Exelon Corporation (EXC) reported fourth-quarter net income of $360 million or $0.37 per share lower than $773 million or $0.79 per share in the same quarter a year ago.
Earnings on an adjusted basis of $0.76 per share beat the average estimate of analysts polled by Thomson Reuters at $0.69 per share. Analysts' estimates typically exclude special items.
Revenue for the quarter also decreased to $8.117 billion from $8.343 billion last year, but came in above the estimates. The consensus view was for $7.9 billion.
Looking forward to the year 2021, the company sees adjusted earnings to be in the range of $2.60 per share -$3.00 per share. The consensus estimate stands at $2.96 per share.
In a separate statement, Exelon announced its decision to separate Exelon Utilities and Exelon Generation into two publicly traded companies.
Exelon Utilities (RemainCo) is comprised of six regulated electric and gas utilities, and Exelon Generation (SpinCo) is the company's competitive power generation and customer-facing energy business.
"Now is the right time to take this step to best serve our customers, employees, community partners and shareholders. These are two strong, distinct businesses that will benefit from the strategic flexibility to focus on their unique customer, market and community priorities," said Christopher M. Crane, president and CEO of Exelon.
EXC shares are up 1.72% in the pre-market trade on Wednesday. Tuesday, the stock closed at $40.80, up 0.49%.
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