Exelon 2Q earnings drop 12 pct on low power demand
Exelon Corporation, the largest operator of nuclear power plants in the U.S., reported on Friday that its earnings declined 12 percent in the second quarter due to a low demand for electricity and more expensive nuclear fuel.
Shares of Exelon dropped 0.96 percent to $53.51 on Friday by 12:21 p.m. on the New York Stock Exchange.
Exelon's net earnings fell to $657 million or 99 cents per share compared to $748 million or $1.13 per share in the same quarter a year ago. The company's 2Q adjusted operating earnings were $683 million or $1.03 per diluted share, higher than the 97 cents per share analysts expected, according to Reuters.
Exelon reaffirmed its guidance range of $4 to $4.30 per share for 2009 adjusted earnings, and forecasts its adjusted earnings for the third quarter of this year to be between 90 cents to $1 per share.
The power company terminated its offer to acquire rival NRG Energy Inc. on Tuesday after nine months waiting for negotiations.
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