EXC Exelon Corporation

By Matt Grossman

Exelon Corp. on Friday reported a larger than expected profit in the first quarter, but reduced its earnings guidance for the full year, citing reduced demand during the coronavirus pandemic.

The Chicago-based utility company recorded a first-quarter profit of $582 million, or 60 cents a share, compared with the profit of $907 million, or 93 cents a share, that Exelon recorded in the first quarter of 2019.

Adjusted earnings were 87 cents a share, Exelon said. Analysts were expecting adjusted earnings of 85 cents a share, according to FactSet.

Revenue was $8.75 billion, a decline from $9.48 billion for the same period a year earlier. Analysts had forecast revenue of $8.97 billion.

Exelon said there was no material impact to its first-quarter results from the Covid-19 pandemic. However, it expects a reduction in operating revenue between April and December for some of its subsidiaries as electric load declines during the public-health crisis.

Exelon reduced its full-year guidance for adjusted earnings to between $2.80 a share and $3.10 a share, down from a prior range of $3.00 a share to $3.30 a share. Analysts had been expecting full-year adjusted earnings of $3.05 a share.

Write to Matt Grossman at matt.grossman@wsj.com

(END) Dow Jones Newswires

May 08, 2020 07:30 ET (11:30 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.