Exelon, PPL, UGI report quarterly earnings
Three companies in the energy sector with midstate operations reported quarterly earnings this week.
Illinois-based Exelon Corp., with nuclear generation assets in Central Pennsylvania, reported fourth-quarter net income today of $427 million, or 50 cents per diluted share, compared with $547 million, or 64 cents per diluted share, in the final quarter of 2012.
For the year, Exelon posted net income of $2.15 billion, or $2.50 per diluted share, compared with $2.33 billion, or $2.85 per diluted share, in 2012.
The company cited several reasons for the drop, including lower realized energy prices across all regions and increased depreciation and amortization expenses.
Exelon is projecting adjusted operating earnings of $2.25 to $2.55 per share in 2014.
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Allentown-based PPL Corp., which controls PPL Electric Utilities and its midstate operations, reported 2013 net income today of $1.13 billion, or $1.76 per diluted share, compared with $1.53 billion, or $2.60 per diluted share in 2012.
For the fourth quarter, PPL has a reported loss of $98 million, or 16 cents per diluted share, compared with earnings of $359 million, or 60 cents per diluted share, in the fourth quarter of 2012.
In Pennsylvania, PPL is projecting higher segment earnings this year, primarily driven by higher transmission margins and returns on distribution improvement capital spending. That is partially offset by higher financing costs and higher income taxes.
Shares of PPL are traded on the NYSE under the ticker symbol PPL.
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UGI Corp., the Montgomery County-based parent firm of Berks County-based UGI Utilities Inc., reported fiscal first-quarter net income on Monday of $122 million, or $1.05 per diluted share, compared with $102.5 million, or 90 cents per diluted share, in the same quarter of 2013.
Shares of UGI are traded on the NYSE under the ticker symbol UGI.