(Reuters) -U.S. utility Exelon surpassed Wall Street estimates for third-quarter profit on Tuesday, helped by higher rates for electricity and lower storm recovery costs.
The company said all its utilities delivered year-over-year earnings growth in the quarter.
The gains were driven primarily by higher regulated distribution and transmission rates, fewer storm-related disruptions than a year ago and tax benefits at some subsidiaries.
Facing a double-hit from climate change-fueled weather disruptions and the explosive growth of data centers driving electricity demand to record levels, U.S. electric utilities have been pushing to pass rising costs onto consumers through higher power bills.
Earnings at Exelon’s PECO unit, Pennsylvania’s largest electric and natural gas utility, more than doubled to $250 million during the reported quarter.
The company reported overall third-quarter revenue of $6.71 billion, compared with $6.15 billion, a year earlier.
The company reaffirmed its full-year 2025 adjusted operating profit forecast of $2.64 to $2.74 per share. Analysts were expecting $2.69 per share, according to data compiled by LSEG.
The Chicago-based company posted adjusted operating earnings of 86 cents per share for the quarter ended on September 30, compared with analysts’ average estimate of 78 cents per share.
(Reporting by Sumit Saha in Bengaluru; Editing by Sahal Muhammed)
Comments