Exelon Corp.'sfirst-quarter 2016 adjusted operating earnings increased to $632 million, or 68cents per share, from $615 million, or 71 cents per share, in the same quarter of2015.
The result beats the S&P Capital IQ normalized EPS consensusestimate of 66 cents.
The year-over-year drop reflects the impact of the multibillion-dollaracquisition of , Exelon said inits May 6 earnings release.
Exelon GenerationCo. LLC upped its contribution towards first-quarter 2016 adjusted operatingearnings: $315 million versus $303 million in the same quarter of 2015.
Commonwealth EdisonCo. contributed $110 million towards first-quarter 2016 adjusted operatingearnings, up from $92 million in the same quarter of 2015 given higher electricdistribution and transmission formula rate earnings.
PECO Energy Co.contributed $126 million towards first-quarter 2016 adjusted operating earnings,down from $140 million in the first three months of 2015 primarily due to less favorableweather.
Baltimore Gas andElectric Co.'s contribution towards first-quarter 2016 adjusted operatingearnings was also down to $100 million from $107 million in the same quarter of2015 primarily due to increased storm costs in its service territory.
Exelon booked $7.57 billion in operating revenues during themost recent quarter, compared to $8.83 billion a year ago. First-quarter operatingincome was down $883 million year over year to $483 million in 2016.
Exelon reported first-quarter 2016 GAAP net income of $173 million,or 19 cents per share, compared to $693 million, or 80 cents per share, in the firstquarter of 2015. Pepco's GAAP net loss from March 24-31 was $309 million, resultsshowed.
Exelon also announced that it plans to retire its "economicallychallenged" Clintonand Quad Cities nuclearplants if Illinois lawmakers do not pass adequate legislation and Quad Cities doesnot clear the 2019-2020 PJM InterconnectionLLC capacity auction. The retirements would occur on June 1, 2017 andJune 1, 2018, respectively, Exelon President and CEO Christopher Crane in a statement.
Exelon has scheduled a conference call at 11 a.m. ET.