Research Desk Line-up: Algonquin Power & Utilities Post Earnings Coverage
LONDON, UK / ACCESSWIRE / August 21, 2017 /Pro-Trader Daily has just published a free post-earnings coverage on Exelon Corp. (NYSE: EXC), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=EXC, following the Company's announcement of its second quarter results for FY17 on August 02, 2017. The Company reported adjusted earnings per share (EPS) of $0.54 beating estimates while there was an increase in operating revenues of 10.3% y-o-y. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:
Get more of our free earnings reports coverage from other constituents of the Diversified Utilities industry. Pro-TD has currently selected Algonquin Power & Utilities Corp. (NYSE: AQN) for due-diligence and potential coverage as the Company announced on August 10, 2017, its financial results for Q2 2017 which ended on June 30, 2017. Register for a free membership today, and be among the early birds that get access to our report on Algonquin Power & Utilities when we publish it.
At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on EXC; also brushing on AQN. With the links below you can directly download the report of your stock of interest free of charge at:
Exelon generated operating revenues of $7.62 billion in the second quarter of FY17 compared to $6.91 billion in Q2 FY16; registering a rise of 10.3% y-o-y. The Company's operating income was $232 million in Q2 FY17 compared to $647 million in Q2 FY16; registering a fall of 64.1% y-o-y.
In the second quarter of FY17, the Company's operating earnings reflected the conclusion of the Ginna reliability support services agreement, increased nuclear outage days, and lower realized energy prices, partially offset by Zero Emission Credit revenue related to the New York Clean Energy Standard and higher utility earnings due to regulatory rate increases. The effective tax rate for the quarter was a whopping 7200.0% compared to just 24.6% in the corresponding quarter of the last fiscal year.
Net income attributable to shareholders of the Company in Q2 FY17 was $80 million compared to $267 million in the same period of the last fiscal year, thereby falling by 70.0% y-o-y.
Exelon's diluted GAAP net earnings per share (EPS) for Q2 FY17 was $0.09 compared to $0.29 EPS in the second quarter of FY16. The Company also announced adjusted operating EPS of $0.54 in Q2 FY17 versus EPS of $0.65 in the corresponding quarter of the last fiscal year; registering a decline of 16.9% y-o-y. Plant divestment, hedging activities, assets impairments, and a few one-time items resulted in the difference between GAAP and adjusted earnings.
The market had anticipated adjusted EPS of $0.52 and revenues of $7.51 billion, both of which were beaten by Exelon.
Exelon's Segment Information
ComEd - The adjusted (non-GAAP) operating earnings of ComEd in the second quarter of FY17 was $141 million compared with $146 million in Q2 FY16; registering a decrease of 3.4% y-o-y. The Company generated net income of $118 million in Q2 FY17 compared to $145 million in the corresponding quarter of the last fiscal year; marking a reduction of 18.6% y-o-y.
PECO - PECO's second quarter of FY17 adjusted (non-GAAP) operating earnings were $89 million versus $101 million in the same quarter of FY16; a decrease of 11.9% y-o-y. Net income generated by PECO was $88 million in Q2 FY17 compared to $100 million in Q2 FY16; a decline of 12% y-o-y. The heating degree days in Q2 FY17 were down 29.9%, whereas it was 28.9% below normal in the same quarter of FY16.
BGE - The Company's adjusted (non-GAAP) operating earnings were to the tune of $46 million for Q2 FY17 versus $29 million in Q2 FY16; a rise of 58.6% y-o-y. BGE's generated GAAP net income of $45 million in Q2 FY17 compared to $31 million in the second quarter of FY16; an increase of 45.2% y-o-y.
PHI - The adjusted (non-GAAP) operating earnings of the Company in the second quarter of FY17 were $63 million against $53 million in Q2 FY16; an increase of 18.9% y-o-y. The GAAP net income of PHI in the second quarter of FY17 was $66 million compared to $52 million in Q2 FY16; an increase of 26.9% y-o-y.
Generation -The adjusted (non-GAAP) operating income for Q2 FY17 by Generation was $202 million compared to $328 million in Q2 FY16; a decline of 38.4% y-o-y. Generation's reported a net operating loss of $250 million in Q2 FY17 compared to net loss of $8 million in the second quarter of the last fiscal year; increasing loss by 3,025% y-o-y.
Exelon generated net cash flows from operating activities in Q2 FY16 to the tune of $2.90 compared to $4.55 billion in the same period of the last fiscal year, a reduction of 36.3% y-o-y. The Company also used $3.98 billion in investing activities in the second quarter of FY17 compared to $10.88 billion in Q2 FY16. Net cash flows generated from financing activities by the Company was $983 million in Q2 FY17 compared to $1.47 billion in Q2 FY16
The net decrease in cash and cash equivalents in the second quarter of FY17 was $99 million compared to $4.86 million in the corresponding quarter of the last fiscal year.
Exelon said that it is on track to meet the full-year 2017 guidance of $2.50-2.80 EPS and the debt reduction targets previously set.
At the closing bell, on Friday, August 18, 2017, Exelon's stock climbed 1.04%, ending the trading session at $37.99. A total volume of 3.85 million shares have exchanged hands. The Company's stock price advanced 8.36% in the last three months, 6.77% in the past six months, and 9.45% in the previous twelve months. Moreover, the stock gained 7.04% since the start of the year. The stock is trading at a PE ratio of 19.96 and has a dividend yield of 3.45%. The stock currently has a market cap of $36.10 billion.
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