Shares of Exelon Corp. edged up 0.1% in premarket trading, to buck the selloff in the broader stock market, after the utility company reported a first-quarter profit that came up shy of forecasts while revenue was well above, and affirmed its full-year earnings outlook. Net income from continuing operations, fell to $481 million, or 49 cents a share, from $525 million, or 53 cents a share, in the year-ago period. The results exclude results from Constellation Energy, of which the separation was completed in February 2022. Excluding nonrecurring items, adjusted earnings per share rose to 64 cents from 55 cents, but was below the FactSet consensus of 65 cents. Operating revenue grew 15.0% to $5.33 billion, beating the FactSet consensus of $4.61 billion, with all of the company’s current business segments showing growth. The growth in operating expenses outpaced the rise in revenue, as they grew 16.3% to $4.43 billion. The company still expects 2022 adjusted EPS of $2.18 to $2.32, which surrounds the FactSet consensus of $2.26. The stock’s gain comes as futures for the S&P 500 slumped 1.7% ahead of the open.
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