Exelon Corporation (NYSE:EXC) Q4 2018 Earnings Conference Call Transcript

Feb 08, 2019 • 10:00 am ET


Exelon Corporation (NYSE:EXC) Q4 2018 Earnings Conference Call Transcript


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Good morning. My name is Carol, and I will be your operator today. At this time, I would like to welcome everyone to the 2018 Fourth Quarter Exelon Earnings Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, we will have a question-and-answer session. (Operator Instructions)

At this time, I would like to turn the call over to Dan Eggers, Senior Vice President of Corporate Finance at Exelon.

Daniel L. Eggers

Thank you, Carol. Good morning, everyone, and thank you for joining our fourth quarter 2018 earnings conference call. Leading the call today are Chris Crane, Exelon's President and Chief Executive Officer, and Joe Nigro, Exelon's Chief Financial Officer. They're joined by other members of Exelon senior management team who will be available to answer your questions following our prepared remarks.

We issued our earnings release this morning along with a presentation, both of which can be found in the Investor Relations section of Exelon's website. The earnings release and other materials, which we discuss during today's call, contain forward-looking statements and estimates that are subject to various risks and uncertainties. Actual results could differ from our forward-looking statements based on factors and assumptions discussed in today's material and comments made during this call. Please refer to today's 8-K and Exelon's other SEC filings for discussions of risk factors and factors that may cause results to differ from management's projections, forecasts and expectations.

Today's presentation also includes references to adjusted operating earnings and other non-GAAP measures. Please refer to the information contained in the appendix of our presentation and our earnings release for reconciliations between the non-GAAP measures and the nearest equivalent GAAP measures.

I will now turn the call over to Chris Crane, Exelon's CEO.

Christopher M. Crane

Thank you, Dan, and good morning, everyone. Thank you for joining us for our year-end 2018 call.

Before I begin, I'd like to take a moment to thank our employees and those of other utilities who worked during the extremely cold weather to keep our communities safe and warm during the recent Polar Vortex. Our nuclear plants ran at nearly 100% during the week, the investment reliability made on our system made a difference and we had more than 500 crews out restoring service to customers in temperatures that reached a negative 23 degrees without including the wind chill factor.

I'll start on slide five. 2018 was a great year for Exelon and its operating companies. We executed on our strategy and delivered on our commitments to customers, communities and shareholders. We are in a solid position to continue to bring value to our stakeholders in 2019. Our financial performance was strong. Full year GAAP earnings were $2.07 per share and adjusted operating earnings were $3.12 per share, well ahead of the original guidance range. Joe will walk through the details later in the call.

Last year, we shared our goals for 2018, and I'm proud to report, we're able to meet those commitments. Utility and generation operations had improvements