Sign In

Exelon Reports Fourth Quarter and Full Year 2018 Results and Initiates 2019 Financial Outlook

 

  • Exelon's GAAP Net Income for the fourth quarter of 2018 decreased to $0.16 per share from $1.94 per share in the fourth quarter of 2017. Adjusted (non-GAAP) Operating Earnings increased to $0.58 per share in the fourth quarter of 2018 from $0.56 per share in the fourth quarter of 2017

  • Exelon introduces a 2019 adjusted (non-GAAP) operating earnings guidance range of $3.00-$3.30 per share, reflecting growth in Utilities, recognition of New Jersey Zero Emissions Credit (ZEC) revenues, and the impact of previously announced cost reduction initiatives  

  • Exelon Utilities project capital expenditures of $23 billion over the next four years, supporting 7.8 percent annual rate base growth to the benefit of its customers

  • Exelon Generation projects available cash flow of $7.8 billion over the next four years, supporting Exelon’s priorities of Utility reinvestment and debt reduction 

  • All four utilities ended the year in the top quartile for SAIFI (outage frequency) while most utilities demonstrated strong performance in CAIDI (outage duration) and customer satisfaction

  • Exelon Nuclear achieved the most nuclear power ever generated at 159 TWhs
CHICAGO — Exelon Corporation (NYSE: EXC) today reported its financial results for the fourth quarter and full year 2018.

“This was another record-breaking year for Exelon, with our Utility and Generation businesses demonstrating best-ever performances in multiple categories thanks to the hard work of our employees, who also surpassed their previous record for volunteerism. Our ongoing strategy to invest in advanced technology and infrastructure resulted in improved resiliency, reliability and customer satisfaction at our electric and gas companies,” said Chris Crane, Exelon president and CEO. “In 2019, we will grow our dividend by 5 percent and seek fair compensation for the zero-carbon power our nuclear fleet provides. We will also modernize the electric grid to address the challenges of climate change and to provide customers with clean, affordable power.”

“Exelon delivered another solid financial performance in 2018, earning $3.12 per share on an adjusted (non-GAAP) operating basis, which is at the midpoint of our revised full year guidance of $3.05-$3.20 per share and $0.07 above our original midpoint,” said Joe Nigro, Exelon senior executive vice president and CFO. “Over the next four years we will invest nearly $23 billion to strengthen the reliability and resiliency of our system, enable our communities to meet their low carbon energy goals and improve service to our 10 million utility customers.  The successes we achieved in 2018 position us well for the year ahead, and we anticipate even more benefits from much-needed policy and market reforms.”

Fourth Quarter 2018


Exelon's GAAP Net Income for the fourth quarter of 2018 decreased to $0.16 per share from $1.94 per share in the fourth quarter of 2017. Adjusted (non-GAAP) Operating Earnings increased to $0.58 per share in the fourth quarter of 2018 from $0.56 per share in the fourth quarter of 2017. For the reconciliations of GAAP Net Income to Adjusted (non-GAAP) Operating Earnings, refer to the tables beginning on page 7.

Adjusted (non-GAAP) Operating Earnings in the fourth quarter of 2018 primarily reflect higher utility earnings due to electric distribution and energy efficiency earnings at ComEd, regulatory rate increases at PHI and the absence of a 2017 impairment of certain transmission-related income tax regulatory assets; and, at Generation, lower realized energy prices, partially offset by the favorable impacts of Illinois ZEC revenue, increased capacity prices and tax savings related to the Tax Cuts and Jobs Act (TCJA).

Full Year 2018


Exelon's GAAP Net Income decreased to $2.07 per share from $3.99 per share in 2017. Exelon's Adjusted (non-GAAP) Operating Earnings for 2018 increased to $3.12 per share from $2.62 per share in 2017.

Adjusted (non-GAAP) Operating Earnings for the full year 2018 reflect higher utility earnings due to electric distribution and energy efficiency earnings at ComEd, regulatory rate increases at BGE and PHI, favorable weather conditions and volumes at PECO and PHI and the absence of a 2017 impairment of certain transmission-related income tax regulatory assets, all of which were partially offset by increased storm costs at PECO and BGE. On the Generation side, the Adjusted (non-GAAP) Operating Earnings also reflect the favorable impacts of New York and Illinois ZEC revenue (including the impact of ZECs generated in Illinois from June 1, 2017 through Dec. 31, 2017), increased capacity prices, tax savings related to the TCJA, realized gains on nuclear decommissioning trust (NDT) funds and decreased nuclear outage days, all of which were partially offset by lower realized energy prices and the absence of earnings from Exelon Generation Texas Power due to its deconsolidation in the fourth quarter of 2017.

Operating Company Results1


ComEd

ComEd's fourth quarter of 2018 GAAP Net Income increased to $141 million from $120 million in the fourth quarter of 2017. ComEd’s Adjusted (non-GAAP) Operating Earnings for the fourth quarter of 2018 increased to $141 million from $123 million in the fourth quarter of 2017, primarily reflecting higher electric distribution and energy efficiency earnings. Due to revenue decoupling, ComEd's distribution earnings are not affected by actual weather or customer usage patterns.

____________________

1Exelon’s five business units include ComEd, which consists of electricity transmission and distribution operations in northern Illinois; PECO, which consists of electricity transmission and distribution operations and retail natural gas distribution operations in southeastern Pennsylvania; BGE, which consists of electricity transmission and distribution operations and retail natural gas distribution operations in central Maryland; PHI, which consists of electricity transmission and distribution operations in the District of Columbia and portions of Maryland, Delaware, and New Jersey and retail natural gas distribution operations in northern Delaware; and Generation, which consists of owned and contracted electric generating facilities and wholesale and retail customer supply of electric and natural gas products and services, including renewable energy products and risk management services.

PECO

PECO’s fourth quarter of 2018 GAAP Net Income increased to $124 million from $107 million in the fourth quarter of 2017. PECO’s Adjusted (non-GAAP) Operating Earnings for the fourth quarter of 2018 increased to $125 million from $95 million in the fourth quarter of 2017, primarily due to favorable volumes and income tax impacts.

BGE

BGE’s fourth quarter of 2018 GAAP Net Income decreased to $71 million from $76 million in the fourth quarter of 2017. BGE’s Adjusted (non-GAAP) Operating Earnings for the fourth quarter of 2018 decreased to $72 million from $82 million in the fourth quarter of 2017. Due to revenue decoupling, BGE's distribution earnings are not affected by actual weather or customer usage patterns.

PHI

PHI’s fourth quarter of 2018 GAAP Net Income increased to $62 million from $4 million in the fourth quarter of 2017. PHI’s Adjusted (non-GAAP) Operating Earnings for the fourth quarter of 2018 increased to $68 million from $48 million in the fourth quarter of 2017, primarily due to regulatory rate increases and the absence of a 2017 impairment of certain transmission-related income tax regulatory assets. Due to revenue decoupling, PHI's distribution earnings related to Pepco Maryland, DPL Maryland and Pepco District of Columbia are not affected by actual weather or customer usage patterns.

Generation

Generation had a GAAP Net Loss of $178 million in the fourth quarter of 2018 compared with GAAP Net Income of $2,224 million in the fourth quarter of 2017. Generation’s Adjusted (non-GAAP) Operating Earnings for the fourth quarter of 2018 decreased to $221 million from $261 million in the fourth quarter of 2017, primarily reflecting lower realized energy prices, partially offset by the favorable impacts of Illinois ZEC revenue, increased capacity prices and tax savings related to the TCJA.

The proportion of expected generation hedged for the Mid-Atlantic, Midwest, New York and ERCOT reportable segments as of Dec. 31, 2018, was 89.0 percent to 92.0 percent for 2019, 56.0 percent to 59.0 percent for 2020 and 32.0 percent to 35.0 percent for 2021.

Initiates Annual Guidance for 2019


Exelon introduced a guidance range for 2019 Adjusted (non-GAAP) Operating Earnings of $3.00 to $3.30 per share. The outlook for 2019 Adjusted (non-GAAP) Operating Earnings for Exelon and its subsidiaries excludes the following items:
  • Mark-to-market adjustments from economic hedging activities;

  • Unrealized gains and losses from NDT funds to the extent not offset by contractual accounting as described in the notes to the consolidated financial statements;  

  • Certain costs incurred related to plant retirements;

  • Certain costs incurred to achieve cost management program savings;

  • Other unusual items; and

  • Generation's noncontrolling interest related to Constellation Energy Nuclear Group (CENG) exclusion items.

Recent Developments and Fourth Quarter Highlights


  • Utility Capex and Rate Base Update: Exelon Utilities will invest nearly $23 billion of capital over the next four years. These investments will help ensure more reliable and efficient transmission and distribution of electricity and gas for our 10 million utility customers, while also preparing us for the future. The increased capital investments are expected to drive rate base growth 7.8 percent annually to $50.7 billion by 2022 and exceed the 7.4 percent growth expectations for 2017-2021 projected a year ago.
  • Generation and Free Cash Flow Outlook: Cumulatively from 2019 through 2022, Generation projects $7.8 billion of available cash flow before growth capex, which is $0.2 billion higher than the prior 4-year outlook. This financial outlook accounts for the latest power price forwards at year-end, current gross margin outlook at Constellation, latest O&M forecast that reflects pension cost updates and the Everett Marine Terminal acquisition, benefits of previously announced cost reduction initiatives and the planned closure of TMI. The $7.8 billion will primarily support our strategic capital allocation priorities which entail: i) funding $4.0-$4.4 billion of growth capital at the utilities; ii) supporting our 5 percent annual dividend growth commitment; and iii) reducing debt by $2.5 billion.
  • ComEd Distribution Rate Formula: On Dec. 4, 2018, the Illinois Commerce Commission (ICC) issued its final order approving ComEd’s 2018 annual distribution formula rate update. The final order resulted in a $24 million decrease to the revenue requirement, reflecting a $58 million decrease for the initial revenue requirement for 2018 and a $34 million increase related to the annual reconciliation for 2017. The increase was set using an allowed return on rate base of 6.52 percent for the initial revenue requirement and the annual reconciliation, inclusive of an allowed ROE of 8.69 percent. The rates took effect in January 2019.

  • PECO Electric Distribution Base Rate Case: On Dec. 20, 2018, the Pennsylvania Public Utility Commission (PAPUC) approved the partial settlement agreement with an effective date of Jan. 1, 2019, that provides for a $25 million net increase to PECO's annual electric distribution base rates, which includes $71 million in annual ongoing TCJA tax savings. In PECO's original filing with the PAPUC on March 29, 2018, PECO had requested a ROE of 10.95 percent. No approved ROE was specified in the PAPUC order.
  • BGE Maryland Natural Gas Distribution Base Rate Case: On Jan. 4, 2019, the Maryland Public Service Commission (MDPSC) issued its final order providing for a net increase to BGE's annual natural gas distribution base rates of $43 million and reflecting a ROE of 9.8 percent.
  • Pepco Maryland Electric Distribution Base Rate Case: On Jan. 15, 2019, Pepco filed an application with the MDPSC, requesting a $30 million increase to its electric distribution base rates and a 10.3 percent ROE. Pepco currently expects a decision in the third quarter of 2019 but cannot predict if the MDPSC will approve the application as filed.
  • DPL Delaware Natural Gas Distribution Base Rate Case: On Nov. 8, 2018, the Delaware Public Service Commission (DPSC) approved the settlement agreement, providing for a $4 million net decrease to DPL's annual natural gas distribution base rates, which includes annual ongoing TCJA tax savings and reflects a 9.7 percent ROE. In addition, the settlement agreement separately provides a one-time bill credit to customers of approximately $1 million representing the TCJA tax savings for the period Feb. 1, 2018, through March 17, 2018, when full interim rates were put into effect.
  • Mystic Cost-of-Service Federal Energy Regulatory Commission (FERC) Filing:  On Dec. 20, 2018, FERC issued an order accepting Generation’s cost of service agreement reflecting a number of adjustments to the annual fixed revenue requirement and allowing for recovery of a substantial portion of the costs associated with the Everett Marine Terminal.  FERC also directed a paper hearing on ROE using a new methodology.  Initial and reply briefs on ROE will be due on April 18, 2019, and July 18, 2019, respectively. These will be reflected in a compliance filing due Feb. 18, 2019.  On Jan. 4, 2019, Generation notified ISO-NE that it will participate in the Forward Capacity Market auction for the 2022-2023 capacity commitment period. In addition, on Jan. 22, 2019, Exelon and several other parties filed requests for rehearing of certain findings of the Dec. 20, 2018, order. The request for rehearing does not alter Generation's commitment to participate in the Forward Capacity Auction for the 2022-2023 capacity commitment period.

    To ensure the continued reliable supply of fuel to Mystic Units 8 and 9 while they remain operating, on Oct. 1, 2018, Generation acquired the Everett Marine Terminal in Massachusetts for a purchase price of $81 million. Generation also settled its existing long-term gas supply agreement, resulting in a $75 million pre-tax gain.
  • District of Columbia Clean Energy Act: On Dec. 18, 2018, the Council of the District of Columbia passed the Clean Energy District of Columbia Omnibus Amendment Act of 2018 (the Act), which was subsequently signed by the Mayor of the District of Columbia on Jan. 18, 2019.  The Act is expected to take effect in February 2019 following the expiration of a 30-day review process by the U.S. House of Representatives.  Among other things, the Act would increase electric load by requiring all public buses, taxis and other specified fleets to be solely zero-emissions vehicles by 2045.  The Act would also clarify that, under certain circumstances, the gas and electric utilities may offer and receive cost recovery, including a return on investment on capital and related costs for energy efficiency programs in the District of Columbia.
  • Pension Plan Merger:  Effective Jan. 1, 2019, Exelon is merging the Exelon Corporation Cash Balance Pension Plan (CBPP) into the Exelon Corporation Retirement Program (ECRP). The merging of the plans is not changing the benefits offered to the plan participants and, thus, has no impact on Exelon's pension obligation.  However, beginning in 2019, actuarial losses and gains related to the CBPP and ECRP will be amortized over participants’ average remaining service period of the merged ECRP rather than each individual plan, which will lower Exelon’s 2019 pre-tax pension cost by approximately $90 million.

  • Nuclear Operations: Generation’s nuclear fleet, including its owned output from the Salem Generating Station and 100 percent of the CENG units, produced 45,809 gigawatt-hours (GWhs) in the fourth quarter of 2018, compared with 47,528 GWhs in the fourth quarter of 2017. Excluding Salem, the Exelon-operated nuclear plants at ownership achieved a 95.1 percent capacity factor for the fourth quarter of 2018, compared with 95.3 percent for the fourth quarter of 2017. Excluding Salem, the number of planned refueling outage days in the fourth quarter of 2018 totaled 76, compared with 60 in the fourth quarter of 2017. There were 18 non-refueling outage days in both the fourth quarter of 2018 and 2017.
  • Fossil and Renewables Operations: The Dispatch Match rate for Generation’s gas and hydro fleet was 99.3 percent in the fourth quarter of 2018, compared with 98.4 percent in the fourth quarter of 2017.

    Energy Capture for the wind and solar fleet was 97.0 percent in the fourth quarter of 2018, compared with 96.2 percent in the fourth quarter of 2017.

  • Financing Activities: On Nov. 11, 2018, Pepco issued $100 million aggregate principal amount of its First Mortgage Bonds, 4.31 percent due Nov. 1, 2048. Pepco used the proceeds to repay outstanding commercial paper and for general corporate purposes.

GAAP/Adjusted (non-GAAP) Operating Earnings Reconciliations


Adjusted (non-GAAP) Operating Earnings for the fourth quarter of 2018 do not include the following items (after tax) that were included in reported GAAP Net Income:

(in millions)
Exelon
Earnings per 
Diluted 
Share
Exelon
ComEd
PECO
BGE
PHI
Generation
2018 GAAP Net Income (Loss)
$0.16
$152
$141
$124
$71
$62
$(178)
Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $63 and $61, respectively)
0.19
178




176
Unrealized Losses Related to Nuclear Decommissioning Trust (NDT) Funds (net of taxes of $172)
0.25
243




243
Merger Commitments (net of taxes of $0 and $1, respectively)





4

Plant Retirements and Divestitures (net of taxes of $32 and $31, respectively)
0.10
90




91
Cost Management Program (net of taxes of $6, $0, $0, $1 and $5, respectively)
0.02
18

1
1
2
14
Annual Asset Retirement Obligation Update (net of taxes of $1)

4




4
Change in Environmental Liabilities (net of taxes of $1)

3




3
Gain on Contract Settlement (net of taxes of $20 and $19, respectively)
(0.06)
(55)




(56)
Reassessment of Deferred Income Taxes (entire amount represents tax expense)

3




1
Noncontrolling Interests (net of taxes of $15)
(0.08)
(77)




(77)
2018 Adjusted (non-GAAP) Operating Earnings
$0.58
$559
$141
$125
$72
$68
$221

Adjusted (non-GAAP) Operating Earnings for the fourth quarter of 2017 do not include the following items (after tax) that were included in reported GAAP Net Income:

(in millions)
Exelon
Earnings per 
Diluted 
Share
Exelon
ComEd
PECO
BGE
PHI
Generation
2017 GAAP Net Income
$1.94
$1,880
$120
$107
$76
$4
$2,224
Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $7 and $6, respectively)
0.01
8




9
Unrealized Gains Related to NDT Funds (net of taxes of $105)
(0.11)
(108)




(108)
Amortization of Commodity Contract Intangibles (net of taxes of $5)
0.01
8




8
Merger and Integration Costs (net of taxes of $1, $1 and $0, respectively)

1


1

1
Long-Lived Asset Impairments (net of taxes of $16, $9 and $8, respectively)
0.03
29



16
12
Plant Retirements and Divestitures (net of taxes of $45)
0.07
70




70
Cost Management Program (net of taxes of $6, $1, $0 and $5, respectively)
0.01
10

1
1

8
Vacation Policy Change (net of taxes of $21, $1, $1, $3 and $16, respectively)
(0.03)
(33)

(1)
(1)
(5)
(26)
Change in Environmental Liabilities (net of taxes of $17)
0.03
27




27
Gain on Deconsolidation of Businesses (net of taxes of $83)
(0.14)
(130)




(130)
Reassessment of Deferred Income Taxes (entire amount represents tax expense)
(1.30)
(1,257)
3
(12)
5
33(1,874)
Noncontrolling Interests (net of taxes of $8)
0.04
40



40
2017 Adjusted (non-GAAP) Operating Earnings
$0.56
$545
$123
$95
$82
$48
$261



Adjusted (non-GAAP) Operating Earnings for the full year 2018 do not include the following items (after tax) that were included in reported GAAP Net Income:

(in millions)
Exelon
Earnings per 
Diluted 
Share
Exelon
ComEd
PECO
BGE
PHI
Generation
2018 GAAP Net Income
$2.07
$2,010
$664
$460
$313
$398
$370
Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $89 and $84, respectively)
0.26
252




241
Unrealized Losses Related to NDT Funds (net of taxes of $289)
0.35
337




337
Merger and Integration Costs (net of taxes of $2)

3




3
Merger Commitments (net of taxes of $0 and $1, respectively)





4

Long-Lived Asset Impairments (net of taxes of $13)
0.04
35




35
Plant Retirements and Divestitures (net of taxes of $181 and $178, respectively)
0.53
512




514
Cost Management Program (net of taxes of $16, $1, $1, $2 and $12 respectively)
0.05
48

3
3
4
37
Annual Asset Retirement Obligation Update (net of taxes of $7, $6 and $1, respectively)
0.02
20



16
4
Change in Environmental Liabilities (net of taxes of $0)

(1)




(1)
Gain on Contract Settlement (net of taxes of $20 and $19, respectively)
(0.06)
(55)




(56)
Reassessment of Deferred Income Taxes (entire amount represents tax expense)
(0.02)(22)


(7)(28)
Noncontrolling Interests (net of taxes of $24)
(0.12)
(113)


(113)
2018 Adjusted (non-GAAP) Operating Earnings
$3.12
$3,026
$664
$463
$316
$415
$1,343

Adjusted (non-GAAP) Operating Earnings for the full year 2017 do not include the following items (after tax) that were included in reported GAAP Net Income:

(in millions)
Exelon
Earnings per 
Diluted 
Share
Exelon
ComEd
PECO
BGE
PHI
Generation
2017 GAAP Net Income
$3.99
$3,786
$567
$434
$307
$362
$2,710
Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $68 and $66, respectively)
0.11
107




109
Unrealized Gains Related to NDT Funds (net of taxes of $286)
(0.34)
(318)




(318)
Amortization of Commodity Contract Intangibles (net of taxes of $22)
0.04
34




34
Merger and Integration Costs (net of taxes of $25, $0, $2, $2, $7 and $27, respectively)
0.04
40
1
2
2
(10)
44
Merger Commitments (net of taxes of $137, $52 and $18, respectively)
(0.14)
(137)



(59)
(18)
Long-Lived Asset Impairments (net of taxes of $204, $9 and $194, respectively)
0.34
321



16
306
Plant Retirements and Divestitures (net of taxes of $134 and $133, respectively)
0.22
207




208
Cost Management Program (net of taxes of $21, $3, $3 and $15, respectively)
0.04
34

4
5

25
Annual Asset Retirement Obligation Update (net of taxes of $1)

(2)




(2)
Vacation Policy Change (net of taxes of $21, $1, $1, $3 and $16, respectively)
(0.03)
(33)

(1)
(1)
(5)
(26)
Change in Environmental Liabilities (net of taxes of $17)
0.03
27


27
Bargain Purchase Gain (net of taxes of $0)
(0.25)
(233)


(233)
Gain on Deconsolidation of Business (net of taxes of $83)
(0.14)(130)




(130)
Like-Kind Exchange Tax Position (net of taxes of $66 and $9, respectively)
(0.03)
(26)23


Reassessment of Deferred Income Taxes (entire amount represents tax expense)
(1.37)
(1,299)
1
(12)
5
34
(1,856)
Tax Settlements (net of taxes of $1)
(0.01)
(5)




(5)
Noncontrolling Interests (net of taxes of $24)
0.12
114




114
2017 Adjusted (non-GAAP) Operating Earnings
$2.62
$2,487
$592
$427
$318
$338
$989

Note:

Unless otherwise noted, the income tax impact of each reconciling item between GAAP Net Income and Adjusted (non-GAAP) Operating Earnings is based on the marginal statutory federal and state income tax rates for each Registrant, taking into account whether the income or expense item is taxable or deductible, respectively, in whole or in part. For all items except the unrealized gains and losses related to NDT funds, the marginal statutory income tax rates for 2018 and 2017 ranged from 26.0 percent to 29.0 percent and 39.0 percent to 41.0 percent, respectively. Under IRS regulations, NDT fund returns are taxed at different rates for investments if they are in qualified or non-qualified funds. The effective tax rates for the unrealized gains and losses related to NDT funds were 41.4 percent and 49.5 percent for the three months ended Dec. 31, 2018 and 2017, respectively; and were 46.2 percent and 47.4 percent for the twelve months ended Dec. 31, 2018 and 2017, respectively.

Webcast Information

Exelon will discuss fourth quarter 2018 earnings in a one-hour conference call scheduled for today at 9 a.m. Central Time (10 a.m. Eastern Time). The webcast and associated materials can be accessed at www.exeloncorp.com/investor-relations.

Non-GAAP Financial Measures

In addition to net income as determined under generally accepted accounting principles in the United States (GAAP), Exelon evaluates its operating performance using the measure of Adjusted (non-GAAP) Operating Earnings because management believes it represents earnings directly related to the ongoing operations of the business. Adjusted (non-GAAP) Operating Earnings exclude certain costs, expenses, gains and losses and other specified items. This measure is intended to enhance an investor’s overall understanding of period over period operating results and provide an indication of Exelon’s baseline operating performance excluding items that are considered by management to be not directly related to the ongoing operations of the business. In addition, this measure is among the primary indicators management uses as a basis for evaluating performance, allocating resources, setting incentive compensation targets and planning and forecasting of future periods. Adjusted (non-GAAP) Operating Earnings is not a presentation defined under GAAP and may not be comparable to other companies’ presentation. The Company has provided the non-GAAP financial measure as supplemental information and in addition to the financial measures that are calculated and presented in accordance with GAAP. Adjusted (non-GAAP) Operating Earnings should not be deemed more useful than, a substitute for, or an alternative to the most comparable GAAP Net Income measures provided in this earnings release and attachments. This press release and earnings release attachments provide reconciliations of adjusted (non-GAAP) Operating Earnings to the most directly comparable financial measures calculated and presented in accordance with GAAP, are posted on Exelon’s website: www.exeloncorp.com, and have been furnished to the Securities and Exchange Commission on Form 8-K on Feb 8, 2019.

Cautionary Statements Regarding Forward-Looking Information

This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, that are subject to risks and uncertainties. The factors that could cause actual results to differ materially from the forward-looking statements made by the Registrants include those factors discussed herein, as well as the items discussed in (1) the Registrants' 2017 Annual Report on Form 10-K in (a) ITEM 1A. Risk Factors, (b) ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations and (c) ITEM 8. Financial Statements and Supplementary Data: Note 23, Commitments and Contingencies; (2) the Registrants' Third Quarter 2018 Quarterly Report on Form 10-Q in (a) Part II, Other Information, ITEM 1A. Risk Factors; (b) Part 1, Financial Information, ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations and (c) Part I, Financial Information, ITEM 1. Financial Statements: Note 17, Commitments and Contingencies; and (3) other factors discussed in filings with the SEC by the Registrants. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this press release. None of the Registrants undertakes any obligation to publicly release any revision to its forward-looking statements to reflect events or circumstances after the date of this press release.













 

 

 

Exelon Announces Date of Annual Shareholder Meetinghttp://www.exeloncorp.com/newsroom/exelon-announces-date-of-annual-shareholder-meeting-2019Exelon Announces Date of Annual Shareholder Meeting2/7/2019 5:00:00 PM
Exelon Corporation Declares Dividend - February 5th 2019http://www.exeloncorp.com/newsroom/exelon-corporation-declares-dividend-02052019Exelon Corporation Declares Dividend - February 5th 20192/5/2019 4:00:00 PM
Exelon Reports Third Quarter 2018 Resultshttp://www.exeloncorp.com/newsroom/exelon-reports-third-quarter-2018-resultsExelon Reports Third Quarter 2018 Results11/1/2018 10:00:00 AM
Exelon Corporation Declares Dividendhttp://www.exeloncorp.com/newsroom/exelon-corporation-declares-dividend-(5)Exelon Corporation Declares Dividend9/24/2018 4:00:00 PM

Share