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Exelon reports drop in Q2'17 adjusted EPS, beats consensus estimates

Exelon Corp.'s second-quarter 2017 adjusted operating earnings dropped to $509 million, or 54 cents per share, from $604 million, or 65 cents per share, in the second quarter of 2016.

The S&P Capital IQ normalized EPS consensus estimate for Exelon in the second quarter of 2017 was 52 cents.

The company is targeting full-year adjusted operating EPS of $2.50 to $2.80, according to an Aug. 2 earnings release.

Second-quarter 2017 earnings reflect the completion of the R.E. Ginna reliability support services agreement, increased nuclear outage days and lower realized energy prices.

Commonwealth Edison Co. contributed $141 million in second-quarter 2017 adjusted operating earnings, down from $146 million in the second quarter of 2016. Pursuant to the Illinois Future Energy Jobs Act which began in 2017, customer rates for ComEd are adjusted to eliminate the impacts of weather and customer usage patterns on distribution volumes.

PECO Energy Co. also saw adjusted operating earnings decrease year over year to $89 million from $101 million in the second quarter of 2016, primarily due to unfavorable weather conditions.

Pepco Holdings LLC contributed $63 million toward second-quarter 2017 adjusted operating earnings, compared with $53 million in the comparable quarter of 2016.

Exelon Generation Co. LLC booked $202 million in second-quarter 2017 adjusted operating earnings, down from $328 million in the corresponding quarter of 2016. Exelon Generation's nuclear fleet produced 44,065 GWh in the second quarter of 2017, up from 42,453 GWh a year ago.

The proportion of expected generation hedged as of June 30 was in the range of 96% to 99% for 2017, 71% to 74% for 2018 and 39% to 42% for 2019.

Baltimore Gas and Electric Co. recorded a year-over-year jump in adjusted operating earnings to $46 million from $29 million in the second quarter of 2016.

Exelon recorded $7.62 billion in GAAP operating revenues, up from $6.91 billion in the second quarter of 2016. GAAP operating income dropped to $232 million from $647 million in the same quarter of 2016.

Exelon's second-quarter 2017 GAAP net income attributable to shareholders fell year over year to $80 million, or 9 cents per share, from $267 million, or 29 cents per share, in the corresponding quarter of 2016.