Exelon Q4 Highlights: Earnings Exceed Projections, Dividend Hike & More
Portfolio Pulse from Akanksha Bakshi
Exelon Corp (NASDAQ:EXC) reported a 15% year-over-year growth in Q4 fiscal 2023 operating revenue to $5.37 billion, surpassing estimates of $4.17 billion. Adjusted EPS rose to $0.60 from $0.43, beating the $0.58 estimate. Adjusted Operating Earnings increased across its subsidiaries, with notable growth in ComEd, PECO, BGE, and PHI due to various factors including rate increases and favorable impacts from lower costs. Despite a slight decrease in net cash flows from operating activities compared to 2022, Exelon declared a 5.6% increase in its quarterly dividend to $0.38 per share for Q1 2024. The company plans to invest $35 billion over the next four years, targeting a 7.5% rate base growth and an annualized earnings growth rate of 5% to 7% through 2027. For 2024, Exelon expects adjusted EPS of $2.40 to $2.50. Following the announcement, EXC shares rose by 4% to $36.12.
February 21, 2024 | 4:49 pm
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Exelon Corp reported strong Q4 fiscal 2023 results with revenue and EPS exceeding estimates, announced a dividend hike, and shared optimistic growth plans and 2024 outlook.
Exelon's Q4 performance exceeded expectations with significant revenue and EPS growth. The dividend increase and positive future investment plans and growth outlook are likely to boost investor confidence and demand for EXC shares, contributing to a positive short-term price movement.
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