Exelon Announces Lower Earnings Outlook
Exelon Corp. (Chicago, IL) has reduced its 2001 earnings guidance. Exelon previously issued guidance that its third-quarter 2001 earnings per share (EPS) would represent 30 to 40 percent of its $4.50 EPS target for 2001. Exelon currently expects its third-quarter earnings to be in a range of $1.10 to $1.20 per share.
Pro-forma, third-quarter 2000 EPS was $1.27. Given reduced expectations for the third quarter and the recent economic uncertainty, Exelon's full-year earnings guidance is being reduced to a range of $4.30 to $4.45 EPS.
"Our performance in the first half of the year was very strong and exceeded the market's expectations. We are disappointed in the market conditions that affected power marketing and enterprises. While we instituted cost-containment efforts to address the economic weaknesses in the third quarter, the revenue impact of recent events cannot yet be quantified," said Corbin A. McNeill, co-CEO.