By Rob Curran
Exelon said third-quarter earnings rose slightly as a surge in revenue was partially offset by higher interest expenses.
The Chicago-based owner of utilities such as ComEd and PECO said earnings for the quarter ended in September rose to $700 million, or 70 cents a share, from $676 million a year earlier. Excluding certain one-off items, Exelon posted third-quarter adjusted earnings of 67 cents a share, in line with the mean Wall Street target, as tallied by FactSet.
Third-quarter revenue rose 23% to $5.98 billion from $4.85 billion, topping the average Wall Street estimate of $5.02 billion, as per FactSet.
Net interest expenses rose 20% to $437 million.
Earnings at the largest ComEd unit rose to $333 million from $291 million.
“As power generation decarbonizes and demand increases from development of major data center hubs, we are embarking on interstate transmission projects selected to meet reliability requirements, including PJM’s most recent recommendation to include our proposal to build needed transmission in Maryland and Pennsylvania,” said Exelon President and Chief Executive Calvin Butler, in a statement.
Exelon is also moving forward on plans to build two hydrogen hubs in its service area.
Write to Rob Curran at rob.curran@dowjones.com
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