Exelon Corp. (EXC) reported of first quarter 2013 net loss on common stock of $4 million or $0.01 per share. Net income on common stock for the first-quarter of 2012 was $200 million or $0.28 per share.
The company said that First quarter 2013 included financial results for Constellation Energy and Baltimore Gas and Electric Company while first quarter 2012 earnings only contains the financial results for those companies from March 12, 2012 to March 31, 2012. Therefore, the composition of results of operations from 2013 and 2012 are not comparable for Exelon Generation Company, LLC (Generation), BGE and Exelon.
Exelon's adjusted operating earnings declined to $0.70 per share in the first quarter of 2013 from $0.85 per share in the first quarter of 2012. Earnings in first quarter 2013 primarily reflected Lower energy margins at Generation, resulting from decreased capacity pricing related to the Reliability Pricing Model (RPM) for the PJM Interconnection, LLC (PJM) market, higher nuclear fuel costs and lower realized market prices for the sale of energy across all regions; Higher operating and maintenance expenses, including increased labor, contracting and materials costs; Increased depreciation and amortization expense due to ongoing capital expenditures; and Impact of increased average diluted common shares outstanding as a result of the merger.
Operating revenues for the latest-quarter were $6.08 billion, while Operating revenues for the prior year quarter was $4.69 billion.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.68 per share on revenues of $6.20 billion for the quarter. Analysts' estimates typically exclude special items.
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