to the previous year. The company also received approval for two new nuclear reactors in Florida and submitted a license application to the Nuclear Regulatory Commission.
Progress Energy announces third quarter 2007 results. Core ongoing earnings per share were $1.21 compared to $1.06 for the same period last year due to favorable weather, lower taxes, and increased wholesale sales. Non-core ongoing losses were $0.07 per share compared to earnings of $0.03 last year. The company reaffirms 2007 core ongoing earnings guidance of $2.70 to $2.90 per share.
Progress Energy announces its 2006 fourth-quarter and full-year financial results. For the fourth quarter, it reports GAAP earnings of $1.01 per share compared to $0.62 per share the previous year, driven by gains from selling natural gas assets offset by asset impairments. Ongoing earnings were $0.65 per share compared to $0.72 the previous year due to lower synthetic fuel production and mild weather. For the full year, GAAP earnings were $2.28 per share compared to $2.82 the previous year, while ongoing earnings were $2.58 per share, in line with guidance. The company provides 2007 ongoing earnings guidance of $2.70-$2.90
Progress Energy reported first quarter 2006 earnings of $0.18 per share, down from $0.38 per share in the first quarter of 2005. Core ongoing earnings were $0.45 per share, lower than the $0.53 per share in the prior year due to unfavorable weather and higher costs, partially offset by increased sales. Non-core ongoing earnings increased to $0.06 per share due to prior year reversals and gains on sales. The company reaffirmed 2006 core ongoing earnings guidance of $2.45 to $2.65 per share but did not provide guidance for non-core earnings due to uncertainty around synthetic fuel tax credits. Recent developments included the successful resolution of an IRS audit and
Progress Energy announces its 2007 second-quarter results. It reported a GAAP loss of $0.75 per share compared to a loss of $0.19 per share for the same period last year, due to losses from exiting its merchant energy segment. However, its core ongoing earnings were $0.59 per share compared to $0.47 per share last year, due to lower interest expense and income taxes. It reaffirmed its 2007 core ongoing earnings guidance of $2.70 to $2.90 per share. Its core businesses of electric utilities continued to perform well in the second quarter.
SCANA Corporation reported consolidated earnings of $114 million for the first quarter of 2009, comparable to earnings of $109 million in the first quarter of 2008. Earnings were positively impacted by lower operating and maintenance expenses and favorable weather, offsetting factors such as lower natural gas margins. By business line, South Carolina Electric & Gas earned $62 million, PSNC Energy earned $30 million, and SCANA Energy earned $22 million. The company affirmed its guidance for 2009 earnings between $2.65 to $2.95 per share.
DTE Energy reported first quarter earnings of $149 million compared to $190 million in the first quarter of 2004. Operating earnings, which exclude non-recurring items, were $153 million compared to $152 million in the prior year. The company reconfirmed its 2005 earnings guidance range of $3.30 to $3.60 per share. Several business units saw lower earnings due to timing factors but the company expects to meet its annual targets.
Atmos Energy Corporation reported earnings for the first quarter of fiscal year 2009. Net income was $76.0 million, up slightly from $73.8 million in the prior year. Regulated gas distribution operations contributed $57.8 million in net income, up 25% from the prior year. The company affirmed its fiscal year 2009 earnings guidance of $2.05 to $2.15 per share, excluding mark-to-market impacts. Capital expenditures for the year are expected to be $500-$515 million.
Progress Energy reported solid financial results for the second quarter of 2004, with ongoing earnings of $0.79 per share and GAAP earnings of $0.63 per share. For the year to date, ongoing earnings were $1.43 per share and GAAP earnings were $1.08 per share. The company reaffirmed its 2004 ongoing earnings guidance of $3.50 to $3.65 per share. Key drivers of the financial performance included favorable weather, customer growth, and lower retail revenue sharing accruals, partially offset by a decrease in wholesale sales.
The document provides an overview of Capital Power's investor meetings in June 2016. It discusses updates to Alberta's Climate Leadership Plan including the facilitation of coal phase-out by 2030 and potential compensation. It also notes the financial impacts of the carbon competitiveness regulation and acceleration of renewables to replace retiring coal generation. The document summarizes growth opportunities including Genesee 4&5, Halkirk 2, and Bloom Wind project in the US. It provides an overview of Capital Power's capital allocation including maintaining its dividend, funding growth opportunities, and debt repayment.
Atmos Energy Corporation reported financial results for the third quarter and first nine months of fiscal year 2007. For the quarter, the company reported a net loss that was smaller than the prior year's loss. For the nine month period, net income increased 23% compared to the same period last year. Atmos Energy expects full year earnings to be at the lower end of its previous guidance range due to factors such as lower natural gas price volatility limiting opportunities in its natural gas marketing segment. Capital expenditures for the full fiscal year are expected to be between $365-385 million.
Procopio and BlueScape Cap-and-Trade Webinar 12-8-11BlueScape
John J. Lormon, Partner with Procopio Law Firm, and James A. Westbrook, President of BlueScape, discuss California's final Cap-and-Trade Rule adopted in October 2011. The rule will impact about 350 companies and 600 facilities. Information is presented on how to determine whether a facility is a covered entity, thresholds for inclusion, compliance requirements, allowances and offsets, enforcement, and recent litigation activity. For questions or support, Mr. Lormon can be reached at 619-515-3217 or john.lormon@procopio.com. Mr. Westbrook can be reached at 877-486-9257 or jwestbrook@bluescapeinc.com.
Capital Power March 2016 Investor PresentationCapital Power
This document provides an overview and summary of Capital Power's presentation to investors in March 2016. It discusses:
- The Alberta Climate Leadership Plan including the carbon price, accelerated phase-out of coal by 2030, and renewable energy incentives.
- The expected financial impacts of the plan on Capital Power, including higher compliance costs offset by higher power prices and utilization of carbon credits through 2020.
- Capital Power's financial performance in 2015, growth opportunities, strong contracted cash flows, dividend growth targets, and financial strength.
- The outlook for the Alberta power market including modest demand growth and forecasts for higher power prices as coal is phased out.
Duke Energy reported lower earnings in Q1 2004 compared to Q1 2003. Earnings per share were $0.36 compared to $0.25 the prior year. Ongoing earnings per share excluding special items were $0.32 compared to $0.42. Several business units experienced lower earnings including Franchised Electric, Natural Gas Transmission and Duke Energy North America which was impacted by mark-to-market losses. However, Field Services more than doubled its earnings and the company exceeded its asset sales target for the year.
Atmos Energy reported financial results for fiscal year 2008, with net income of $180.3 million compared to $168.5 million the prior year. Regulated operations contributed $134.1 million of net income compared to $107.9 million the previous year. For the fourth quarter, net income was $1.6 million compared to a net loss of $5.9 million in the prior year fourth quarter, with regulated operations reporting a seasonal net loss of $14.7 million. Atmos Energy affirmed its fiscal year 2009 earnings guidance of $2.05 to $2.15 per diluted share.
This document summarizes a presentation given by Dick Kelly, president and COO of Xcel Energy, at a Lehman Brothers energy conference on September 8, 2004. Kelly outlines Xcel Energy's strategy of investing $900-950 million annually in its utility assets to meet growth, while also pursuing specific generation projects, including a $1 billion coal plant expansion in Colorado. Kelly projects total shareholder return of 7-9% annually through earnings growth of 2-4% and a dividend yield of around 5%.
- Teledyne Technologies reported lower first quarter 2009 sales and net income compared to the first quarter of 2008, due to contracting commercial markets amid the global recession. However, earnings were consistent with the company's January outlook due to cost adjustments.
- Sales for the Electronics and Communications and Engineered Systems segments increased compared to the first quarter of 2008, while sales decreased significantly for the Aerospace Engines and Components and Energy and Power Systems segments.
- The company expects second quarter 2009 earnings per share of $0.64 to $0.68 and full year 2009 earnings per share of $2.70 to $2.80, reflecting continued cost adjustments and sales reductions in certain segments.
energy future holindings Q107ER_Exhibits_FINALfinance29
TXU reported a net loss for the first quarter of 2007 compared to a net income in the same period of 2006. The loss was primarily due to special items including a charge related to suspending generation projects and unrealized losses on hedging positions. Excluding special items, operational earnings decreased from the prior year due to lower contribution margin from plant outages and pricing, as well as higher expenses, but volumes increased with colder weather. Key highlights included regulatory applications related to a proposed acquisition by investment firms KKR and TPG, completing generation plant outages safely and on schedule, and continued work on expanding nuclear and coal-fueled generation capacity.
The document provides an overview of Ryder System Inc.'s fourth quarter 2010 earnings results and 2011 forecast. Key highlights include earnings per share increasing 86% compared to the prior year, driven by improved commercial rental and used vehicle sales performance. However, full service lease revenue declined due to higher maintenance costs and a smaller fleet. The forecast also notes risks to the economic recovery that could negatively impact results.
Interactive Brokers Group reported financial results for the first quarter of 2009. Net revenues were $296 million and income before taxes was $167 million, declines from the first quarter of 2008. Earnings per share were $0.30. While trading activity increased with customer account and trade volumes up, lower interest rates and competitive pressures on trading spreads reduced net interest income and trading gains compared to the prior year.
The document provides financial information for Jones Lang LaSalle's first quarter 2009 earnings call. It includes reconciliations of GAAP net loss to adjusted figures, summaries of revenue and earnings by segment, details of cost cutting measures, debt covenant metrics, and a list of new client wins in their Global Corporate Solutions division. The financial results showed a net loss of $61.5M for the quarter, though adjustments for items like restructuring charges brought the adjusted net loss to $16.3M. Segments like the Americas saw revenue and earnings growth while others like Europe declined. The company also outlined steps taken to reduce costs like staff cuts, discretionary spending cuts, and reduced capital expenditures.
The Coca-Cola Company reported first quarter 2009 results with 2% worldwide unit case volume growth and currency neutral operating income growth exceeding its long-term target. Revenue decreased 3% to $7.1 billion due to negative foreign exchange impact. EPS was $0.58 but was $0.65 excluding items. The company gained volume and value share globally and productivity initiatives are on track to deliver $500 million in annual savings by 2011.
Progress Energy announces third quarter 2007 results. Core ongoing earnings per share were $1.21 compared to $1.06 for the same period last year due to favorable weather, lower taxes, and increased wholesale sales. Non-core ongoing losses were $0.07 per share compared to earnings of $0.03 last year. The company reaffirms 2007 core ongoing earnings guidance of $2.70 to $2.90 per share.
Progress Energy announces its 2006 fourth-quarter and full-year financial results. For the fourth quarter, it reports GAAP earnings of $1.01 per share compared to $0.62 per share the previous year, driven by gains from selling natural gas assets offset by asset impairments. Ongoing earnings were $0.65 per share compared to $0.72 the previous year due to lower synthetic fuel production and mild weather. For the full year, GAAP earnings were $2.28 per share compared to $2.82 the previous year, while ongoing earnings were $2.58 per share, in line with guidance. The company provides 2007 ongoing earnings guidance of $2.70-$2.90
Progress Energy reported first quarter 2006 earnings of $0.18 per share, down from $0.38 per share in the first quarter of 2005. Core ongoing earnings were $0.45 per share, lower than the $0.53 per share in the prior year due to unfavorable weather and higher costs, partially offset by increased sales. Non-core ongoing earnings increased to $0.06 per share due to prior year reversals and gains on sales. The company reaffirmed 2006 core ongoing earnings guidance of $2.45 to $2.65 per share but did not provide guidance for non-core earnings due to uncertainty around synthetic fuel tax credits. Recent developments included the successful resolution of an IRS audit and
Progress Energy announces its 2007 second-quarter results. It reported a GAAP loss of $0.75 per share compared to a loss of $0.19 per share for the same period last year, due to losses from exiting its merchant energy segment. However, its core ongoing earnings were $0.59 per share compared to $0.47 per share last year, due to lower interest expense and income taxes. It reaffirmed its 2007 core ongoing earnings guidance of $2.70 to $2.90 per share. Its core businesses of electric utilities continued to perform well in the second quarter.
SCANA Corporation reported consolidated earnings of $114 million for the first quarter of 2009, comparable to earnings of $109 million in the first quarter of 2008. Earnings were positively impacted by lower operating and maintenance expenses and favorable weather, offsetting factors such as lower natural gas margins. By business line, South Carolina Electric & Gas earned $62 million, PSNC Energy earned $30 million, and SCANA Energy earned $22 million. The company affirmed its guidance for 2009 earnings between $2.65 to $2.95 per share.
DTE Energy reported first quarter earnings of $149 million compared to $190 million in the first quarter of 2004. Operating earnings, which exclude non-recurring items, were $153 million compared to $152 million in the prior year. The company reconfirmed its 2005 earnings guidance range of $3.30 to $3.60 per share. Several business units saw lower earnings due to timing factors but the company expects to meet its annual targets.
Atmos Energy Corporation reported earnings for the first quarter of fiscal year 2009. Net income was $76.0 million, up slightly from $73.8 million in the prior year. Regulated gas distribution operations contributed $57.8 million in net income, up 25% from the prior year. The company affirmed its fiscal year 2009 earnings guidance of $2.05 to $2.15 per share, excluding mark-to-market impacts. Capital expenditures for the year are expected to be $500-$515 million.
Progress Energy reported solid financial results for the second quarter of 2004, with ongoing earnings of $0.79 per share and GAAP earnings of $0.63 per share. For the year to date, ongoing earnings were $1.43 per share and GAAP earnings were $1.08 per share. The company reaffirmed its 2004 ongoing earnings guidance of $3.50 to $3.65 per share. Key drivers of the financial performance included favorable weather, customer growth, and lower retail revenue sharing accruals, partially offset by a decrease in wholesale sales.
The document provides an overview of Capital Power's investor meetings in June 2016. It discusses updates to Alberta's Climate Leadership Plan including the facilitation of coal phase-out by 2030 and potential compensation. It also notes the financial impacts of the carbon competitiveness regulation and acceleration of renewables to replace retiring coal generation. The document summarizes growth opportunities including Genesee 4&5, Halkirk 2, and Bloom Wind project in the US. It provides an overview of Capital Power's capital allocation including maintaining its dividend, funding growth opportunities, and debt repayment.
Atmos Energy Corporation reported financial results for the third quarter and first nine months of fiscal year 2007. For the quarter, the company reported a net loss that was smaller than the prior year's loss. For the nine month period, net income increased 23% compared to the same period last year. Atmos Energy expects full year earnings to be at the lower end of its previous guidance range due to factors such as lower natural gas price volatility limiting opportunities in its natural gas marketing segment. Capital expenditures for the full fiscal year are expected to be between $365-385 million.
Procopio and BlueScape Cap-and-Trade Webinar 12-8-11BlueScape
John J. Lormon, Partner with Procopio Law Firm, and James A. Westbrook, President of BlueScape, discuss California's final Cap-and-Trade Rule adopted in October 2011. The rule will impact about 350 companies and 600 facilities. Information is presented on how to determine whether a facility is a covered entity, thresholds for inclusion, compliance requirements, allowances and offsets, enforcement, and recent litigation activity. For questions or support, Mr. Lormon can be reached at 619-515-3217 or john.lormon@procopio.com. Mr. Westbrook can be reached at 877-486-9257 or jwestbrook@bluescapeinc.com.
Capital Power March 2016 Investor PresentationCapital Power
This document provides an overview and summary of Capital Power's presentation to investors in March 2016. It discusses:
- The Alberta Climate Leadership Plan including the carbon price, accelerated phase-out of coal by 2030, and renewable energy incentives.
- The expected financial impacts of the plan on Capital Power, including higher compliance costs offset by higher power prices and utilization of carbon credits through 2020.
- Capital Power's financial performance in 2015, growth opportunities, strong contracted cash flows, dividend growth targets, and financial strength.
- The outlook for the Alberta power market including modest demand growth and forecasts for higher power prices as coal is phased out.
Duke Energy reported lower earnings in Q1 2004 compared to Q1 2003. Earnings per share were $0.36 compared to $0.25 the prior year. Ongoing earnings per share excluding special items were $0.32 compared to $0.42. Several business units experienced lower earnings including Franchised Electric, Natural Gas Transmission and Duke Energy North America which was impacted by mark-to-market losses. However, Field Services more than doubled its earnings and the company exceeded its asset sales target for the year.
Atmos Energy reported financial results for fiscal year 2008, with net income of $180.3 million compared to $168.5 million the prior year. Regulated operations contributed $134.1 million of net income compared to $107.9 million the previous year. For the fourth quarter, net income was $1.6 million compared to a net loss of $5.9 million in the prior year fourth quarter, with regulated operations reporting a seasonal net loss of $14.7 million. Atmos Energy affirmed its fiscal year 2009 earnings guidance of $2.05 to $2.15 per diluted share.
This document summarizes a presentation given by Dick Kelly, president and COO of Xcel Energy, at a Lehman Brothers energy conference on September 8, 2004. Kelly outlines Xcel Energy's strategy of investing $900-950 million annually in its utility assets to meet growth, while also pursuing specific generation projects, including a $1 billion coal plant expansion in Colorado. Kelly projects total shareholder return of 7-9% annually through earnings growth of 2-4% and a dividend yield of around 5%.
- Teledyne Technologies reported lower first quarter 2009 sales and net income compared to the first quarter of 2008, due to contracting commercial markets amid the global recession. However, earnings were consistent with the company's January outlook due to cost adjustments.
- Sales for the Electronics and Communications and Engineered Systems segments increased compared to the first quarter of 2008, while sales decreased significantly for the Aerospace Engines and Components and Energy and Power Systems segments.
- The company expects second quarter 2009 earnings per share of $0.64 to $0.68 and full year 2009 earnings per share of $2.70 to $2.80, reflecting continued cost adjustments and sales reductions in certain segments.
energy future holindings Q107ER_Exhibits_FINALfinance29
TXU reported a net loss for the first quarter of 2007 compared to a net income in the same period of 2006. The loss was primarily due to special items including a charge related to suspending generation projects and unrealized losses on hedging positions. Excluding special items, operational earnings decreased from the prior year due to lower contribution margin from plant outages and pricing, as well as higher expenses, but volumes increased with colder weather. Key highlights included regulatory applications related to a proposed acquisition by investment firms KKR and TPG, completing generation plant outages safely and on schedule, and continued work on expanding nuclear and coal-fueled generation capacity.
The document provides an overview of Ryder System Inc.'s fourth quarter 2010 earnings results and 2011 forecast. Key highlights include earnings per share increasing 86% compared to the prior year, driven by improved commercial rental and used vehicle sales performance. However, full service lease revenue declined due to higher maintenance costs and a smaller fleet. The forecast also notes risks to the economic recovery that could negatively impact results.
Interactive Brokers Group reported financial results for the first quarter of 2009. Net revenues were $296 million and income before taxes was $167 million, declines from the first quarter of 2008. Earnings per share were $0.30. While trading activity increased with customer account and trade volumes up, lower interest rates and competitive pressures on trading spreads reduced net interest income and trading gains compared to the prior year.
The document provides financial information for Jones Lang LaSalle's first quarter 2009 earnings call. It includes reconciliations of GAAP net loss to adjusted figures, summaries of revenue and earnings by segment, details of cost cutting measures, debt covenant metrics, and a list of new client wins in their Global Corporate Solutions division. The financial results showed a net loss of $61.5M for the quarter, though adjustments for items like restructuring charges brought the adjusted net loss to $16.3M. Segments like the Americas saw revenue and earnings growth while others like Europe declined. The company also outlined steps taken to reduce costs like staff cuts, discretionary spending cuts, and reduced capital expenditures.
The Coca-Cola Company reported first quarter 2009 results with 2% worldwide unit case volume growth and currency neutral operating income growth exceeding its long-term target. Revenue decreased 3% to $7.1 billion due to negative foreign exchange impact. EPS was $0.58 but was $0.65 excluding items. The company gained volume and value share globally and productivity initiatives are on track to deliver $500 million in annual savings by 2011.
The document provides financial highlights for Westamerica Bancorporation for the first quarter of 2009 compared to the first quarter of 2008 and the fourth quarter of 2008. Some key figures:
- Net income increased 97.3% from the prior year quarter and 153.8% from the previous quarter.
- Net interest income increased 23.7% from the prior year and 19.1% from the previous quarter.
- Basic and diluted earnings per share increased around 95% from the prior year.
- Returns on assets and equity increased substantially from the prior year and previous quarter.
{FR} 5 Comportements et Outils pour mieux gérer son eVie par The MyndsetMinter Dial
Dans un monde ultra-connecté, 24/7, comment mieux gérer son temps et sa vie personnelle et professionnelle. Dans cette présentation, je parle des 5 eComportements et présente 5 outils pour dompter une vie surchargée.
Organismos que protegen los derechos del trabajadorDamaris Ventura
La Organización Internacional del Trabajo (OIT) es un organismo de la ONU que se ocupa de asuntos laborales. Su órgano supremo es la Conferencia Internacional que se reúne anualmente y su órgano administrativo es el Consejo de Administración. La OIT tiene una estructura tripartita integrada por representantes de gobiernos, sindicatos y empleadores.
Exelon Corporation reported fourth quarter 2008 earnings of $707 million compared to $562 million in the fourth quarter of 2007. For the full year 2008, earnings were $2,737 million compared to $2,736 million in 2007. Exelon reaffirmed its 2009 earnings guidance range of $4.00 to $4.30 per share. Highlights included Exelon continuing its efforts to acquire NRG Energy through an exchange offer and regulatory filings, strong nuclear plant performance in the fourth quarter, and ComEd and PECO issuing new bonds totaling $2.25 billion.
Exelon reported lower third quarter 2008 earnings compared to third quarter 2007. Earnings were impacted by higher operating expenses, unfavorable weather, and economic factors. However, Generation saw higher energy margins. Exelon expects full-year 2008 earnings near the bottom of its guidance range. It also announced a 5% increase to its fourth quarter common stock dividend and provided operating earnings outlooks for its subsidiaries in 2008.
Exelon announced its third quarter 2007 results, reporting GAAP earnings of $780 million compared to a loss of $44 million in the third quarter of 2006. Adjusted operating earnings for the third quarter of 2007 were $823 million compared to $690 million for the same period in 2006, driven by higher energy margins and weather conditions. Exelon reaffirmed its full year 2007 adjusted operating earnings guidance range of $4.15 to $4.30 per share and raised its GAAP earnings guidance range to $3.90 to $4.20 per share. Key events in the quarter included an Illinois electric rate settlement providing $1 billion in rate relief over four years and Exelon's board approving a $
Exelon announced its third quarter 2007 results, reporting GAAP earnings of $780 million compared to a loss of $44 million in third quarter 2006. Adjusted operating earnings were $823 million compared to $690 million in third quarter 2006, driven by higher energy margins and nuclear output. Exelon reaffirmed its 2007 adjusted operating earnings guidance range of $4.15-$4.30 per share and raised its GAAP earnings guidance range to $3.90-$4.20 per share. Key events in the quarter included an Illinois electric rate settlement providing $1 billion in customer rate relief over four years and Exelon initiating a $1.25 billion share repurchase program.
Exelon Corporation reported strong financial results for Q4 and full year 2007. Key highlights included record-setting nuclear output and fleet capacity factors. Adjusted operating earnings for Q4 2007 were $677 million compared to $487 million in 2006, driven by higher energy margins and favorable weather. For 2008, Exelon expects adjusted operating earnings per share of $4.00-$4.40 and GAAP earnings of $3.70-$4.10 per share. The company also announced a dividend increase and new $500 million share repurchase program.
DTE Energy reported second quarter 2007 earnings of $385 million, up from a loss of $33 million in the second quarter of 2006. Operating earnings were $101 million for the quarter, an increase from an operating loss of $1 million in the prior year. The sale of the company's Antrim Shale gas exploration business and increased non-utility earnings contributed to the earnings growth. DTE Energy also reported year-to-date cash flow from operations of approximately $998 million, a 12% increase from the previous year. The company reiterated its 2007 operating earnings guidance excluding synthetic fuel of $450-485 million and including synthetic fuel of $150-215 million.
DTE Energy reported second quarter 2007 earnings of $385 million, up from a loss of $33 million in the second quarter of 2006. Operating earnings were $101 million for the quarter, an increase from an operating loss of $1 million in the prior year. The sale of the company's Antrim Shale gas business and increased non-utility earnings contributed to the earnings growth. DTE Energy also reported year-to-date cash flow from operations of approximately $998 million, a 12% increase from the previous year. The company reiterated its 2007 operating earnings guidance excluding synthetic fuel of $450-485 million and including synthetic fuel of $150-215 million.
DTE Energy reported a 25% increase in earnings for 2005 compared to 2004, driven by operational and regulatory improvements at its electric and gas utilities Detroit Edison and MichCon. It expects continued strong earnings growth in 2006 across all of its business segments. Non-utility operations performed well in 2005 and are expected to contribute further to earnings growth in 2006. The company provided guidance of $3.60 to $3.90 per share in operating earnings for 2006, a significant increase over 2005.
DTE Energy reported second quarter earnings of $35 million compared to a loss of $39 million in the second quarter of 2003. Operating earnings, which exclude non-recurring items, were $39 million in the second quarter of 2004 compared to $70 million in the same period of 2003. For the six months ended June 30, 2004, reported earnings were $225 million compared to $116 million in 2003. Operating earnings were negatively impacted by Michigan's Electric Choice program and increased pension and healthcare expenses at Detroit Edison and MichCon. DTE Energy expects higher earnings from its synfuels business and increased its 2004 earnings guidance for non-regulated businesses.
DTE Energy reported second quarter earnings of $35 million compared to a loss of $39 million in the second quarter of 2003. Operating earnings, which exclude non-recurring items, were $39 million in the second quarter of 2004 compared to $70 million in the same period of 2003. For the six months ended June 30, 2004, reported earnings were $225 million compared to $116 million in 2003. Operating earnings were negatively impacted by Michigan's Electric Choice program and increased pension and healthcare expenses at Detroit Edison and MichCon. However, non-regulated businesses performed well with increased earnings from coal and energy marketing.
Progress Energy reported third-quarter ongoing earnings of $1.44 per share, up 50% from the prior year, and GAAP earnings of $1.82 per share. Core regulated utility earnings grew due to higher retail margins from customer growth, usage, and weather, partially offset by higher operating costs. Synthetic fuel earnings increased significantly due to higher sales volumes and tax credit recognition. The company reaffirmed its 2005 ongoing earnings guidance range of $2.90 to $3.20 per share.
DTE Energy reported lower second quarter earnings compared to the previous year, but operating earnings were higher. While the electric and gas utilities saw improved earnings, the non-utility businesses had lower earnings due to accounting deferrals and oil hedging losses. However, DTE Energy reaffirmed its full-year operating earnings guidance.
DTE Energy reported lower second quarter earnings compared to the previous year, but operating earnings were higher. While the electric and gas utilities saw improved earnings, the non-utility businesses had lower earnings due to accounting deferrals and oil hedging losses. However, DTE Energy reaffirmed its full-year operating earnings guidance.
ExxonMobil announced its estimated earnings results for the first quarter of 2009. Earnings were $4.55 billion, down 58% from the first quarter of 2008. Earnings per share were $0.92, down 54% from the previous year. Capital and exploration expenditures increased 5% to $5.77 billion from the first quarter of 2008. ExxonMobil's Chairman commented that despite a slowdown in the global economy and lower commodity prices, the company maintained its long-term focus on capital investment in energy projects.
DTE Energy reported first quarter earnings of $149 million compared to $190 million in the first quarter of 2004. Operating earnings, which exclude non-recurring items, were $153 million compared to $152 million in the prior year. The company reconfirmed its 2005 earnings guidance range of $3.30 to $3.60 per share. Several business units saw lower earnings due to timing factors but the company expects to meet its annual targets. Moody's upgraded its outlook for DTE Energy to stable due to expected improvement in financial performance over the next few years.
Progress Energy reported 2005 ongoing earnings per share of $3.33, exceeding guidance. Fourth quarter ongoing earnings were $0.71 per share. Key highlights included resolving an IRS issue regarding synthetic fuel tax credits and providing 2006 ongoing earnings guidance of $3.15 to $3.35 per share. Both regulated utility segments benefited from higher margins though also incurred higher operating costs. Progress Ventures saw lower commercial operations margins.
Duke Energy reported higher earnings per share in the first quarter of 2005 compared to the previous year. Earnings per share were $0.91 versus $0.34 in 2004, driven by gains from the sale of assets in the Field Services business and improved performance across most business units. Interest expense was lower due to debt reduction efforts. Duke Energy will hold an earnings call to discuss the results and outlook further.
DTE Energy reported earnings of $186 million for the first quarter of 2004, up from $155 million in the first quarter of 2003. Operating earnings, which exclude non-recurring items, were $151 million, comparable to the $178 million reported in the first quarter of 2003. Earnings were impacted by warmer weather and increased uncollectable accounts at the company's gas distribution business. The company expects to receive rate relief in 2004 that will help improve earnings performance for the year.
DTE Energy reported earnings of $186 million for the first quarter of 2004, up from $155 million in the first quarter of 2003. Operating earnings, which exclude non-recurring items, were $151 million, comparable to the $178 million reported in the first quarter of 2003. Earnings were impacted by warmer weather and increased uncollectable accounts at the company's gas distribution business. The company expects to receive rate relief in 2004 that will help improve earnings performance for the year.
The AES Corporation reported solid financial results for Q2 and year-to-date 2008. Revenue increased 24% to $4.1 billion for Q2 due to higher prices and volumes. Income from continuing operations was $903 million or $1.31 per share for Q2. Adjusted EPS was $0.17. For the full year, AES increased its adjusted EPS guidance to $1.16. Recent developments included construction starting on 4 power plants totaling 953 MW and acquiring a 49% stake in a 49.5 MW Chinese wind project.
Similar to Q1 2009 Earning Report of Exelon Corp. (20)
Daimler reported its Q3 2009 results, with the automotive market continuing to experience a slump. Key points include:
- Group sales were €19.3 billion in Q3, with an EBIT of €0.5 billion excluding special items.
- Mercedes-Benz Cars achieved a positive EBIT of €355 million in Q3 due to the availability of new models and cost measures.
- Daimler Trucks reported an EBIT loss of €127 million in Q3 due to weak demand and charges from repositioning.
- Daimler aims to further improve earnings in Q4 through new models and ongoing efficiency programs.
A. Schulman reported fiscal fourth-quarter and full-year 2009 results, with strong margins and excellent liquidity. For the quarter, gross margins reached 16.3% compared to 12.1% last year. North America approached break-even despite lower volumes. Cash on hand exceeded $228 million with over $300 million available in credit lines. For the full year, net sales were $1.28 billion, down 35.5% from last year. Gross margins increased to 13.3% from 11.8% last year, and income from continuing operations was $11.2 million.
BB&T Corporation presented its fourth quarter 2009 investor presentation. The presentation highlighted BB&T's strategic acquisition of Colonial Bank, which enhanced its franchise in key Southeastern markets. The Colonial transaction was deemed financially attractive and expected to be accretive to earnings, exceeding BB&T's merger criteria. BB&T has a proven track record of successfully integrating acquisitions and anticipated achieving annual cost savings of $170 million from the Colonial deal.
Brown & Brown Inc. reported a 1% increase in net income for the third quarter of 2009 compared to the same period in 2008. Total revenue decreased 1% for the quarter. Net income for the first nine months of 2009 was up slightly compared to the same period last year, while total revenue increased slightly. The company stated that results reflected a challenging operating environment with declines in insurable exposure units and soft market rates.
Boston Scientific reported financial results for the third quarter of 2009. Net sales increased 3% to $2.025 billion and adjusted EPS was $0.19. Reported GAAP EPS was $0.13. The company maintained its leadership in the worldwide DES market with a 41% share. Worldwide CRM product sales increased 8% and Endosurgery sales increased 8%. Guidance for Q4 2009 estimates net sales of $2.025-$2.125 billion and adjusted EPS of $0.17-$0.21. Full year 2009 guidance estimates net sales of $8.134-$8.234 billion and adjusted EPS of $0.75-$0.79.
Boston Scientific reported financial results for the third quarter of 2009. Net sales increased 3% to $2.025 billion and adjusted EPS was $0.19. Reported GAAP EPS was $0.13. The company maintained its leadership in the worldwide DES market with a 41% share. Worldwide CRM product sales increased 8% and Endosurgery sales increased 8%. Guidance for Q4 2009 estimates net sales of $2.025-$2.125 billion and adjusted EPS of $0.17-$0.21. Full year 2009 guidance estimates net sales of $8.134-$8.234 billion and adjusted EPS of $0.75-$0.79.
This document is Atheros Communications' quarterly report filed with the SEC for the quarter ended September 30, 2009. It includes Atheros' condensed consolidated financial statements, with assets of $676 million and liabilities of $103 million. It also provides management's discussion of the company's financial condition and operating results, and discusses risks including the economic downturn and competition in the wireless LAN market. The report includes certifications of the CEO and CFO regarding financial controls.
- The document is Apple Inc.'s Form 10-Q quarterly report filed with the SEC for the quarter ended June 27, 2009.
- It provides Apple's condensed consolidated financial statements and notes to the financial statements for the quarter.
- The financial statements show that Apple's net sales increased 12% to $8.3 billion for the quarter compared to $7.5 billion in the same quarter the previous year, while net income increased 15% to $1.2 billion from $1.1 billion.
Hancock Holding Company announced its financial results for the third quarter of 2009. Net income increased 10.7% from the previous quarter to $15.2 million. Key factors were lower loan loss provisions and an expanded net interest margin. Non-performing assets rose slightly while net charge-offs decreased. Total assets declined 3.4% but the company remained well capitalized, with tangible equity ratio rising to 8.71%.
This document provides an agenda and highlights for Walgreen Co.'s 4th quarter and fiscal year 2009 conference call with investors. It includes introductions, a discussion of 4Q and FY performance and strategies, financial results, and a Q&A session. Key metrics highlighted are 7.6% sales growth and a 1.5% decline in net earnings for 4Q, and 7.3% sales growth and a 7% decline in net earnings for FY2009. The document also outlines Walgreen's strategies around healthcare reform, the flu season, and expanding their business model.
1) Infosys Technologies reported financial results for the quarter ending September 30, 2009, with revenues of $1.154 billion, a 5.1% decline from the previous year. Net income was $317 million, a 0.9% decline.
2) For the quarter ending December 31, 2009, Infosys expects revenues between $1.155-1.165 billion, a 1.4-0.5% decline from the previous year, and earnings per share of $0.50, a 13.8% decline.
3) For the full fiscal year ending March 31, 2010, Infosys expects revenues between $4.60-4.62 billion, a 1
Marriott International reported financial results for the third quarter of 2009. Key highlights include:
- Revenue declined to $2.5 billion compared to $3 billion in Q3 2008 due to weaker demand.
- Net income declined 57% to $53 million compared to the prior year.
- REVPAR declined 23.5% worldwide and 20.6% in North America.
- The company added 79 new properties and expects to open over 33,000 new rooms in 2009.
PepsiCo held its 2009 Q3 earnings call on October 8, 2009. In the call, PepsiCo reaffirmed its guidance for 2009 of mid-to-high single digit constant currency net revenue and core EPS growth. PepsiCo also set a 2010 target of 11-13% core constant currency EPS growth, assuming the closing of acquisitions of PBG and PAS in early 2010. PepsiCo reported 5% constant currency net revenue growth and 8% core constant currency EPS growth in Q3 2009. PepsiCo highlighted investments planned for 2010 in areas such as R&D, emerging markets, brands, IT infrastructure, sustainability, and developing its employees.
- Alcoa held its 3rd quarter 2009 earnings conference call on October 7, 2009
- The call discussed Alcoa's financial results for the 3rd quarter of 2009 as well as the current state and outlook of the aluminum market
- Key highlights included income from continuing operations of $73 million, revenue up 9% sequentially, and initiatives offsetting currency and energy headwinds
The Pepsi Bottling Group reported third quarter 2009 results. Comparable diluted EPS was $1.06 and reported diluted EPS was $1.14. Currency neutral operating income grew 10% compared to the prior year on a comparable basis, while reported operating income declined 4% due to foreign exchange impacts. The company remains on track to achieve full-year 2009 guidance of $2.30-$2.40 diluted EPS at the high end of the range and has raised operating free cash flow guidance to approximately $550 million.
- Jean Coutu Group reported an increase in sales and revenues for the second quarter of 2010 compared to the same period last year. Total sales increased 7.7% to $549 million while revenues from franchising increased 7.3% to $608.7 million.
- Net earnings for the quarter were $14.9 million compared to a net loss of $39.1 million in the previous year. Earnings per share were $0.07 compared to a loss per share of $0.16 last year.
- Rite Aid also reported financial results for the second quarter, with revenues of $6.3 billion and a net loss of $116 million. Rite Aid revised its guidance
Minerva plc presented preliminary results for the year ended 30 June 2009. Key points included successfully restructuring and extending £750 million in loan facilities with no scheduled maturities in the current or next fiscal year. Development projects such as The Walbrook and St. Botolphs were on time and on budget. Tenant interest was improving for office developments in London's financial district despite a difficult real estate market.
This document is Worthington Industries' quarterly report filed with the SEC for the quarter ended August 31, 2009. It includes financial statements and notes for the quarter, as well as a discussion of financial results by management. Some key details include:
- Net sales for the quarter were $417.5 million, down from $913.2 million in the prior year quarter. The company reported a net loss of $4.5 million compared to net income of $79.7 million in the previous year.
- Inventories totaled $232.9 million as of August 31, 2009, down from $270.6 million as of May 31, 2009 as the company worked to reduce inventory levels.
The document provides the agenda and highlights from Walgreen Co.'s 4th quarter and fiscal year 2009 conference call with analysts held on September 29, 2009. It discusses 4th quarter and fiscal year financial results including net sales growth of 7.6% and 7.3% respectively, adjusted earnings per share of $0.44 and $2.02, and prescription sales growth. The document also summarizes Walgreen's strategies around healthcare reform, the H1N1 flu pandemic, expanding health services and 90-day prescriptions to lower costs.
STREETONOMICS: Exploring the Uncharted Territories of Informal Markets throug...sameer shah
Delve into the world of STREETONOMICS, where a team of 7 enthusiasts embarks on a journey to understand unorganized markets. By engaging with a coffee street vendor and crafting questionnaires, this project uncovers valuable insights into consumer behavior and market dynamics in informal settings."
5 Tips for Creating Standard Financial ReportsEasyReports
Well-crafted financial reports serve as vital tools for decision-making and transparency within an organization. By following the undermentioned tips, you can create standardized financial reports that effectively communicate your company's financial health and performance to stakeholders.
South Dakota State University degree offer diploma Transcriptynfqplhm
办理美国SDSU毕业证书制作南达科他州立大学假文凭定制Q微168899991做SDSU留信网教留服认证海牙认证改SDSU成绩单GPA做SDSU假学位证假文凭高仿毕业证GRE代考如何申请南达科他州立大学South Dakota State University degree offer diploma Transcript
Discover the Future of Dogecoin with Our Comprehensive Guidance36 Crypto
Learn in-depth about Dogecoin's trajectory and stay informed with 36crypto's essential and up-to-date information about the crypto space.
Our presentation delves into Dogecoin's potential future, exploring whether it's destined to skyrocket to the moon or face a downward spiral. In addition, it highlights invaluable insights. Don't miss out on this opportunity to enhance your crypto understanding!
https://36crypto.com/the-future-of-dogecoin-how-high-can-this-cryptocurrency-reach/
Vicinity Jobs’ data includes more than three million 2023 OJPs and thousands of skills. Most skills appear in less than 0.02% of job postings, so most postings rely on a small subset of commonly used terms, like teamwork.
Laura Adkins-Hackett, Economist, LMIC, and Sukriti Trehan, Data Scientist, LMIC, presented their research exploring trends in the skills listed in OJPs to develop a deeper understanding of in-demand skills. This research project uses pointwise mutual information and other methods to extract more information about common skills from the relationships between skills, occupations and regions.
Enhancing Asset Quality: Strategies for Financial Institutionsshruti1menon2
Ensuring robust asset quality is not just a mere aspect but a critical cornerstone for the stability and success of financial institutions worldwide. It serves as the bedrock upon which profitability is built and investor confidence is sustained. Therefore, in this presentation, we delve into a comprehensive exploration of strategies that can aid financial institutions in achieving and maintaining superior asset quality.
University of North Carolina at Charlotte degree offer diploma Transcripttscdzuip
办理美国UNCC毕业证书制作北卡大学夏洛特分校假文凭定制Q微168899991做UNCC留信网教留服认证海牙认证改UNCC成绩单GPA做UNCC假学位证假文凭高仿毕业证GRE代考如何申请北卡罗莱纳大学夏洛特分校University of North Carolina at Charlotte degree offer diploma Transcript
[4:55 p.m.] Bryan Oates
OJPs are becoming a critical resource for policy-makers and researchers who study the labour market. LMIC continues to work with Vicinity Jobs’ data on OJPs, which can be explored in our Canadian Job Trends Dashboard. Valuable insights have been gained through our analysis of OJP data, including LMIC research lead
Suzanne Spiteri’s recent report on improving the quality and accessibility of job postings to reduce employment barriers for neurodivergent people.
Decoding job postings: Improving accessibility for neurodivergent job seekers
Improving the quality and accessibility of job postings is one way to reduce employment barriers for neurodivergent people.
Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
1. Exelon Announces First Quarter Results; Reaffirms Full Year 2009 Earnings
Guidance
CHICAGO--(BUSINESS WIRE)--Apr. 23, 2009-- Exelon Corporation (NYSE: EXC) today announced that its
first quarter 2009 consolidated earnings prepared in accordance with GAAP were $712 million, or $1.08 per
diluted share, compared with earnings of $581 million, or $0.88 per share, in the first quarter of 2008.
Exelon’s adjusted (non-GAAP) operating earnings for the first quarter of 2009 were $797 million, or $1.20
per diluted share, compared with $620 million, or $0.93 per diluted share, for the same period in 2008.
“Our strong first quarter results are keeping 2009 earnings on track to meet our estimates in spite of the
difficult economic environment,” said John W. Rowe, Exelon’s chairman and CEO. “We continue to drive
these results through our operating performance. Our nuclear fleet operations continued industry-leading
performance as the quarter’s single refueling outage at the LaSalle station was completed in 22 days. Our
fossil fleet had its best quarter since we began tracking commercial availability. ComEd announced a plan to
reduce its 2009 capital and O&M spending by $200 million, and PECO reached a successful settlement
related to energy procurement in Pennsylvania.”
The increase in first quarter 2009 adjusted (non-GAAP) operating earnings to $1.20 per share from $0.93
per share in first quarter 2008 was primarily due to:
Higher energy gross margins at Exelon Generation Company, LLC (Generation) largely due to increased nuclear
output reflecting fewer refueling outage days in 2009 and favorable portfolio and market conditions, partially offset
by higher nuclear fuel costs;
Decreased operating and maintenance expense at Generation related to nuclear refueling outage costs associated
with the lower number of refueling outage days during the first quarter of 2009;
Increased distribution revenue at Commonwealth Edison Company (ComEd) resulting from the September 2008
distribution rate case order;
Increased gas distribution revenue at PECO Energy Company (PECO), reflecting new rates effective January 1,
2009, resulting from the 2008 gas distribution rate case;
The benefit related to an Illinois tax ruling; and
The impact of unfavorable weather conditions in the PECO service territory in 2008.
Higher first quarter 2009 earnings were partially offset by:
Increased operating and maintenance expense largely due to the impact of inflation on labor, contracting and
materials expense and increased pension and other postretirement benefits (OPEB) expense;
Reduced load at ComEd and PECO, primarily driven by current economic conditions and the impact of the leap
year day in 2008; and
Increased depreciation and amortization expense primarily related to the higher scheduled competitive transition
charge (CTC) amortization at PECO.
Adjusted (non-GAAP) operating earnings for the first quarter of 2009 do not include the following items
(after-tax) that were included in reported GAAP earnings:
Mark-to-market gains of $112 million, or $0.17 per diluted share, primarily from Generation’s economic hedging
activities;
A charge of $135 million, or $0.20 per diluted share, related to impairments of certain Texas plants at Generation;
Unrealized losses of $33 million, or $0.05 per diluted share, related to nuclear decommissioning trust (NDT) fund
investments;
2. A charge of $21 million, or $0.03 per diluted share, for the costs associated with the 2007 Illinois electric rate
settlement agreement; and
External costs of $8 million, or $0.01 per diluted share, related to Exelon’s proposed acquisition of NRG Energy,
Inc. (NRG).
Adjusted (non-GAAP) operating earnings for the first quarter of 2008 did not include the following items
(after-tax) that were included in reported GAAP earnings:
Mark-to-market gains of $53 million, or $0.08 per diluted share, primarily from Generation’s economic hedging
activities;
A charge of $50 million, or $0.07 per diluted share, for the costs associated with the 2007 Illinois electric rate
settlement agreement; and
Unrealized losses of $42 million, or $0.06 per diluted share, related to NDT fund investments.
2009 Earnings Outlook
Exelon reaffirmed its guidance range for 2009 adjusted (non-GAAP) operating earnings of $4.00 to $4.30
per share. Exelon expects adjusted (non-GAAP) operating earnings for the second quarter of 2009 to be in
the range of $0.95 to $1.05 per share. Operating earnings guidance is based on the assumption of normal
weather for the remainder of the year.
The outlook for 2009 adjusted (non-GAAP) operating earnings for Exelon and its subsidiaries excludes the
following items:
Mark-to-market adjustments from economic hedging activities
Unrealized gains and losses from NDT fund investments primarily related to the Clinton, Oyster Creek and Three
Mile Island nuclear plants (the former AmerGen Energy Company, LLC units)
Significant impairments of assets, including goodwill
Changes in decommissioning obligation estimates
Costs associated with the 2007 Illinois electric rate settlement agreement
Costs associated with ComEd’s 2007 settlement with the City of Chicago
External costs associated with the proposed acquisition of NRG
Other unusual items
Significant future changes to GAAP
First Quarter and Recent Highlights
Proposal to Acquire NRG: On October 19, 2008, Exelon announced its proposal to acquire all outstanding
shares of NRG common stock at a fixed exchange ratio of 0.485 of a share of Exelon common stock for each
share of NRG common stock. This represented a 37% premium for NRG shareholders based on closing prices on
the NYSE on October 17, 2008, the last trading day prior to the public disclosure of the Exelon offer. After NRG
twice rejected the Exelon offer, Exelon brought its exchange offer directly to NRG shareholders on November 12,
2008. On February 26, 2009, Exelon extended its exchange offer until 5 p.m. New York City time on June 26, 2009
and announced that NRG shareholders had tendered more than 51 percent of all outstanding shares of NRG
common stock.
Exelon has filed notices and applications for approval in all federal and state jurisdictions where notices or
approvals are required in connection with the transaction, and Exelon expects to complete the regulatory approval
process during the second half of 2009.
3. On March 17, 2009, Exelon filed a preliminary proxy statement with the Securities and Exchange Commission
(SEC) in connection with the solicitation of proxies for the 2009 annual meeting of the shareholders of NRG.
Exelon is seeking approval for the following proposals: (1) election of four independent candidates to replace the
four Class III directors of NRG whose terms expire at the 2009 annual meeting of NRG shareholders; (2)
expansion of the size of the NRG board of directors to provide for a board of 19 directors divided into three
approximately equal classes; (3) election of five independent candidates to fill five of the six newly created
directorships on the NRG board; and (4) repeal of any amendments to the NRG bylaws adopted by the NRG board
without the approval of the NRG shareholders after February 26, 2008. NRG’s annual meeting has not yet been
scheduled but is expected to take place by June 14, 2009.
Nuclear Operations: Generation’s nuclear fleet, including its owned output from the Salem Generating Station
operated by PSEG Nuclear LLC, produced 35,382 gigawatt-hours (GWhs) in the first quarter of 2009, compared
with 32,935 GWhs in the first quarter of 2008. The Exelon-operated nuclear plants achieved a 96.2 percent
capacity factor for the first quarter of 2009 compared with 89.0 percent for the first quarter of 2008. The Exelon-
operated nuclear plants completed one scheduled refueling outage and began two others in the first quarter of
2009, compared with completing four scheduled refueling outages and beginning a fifth in the first quarter of 2008.
The number of refueling outage days totaled 34 and 104, respectively. Higher total nuclear output also was driven
by a lower number of non-refueling outage days at the Exelon-operated plants, which totaled 13 days in the first
quarter of 2009 versus 26 days in the first quarter of 2008.
Fossil and Hydro Operations: Generation’s fossil fleet commercial availability was 96.0 percent in the first
quarter of 2009, compared with 74.0 percent in the first quarter of 2008, primarily reflecting an outage last year at
the Eddystone coal plant. The equivalent availability factor for the hydroelectric facilities was 94.4 percent in the
first quarter of 2009, compared with 99.1 percent in the first quarter of 2008, largely due to an earlier than planned
outage in March 2009 at Muddy Run.
Oyster Creek Nuclear Plant License Extension: On April 8, 2009, the NRC approved a 20-year operating
license extension for the Oyster Creek Generating Station. Oyster Creek began operating in 1969.
Public Service Company of Oklahoma Power Purchase and Sale Agreement: On April 21, 2009, Generation
agreed to sell its rights to 520 megawatts (MW), or approximately two-thirds, of the capacity, energy and ancillary
services supplied from its existing long-term contract with Green Country Energy, LLC (Green Country) through a
power purchase agreement with Public Service Company of Oklahoma (PSO), a subsidiary of American Electric
Power Company, Inc. Green Country is a 795-MW natural gas-fired station located in Jenks, Oklahoma. The
transaction, subject to approval by the Oklahoma Corporation Commission (OCC), would commence on June 1,
2012 and continue through February 28, 2022. Once an application is filed, the OCC will have six months to issue
a ruling. The transaction is not expected to have an impact on Generation’s earnings or cash flow until 2012.
New Solar Facility: On April 22, 2009, Generation announced plans to apply for a Department of Energy loan
guarantee to build a new 10-MW solar photovoltaic generating facility on a “brownfield” site in Chicago. The facility,
to be developed with SunPower Corp., is estimated to cost approximately $60 million and would be the largest of
its kind in an urban area in the United States. Subject to receipt of the loan guarantee, commercial operation is
planned by the end of 2009.
ComEd Energy Procurement: The Illinois Power Agency (IPA) has issued its calendar for the next energy
procurement event for ComEd. The calendar and other related information can be found at the website:
www.comed-energyrfp.com. The IPA will solicit requests for proposals (RFPs) for monthly peak and off-peak
standard wholesale block energy products (50 MW each) to meet a portion of ComEd’s customer supply needs for
the period June 1, 2009 through May 31, 2011. The RFPs are due by April 29, 2009, with the results, as approved
by the Illinois Commerce Commission, expected to be issued by May 4, 2009.
PECO Default Service Provider Plan Filing: On April 16, 2009, the Pennsylvania Public Utility Commission
(PAPUC) approved PECO’s default service procurement plan joint settlement filed on March 10, 2009 to provide
default electric service following the expiration of electric generation rate caps on December 31, 2010. The initial
residential energy procurement will be held in June 2009.
Under the settlement, PECO’s revised default service provider program will have a 29-month term, beginning
January 1, 2011 and ending May 31, 2013. PECO’s default service customers will be divided into four procurement
classes: a Residential class, a Small Commercial class (for non-residential customers with peak demand up to 100
kilowatts (kW)), a Medium Commercial class (for non-residential customers with peak demand of greater than 100
kW up to 500 kW), and a Large Commercial and Industrial class for non-residential customers with peak demand
in excess of 500 kW.
4. For the Residential and Small and Medium Commercial classes, a portion of the load will be served through
competitively procured contracts for load-following, full requirements default supply service for terms of two years
or less. For the remaining portion of the Residential class load, PECO will competitively procure forward purchases
of energy blocks and will balance the remaining load through sales and purchases of energy in PJM
Interconnection, LLC’s (PJM) competitive markets. For the remaining portion of the Small and Medium Commercial
class load, as well as the Large Commercial and Industrial class load, PECO will competitively procure contracts
for load-following, full requirements default supply service with the price for energy in each contract set to be the
hourly price of the PJM day-ahead wholesale “spot” energy market during the term of delivery. In addition, PECO
will offer Large Commercial and Industrial customers a fixed-price optional service during the first year of PECO’s
default service provider plan.
Also under the settlement, PECO will expand its low-income assistance initiatives. In addition, PECO’s settlement
includes a market rate deferral program under which certain customers can elect to phase in, with interest, any
increases in 2011 post-electric generation rate cap expiration if they exceed 25 percent.
PECO Early Phase-In Program Filing: On March 12, 2009, the PAPUC approved PECO’s September 2008 filing
for a voluntary Early Phase-In Plan allowing customers to pre-pay, with interest, expected post-electric generation
rate cap increases. Eligible residential and small business customers could choose to pay a surcharge on
electricity use from July 1, 2009 to December 31, 2010, with the payments and interest credited to bills in 2011 to
2012.
PECO Alternative Energy Credit (AEC) Procurement: Pursuant to PECO’s November 2008 RFP for fixed-price,
five-year agreements to purchase AECs, two bidders were accepted by the PAPUC on February 10, 2009. PECO
anticipates entering into agreements in April 2009, with AEC purchases beginning no later than December 2009.
Financing Activities: On March 26, 2009, PECO issued $250 million of 5.00 percent First Mortgage Bonds due
2014. The net proceeds of the bonds were used to refinance short-term debt and for general corporate purposes.
OPERATING COMPANY RESULTS
Exelon Generation consists of owned and contracted electric generating facilities, wholesale energy
marketing operations and competitive retail sales operations.
First quarter 2009 net income was $528 million compared with $438 million in the first quarter of 2008. First
quarter 2009 net income included (all after tax) mark-to-market gains of $112 million from economic
hedging activities before the elimination of intercompany transactions, a charge of $135 million associated
with the impairment of certain Texas plants (Handley and Mountain Creek), unrealized losses of $33 million
related to NDT fund investments and a charge of $21 million for the costs associated with the 2007 Illinois
electric rate settlement. First quarter 2008 net income included (all after tax) mark-to-market gains of $38
million from economic hedging activities, a charge of $47 million for the costs associated with the Illinois
electric rate settlement and unrealized losses of $42 million related to NDT fund investments. Excluding the
impact of these items, Generation’s net income in the first quarter of 2009 increased $116 million compared
with the same quarter last year, primarily due to:
Higher energy gross margins (revenue net of purchased power and fuel expense) largely due to increased nuclear
output and favorable portfolio and market conditions, partially offset by higher nuclear fuel costs;
Lower operating and maintenance expense, primarily reflecting fewer nuclear refueling outages, partially offset by
increased pension and OPEB expense and inflation related to labor, contracting and materials; and
The impact of realized NDT fund losses primarily related to a tax planning strategy in 2008, partially offset by
realized NDT fund losses related to market conditions in 2009; and
The benefit related to an Illinois tax ruling.
Generation’s average realized margin on all electric sales, including sales to affiliates and excluding trading
activity, was $39.25 per MWh in the first quarter of 2009 compared with $38.77 per MWh in the first quarter
of 2008.
5. ComEd consists of the electricity transmission and distribution operations in northern Illinois.
ComEd recorded net income of $114 million in the first quarter of 2009, compared with net income of $41
million in the first quarter of 2008. First quarter 2008 net income included an after-tax charge of $3 million
for the costs associated with the 2007 Illinois electric rate settlement. Excluding the impact of this item,
ComEd’s net income in the first quarter of 2009 increased $70 million from the same quarter last year
primarily due to:
Increased distribution revenue due to the September 2008 distribution rate case order; and
The benefit related to an Illinois tax ruling.
The increase in net income was partially offset by:
Higher operating and maintenance expense, which primarily reflected the impact of increased pension and OPEB
expense; and
Reduced load, primarily driven by current economic conditions and the impact of the leap year day in 2008.
In the first quarter of 2009, heating degree-days in the ComEd service territory were down 2.8 percent
relative to the same period in 2008, but were 3.5 percent above normal. ComEd’s total retail kilowatt-hour
(kWh) deliveries decreased by 3.9 percent quarter over quarter, with declines in deliveries to all customer
classes including the impact of the leap year day in 2008. In addition, the number of residential customers
being served in the ComEd region decreased 0.2 percent from the first quarter of 2008.
Weather-normalized retail kWh deliveries decreased by 3.6 percent from the first quarter of 2008, and after
adjusting for the leap year day, weather-normalized retail kWh deliveries decreased by 2.5 percent. For
ComEd, weather had an unfavorable after-tax impact of $2 million on first quarter 2009 earnings relative to
2008 and a favorable after-tax impact of $2 million relative to normal weather that was incorporated in
earnings guidance.
PECO consists of the electricity transmission and distribution operations and the retail natural gas
distribution business in southeastern Pennsylvania.
PECO’s net income in the first quarter of 2009 was $113 million, up from $97 million in the first quarter of
2008. This increase was primarily due to:
Higher gas distribution revenue, reflecting new rates effective January 1, 2009, resulting from the 2008 gas
distribution rate case; and
The impact of unfavorable weather conditions in 2008.
The increase in net income was partially offset by:
Reduced load, primarily reflecting decreased large commercial and industrial deliveries largely driven by current
economic conditions and the impact of the leap year day in 2008;
Higher CTC amortization, which was in accordance with PECO’s 1998 restructuring settlement with the PAPUC.
As expected, the increase in amortization expense exceeded the increase in CTC revenues; and
Higher operating and maintenance expense, which largely reflected increased expense for uncollectible accounts.
In the first quarter of 2009, heating degree-days in the PECO service territory were up 9.1 percent from
2008 and were 1.0 percent above normal. Total retail kWh deliveries were up 0.2 percent from last year as
the impact of favorable weather was mostly offset by a decline in deliveries to large commercial and
industrial customers and the leap year day in 2008. In addition, the number of residential electric customers
being served in the PECO region remained about level between the first quarter of 2009 and the same
6. period in 2008.
Weather-normalized retail kWh deliveries decreased by 2.2 percent from the first quarter of 2008, primarily
reflecting decreased large commercial and industrial deliveries and the impact of the leap year day in 2008.
After adjusting for the leap year day, weather-normalized retail kWh deliveries decreased by 1.1 percent.
For PECO, weather had a favorable after-tax impact of $15 million on first quarter 2009 earnings relative to
2008 and a favorable after-tax impact of $1 million relative to normal weather that was incorporated in
earnings guidance.
Adjusted (non-GAAP) Operating Earnings
Adjusted (non-GAAP) operating earnings, which generally exclude significant one-time charges or credits
that are not normally associated with ongoing operations, mark-to-market adjustments from economic
hedging activities and unrealized gains and losses from NDT fund investments, are provided as a
supplement to results reported in accordance with GAAP. Management uses such adjusted (non-GAAP)
operating earnings measures internally to evaluate the company’s performance and manage its operations.
Reconciliation of GAAP to adjusted (non-GAAP) operating earnings for historical periods is attached.
Additional earnings release attachments, which include the reconciliation on page 6, are posted on Exelon’s
Web site: www.exeloncorp.com and have been filed with the Securities and Exchange Commission on Form
8-K on April 23, 2009.
Conference call information: Exelon has scheduled a conference call for 11 AM ET (10 AM CT) on April 23,
2009. The call-in number in the U.S. and Canada is 800-690-3108, and the international call-in number is
973-935-8753. If requested, the conference ID number is 92382658. Media representatives are invited to
participate on a listen-only basis. The call will be web-cast and archived on Exelon’s Web site:
www.exeloncorp.com. (Please select the Investor Relations page.)
Telephone replays will be available until May 7. The U.S. and Canada call-in number for replays is 800-642-
1687, and the international call-in number is 706-645-9291. The conference ID number is 92382658.
Important Information
This release relates, in part, to the offer (the “Offer”) by Exelon Corporation (“Exelon”) through its direct
wholly-owned subsidiary, Exelon Xchange Corporation (“Xchange”), to exchange each issued and
outstanding share of common stock (the “NRG shares”) of NRG Energy, Inc. (“NRG”) for 0.485 of a share of
Exelon common stock. This release is for informational purposes only and does not constitute an offer to
exchange, or a solicitation of an offer to exchange, NRG shares, nor is it a substitute for the Tender Offer
Statement on Schedule TO or the Prospectus/Offer to Exchange included in the Registration Statement on
Form S-4 (Reg. No. 333-155278) (including the Letter of Transmittal and related documents and as
amended from time to time, the “Exchange Offer Documents”) previously filed by Exelon and Xchange with
the Securities and Exchange Commission (the “SEC”). The Offer is made only through the Exchange Offer
Documents. Investors and security holders are urged to read these documents and other relevant
materials as they become available, because they will contain important information.
Exelon filed a preliminary proxy statement on Schedule 14A with the SEC on March 17, 2009 in connection
with the solicitation of proxies (the “Preliminary NRG Meeting Proxy Statement”) for the 2009 annual
meeting of NRG stockholders (the “NRG Meeting”). Exelon expects to file a definitive proxy statement on
Schedule 14A with the SEC in connection with the solicitation of proxies for the NRG Meeting and may file
other proxy solicitation material in connection therewith (the “Definitive NRG Meeting Proxy Statement”).
Exelon has also filed a preliminary proxy statement on Schedule 14A with the SEC in connection with its
solicitation of proxies (the “Preliminary Exelon Meeting Proxy Statement”) for a meeting of Exelon
shareholders (the “Exelon Meeting”) to be called in order to approve the issuance of shares of Exelon
common stock pursuant to the Offer. Exelon expects to file a definitive proxy statement on Schedule 14A
with the SEC in connection with the solicitation of proxies for the Exelon Meeting (the “Definitive Exelon
Meeting Proxy Statement”). Investors and security holders are urged to read the Preliminary NRG
Meeting Proxy Statement, the Definitive NRG Meeting Proxy Statement, the Preliminary Exelon
Meeting Proxy Statement, and the Definitive Exelon Meeting Proxy Statement and other relevant
7. materials as they become available, because they will contain important information.
Investors and security holders can obtain copies of the materials described above (and all other related
documents filed with the SEC) at no charge on the SEC’s website: www.sec.gov. Copies can also be obtained
at no charge by directing a request for such materials to Innisfree M&A Incorporated, 501 Madison Avenue,
20th Floor, New York, New York 10022, toll free at 1-877-750-9501. Investors and security holders may
also read and copy any reports, statements and other information filed by Exelon, Xchange or NRG with the
SEC, at the SEC public reference room at 100 F Street, N.E., Washington, D.C. 20549. Please call the SEC at
1-800-SEC-0330 or visit the SEC’s website for further information on its public reference room.
Exelon, Xchange and the individuals to be nominated by Exelon for election to NRG’s Board of Directors will
be participants in the solicitation of proxies from NRG stockholders for the NRG Meeting or any adjournment
or postponement thereof. Exelon and Xchange will be participants in the solicitation of proxies from Exelon
shareholders for the Exelon Meeting or any adjournment or postponement thereof. In addition, certain
directors and executive officers of Exelon and Xchange may solicit proxies for the Exelon Meeting and the
NRG Meeting. Information about Exelon and Exelon’s directors and executive officers is available in Exelon’s
proxy statement, dated March 19, 2009, filed with the SEC in connection with Exelon’s 2009 annual meeting
of shareholders. Information about Xchange and Xchange’s directors and executive officers is available in
Schedule II to the Prospectus/Offer to Exchange. Information about any other participants will be included in
the Definitive NRG Meeting Proxy Statement or the Definitive Exelon Meeting Proxy Statement, as
applicable.
Forward Looking Statements
This release includes forward-looking statements. There are a number of risks and uncertainties that could
cause actual results to differ materially from the forward-looking statements made herein. The factors that
could cause actual results to differ materially from these forward-looking statements include Exelon’s ability
to achieve the synergies contemplated by the proposed transaction, Exelon’s ability to promptly and
effectively integrate the businesses of NRG and Exelon, and the timing to consummate the proposed
transaction and obtain required regulatory approvals as well as those discussed in (1) the Exchange Offer
Documents; (2) Exelon’s 2008 Annual Report on Form 10-K in (a) ITEM 1A. Risk Factors, (b) ITEM 7.
Management’s Discussion and Analysis of Financial Condition and Results of Operations and (c) ITEM 8.
Financial Statements and Supplementary Data: Note 18; (3) Exelon’s First Quarter 2009 Quarterly Report
on Form 10-Q (to be filed on April 23, 2009) in (a) Part II, Other Information, ITEM 1A. Risk Factors and (b)
Part I, Financial Information, ITEM 1. Financial Statements: Note 13; and (4) other factors discussed in
filings with the Securities and Exchange Commission by Exelon Corporation, Exelon Generation Company,
LLC, Commonwealth Edison Company, and PECO Energy Company (Companies). Readers are cautioned not
to place undue reliance on these forward-looking statements, which apply only as of the date of this release.
The Companies do not undertake any obligation to publicly release any revision to their forward-looking
statements to reflect events or circumstances after the date of this release, except as required by law.
Statements made in connection with the exchange offer are not subject to the safe harbor protections
provided to forward-looking statements under the Private Securities Litigation Reform Act of 1995.
All information in this release concerning NRG, including its business, operations, and financial results, was
obtained from public sources. While Exelon has no knowledge that any such information is inaccurate or
incomplete, Exelon has not had the opportunity to verify any of that information.
###
Exelon Corporation is one of the nation’s largest electric utilities with approximately 5.4 million customers
and $19 billion in annual revenues. The company has one of the industry’s largest portfolios of electricity
generation capacity, with a nationwide reach and strong positions in the Midwest and Mid-Atlantic. Exelon
distributes electricity to approximately 5.4 million customers in Illinois and Pennsylvania and natural gas to
approximately 485,000 customers in southeastern Pennsylvania. Exelon is headquartered in Chicago and
trades on the NYSE under the ticker EXC.
8. EXELON CORPORATION
Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP
Consolidated Statements of Operations
(unaudited)
(in millions, except per share data)
Three Months Ended March 31, Three Months Ended March
2009 31, 2008
Adjus Adjus
ted ted
GAA Adjustm Non- GAA Adjustm Non-
P (a) ents GAAP P (a) ents GAAP
$ $ $ $
Operating
4,7 $ 33 (c) 4,75 4,5 $ 73 (c) 4,59
revenues
22 5 17 0
Operating
expenses
Purchased 1,0
683 201 (d) 884 (75 ) (d) 997
power 72
Fuel 776 (16 ) (d) 760 538 163 (d) 701
Operating and 1,3 1,12 1,1 1,14
(236 ) (e),(f) (48 ) (c),(g)
maintenance 62 6 93 5
Operating and
maintenance for
regulatory 11 - 11 - - -
required
programs (b)
Depreciation
436 - 436 398 - 398
and amortization
9. Taxes other
200 - 200 193 - 193
than income
Total operating 3,4 3,41 3,3 3,43
(51 ) 40
expenses 68 7 94 4
Operating 1,2 1,33 1,1 1,15
84 33
income 54 8 23 6
Other income
and deductions
Interest (18 (22
)- (187 ) )- (221 )
expense, net 7 1
Equity in losses
of
unconsolidated (8 ) - (8 ) (5 ) - (5 )
affiliates and
investments
Other, net (38 ) 96 (g) 58 (58 ) 70 (g) 12
Total other
(23 (28
income and ) 96 (137 ) ) 70 (214 )
3 4
deductions
Income from
continuing
1,0 1,20
operations 180 839 103 942
21 1
before income
taxes
-
(c),(d),(e),( (c),(d)
Income taxes 310 95 405 258 64 322
f),(g) ,(g)
711 85 796 581 39 620
Income from
10. continuing
operations
Income from
discontinued 1 - 1 - - -
operations
$ $ $ $
Net income $ 85 $ 39
712 797 581 620
30. % % 30. % %
Effective tax rate 33.7 34.2
4 8
Earnings per
average
common share
Basic:
Income
from
$ $
continui $ $
1.0 $ 0.13 0.8 $ 0.06
ng 1.21 0.94
8 8
operatio
ns
Income
from
discontin
- - - - - -
ued
operatio
ns
$ $
Net $ $
1.0 $ 0.13 0.8 $ 0.06
income 1.21 0.94
8 8
Diluted:
11. Income
from
$ $
continui $ $
1.0 $ 0.12 0.8 $ 0.05
ng 1.20 0.93
8 8
operatio
ns
Income
from
discontin
- - - - - -
ued
operatio
ns
$ $
Net $ $
1.0 $ 0.12 0.8 $ 0.05
income 1.20 0.93
8 8
Average
common shares
outstanding
Basic 659 659 659 659
Diluted 661 661 664 664
Effect of
adjustments on
earnings per
average diluted
common share
recorded in
accordance with
GAAP:
2007 Illinois
electric rate $ 0.03 $ 0.07
settlement (c)
Mark-to-market
impact of (0.17 ) (0.08 )
economic
12. hedging
activities (d)
NRG acquisition
0.01 -
costs (e)
Impairment of
certain
0.20 -
generating
assets (f)
Unrealized
losses related to
0.05 0.06
NDT fund
investments (g)
Total
$ 0.12 $ 0.05
adjustments
Results reported in accordance with accounting principles
(a)
generally accepted in the United States (GAAP).
Includes amounts for various legislative and/or regulatory
programs that are recoverable from customers on a full and
(b) current basis through a reconcilable automatic adjustment
clause. An equal and offsetting amount has been reflected in
operating revenues during the period.
Adjustment to exclude the impact of the 2007 Illinois electric
(c)
rate settlement.
Adjustment to exclude the mark-to-market impact of Exelon's
(d)
economic hedging activities.
Adjustment to exclude external costs associated with Exelon’s
(e)
proposed acquisition of NRG Energy, Inc (NRG).
Adjustment to exclude the impairment of certain of
Generation’s Texas plants recorded during the first quarter of
(f)
2009.
Adjustment to exclude the unrealized losses associated with
Generation's NDT fund investments and the associated
contractual accounting relating to income taxes. For the first
quarter of 2008, $44 million has been recast compared to prior
(g)
year presentation to reflect an offsetting adjustment to
operating and maintenance and income taxes related to the
contractual elimination of unrealized losses associated with
Generation's NDT fund investments.
Source: Exelon Corporation
Exelon Corporation