Utility services holding company Exelon Corp. (EXC) is set to release its third-quarter earnings results before the market opens on Friday. For the third quarter, the power company expects adjusted operating earnings in the range of $0.90-$1.00 per share. This compares with the company's year-ago earnings of $1.07 pr share.
On average, 11 analysts polled by Thomson Reuters expect the company to earn $0.96 per share for the third quarter.
For the sequential second quarter, Exelon, which serves more than 5 million customers, reported a drop in its profit, as revenues declined on weak economy and lower demand. The Chicago, Illinois-based company's net income for the quarter was $657 million or $0.99 per share, compared with $748 million or $1.13 per share, in the previous year. GAAP operating revenues dropped to $4.141 billion from $4.622 billion, and non-GAAP operating revenues, adjusting for the impact of the 2007 Illinois electric rate settlement, declined to $4.173 billion from $4.694 billion last year.
While announcing the second-quarter results, Exelon reaffirmed its 2009 adjusted operating earnings guidance range of $4.00 - $4.30 per share. Meanwhile, Wall Street analysts expect the company to report earnings of $4.11 per share for fiscal 2009.
In July, Exelon terminated its hostile bid to acquire all of the outstanding shares of its rival NRG Energy, Inc. (NRG), after NRG shareholders re-elected all of the company's board nominees at its annual meeting.
In June, the company announced cost cutting activities, including the elimination of about 500 positions, mostly in its corporate support functions. The move came in the wake of the deepening crisis, affecting Exelon's business and industry, implying the need for leaner and efficient organizational structure. These measures are expected to save approximately $350 million in operations and maintenance costs in 2010.
Exelon's peer, Ameren Corp. (AEE) is slated to announce its third-quarter results on October 30. For the second quarter, St. Louis, Missouri-based Ameren had reported lower profit in the the absence of a lump-sum payment from a coal supplier available last year as a result of the premature closure of a mine and termination of a contract. The company also said then that it continues to expect GAAP earnings of $2.63 to $2.98 per share, and core earnings of $2.70 to $3.05 per share for fiscal 2009. Analysts currently project earnings of $2.69 per share for the year.
"Rate relief, cost control and actions taken to reduce our exposure to price fluctuations in the wholesale energy markets are helping us weather difficult economic and market conditions in 2009," said, Thomas Voss, president and chief executive officer of Ameren.
Last month, Ameren revealed a voluntary separation election offer to about 350 of the its total 9,870 employees, as well as those of its subsidiary companies, in response to the current economic conditions. This offer followed recent announcements of reductions of approximately 140 positions in Ameren Energy Resources Company, Llc, the company's merchant generation business segment.
Dynegy Inc.'s (DYN) results are expected to be released on November 5. Analysts are looking for earnings of $0.03 per share for the quarter on sales of $877.54 million. For the preceding quarter, the company posted a wider net loss, hurt by asset impairment charges and lower realized power prices, despite sharply lower mark-to-market losses. The company has also widened its net loss outlook for fiscal 2009.
EXC closed Thursday's trading at $50.84, up $0.79, on a volume of $4.44 million shares.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.