Exelon Falls on Earnings Miss -- Earnings Review
By Austen Hufford
Exelon Corp.(EXC) on Wednesday morning reported its results for the fourth quarter and year. Here's what you need to know:
REVENUE: Revenue in the quarter grew 6.4% to $8.38 billion, above Wall Street estimates of $8.22 billion, as polled by Thomson Reuters.
EARNINGS: The company posted a profit of $1.87 billion, or $1.94 a share, compared with a profit of $204 million, or 22 cents a share, in the same period in the prior year. On an adjusted basis, which takes out the impact from the tax law and other items, earnings were 55 cents, below the 60 cents expected by Wall Street.
SHARES: In premarket trading, shares fell 1.8%.
DIVIDEND: Exelon has increased its annual dividend growth rate to 5% from 2.5% for 2018 through 2020, citing a strengthening business position. The company recently raised its dividend to 34.5 cents from 32.75 cents due to the new goal.
TAX LAW: The company said much of the impact of the new tax law would eventually be passed onto customers. A net regulatory liability will offset virtually all of a $7.3 billion gain from the new law.
OYSTER CREEK: Last week, Exelon said it will shut down the Oyster Creek Nuclear Facility in New Jersey in October, a year ahead of schedule as cheaper energy sources continue to challenge the nuclear industry. The company will take one-time charges in the first quarter ranging from $25 million to $35 million related to inventory adjustments, employee-related costs and construction impairments.
INTERNATIONAL: Match Group saw faster overall subscriber growth and average revenue per user growth internationally compared to North America. International subscribers grew 36% while North America grew 15%. Average revenue per user grew 1% in North America and 11% in other countries. The company's total average revenue per use grew to 55 cents from 53 cents.
OUTLOOK: For 2018, the company expects adjusted EPS of $2.90 to $3.20, compared to the $2.96 expected by analysts.
Write to Austen Hufford at Austen.Hufford@wsj.com
(END) Dow Jones Newswires
February 07, 2018 08:11 ET (13:11 GMT)Copyright (c) 2018 Dow Jones & Company, Inc.