Exelon Corporation (NASDAQ:EXC) Q3 2023 Earnings Conference Call November 2, 2023 10:00 AM ET

Company Participants

Andrew Plenge - VP, IR

Calvin Butler - CEO, President & Director

Jeanne Jones - EVP & CFO

David Velazquez - EVP, Utility Operations & Technology

Conference Call Participants

James Kennedy - Guggenheim Securities

David Arcaro - Morgan Stanley

Paul Zimbardo - Bank of America Merrill Lynch

Aidan Kelly - JPMorgan Chase & Co.

Operator

Hello, and welcome to Exelon's Third Quarter Earnings Call. My name is Gigi, and I'll be your event specialist today. [Operator Instructions]. It is now my pleasure to turn today's program over to Andrew Plunge, Vice President of Investor Relations. The floor is yours.

Andrew Plenge

Thank you, Gigi, and good morning, everyone. We're pleased to have you with us for our 2023 third quarter earnings call. Leading the call today are in Calvin Butler, Exelon's President and Chief Executive Officer; and Jeanne Jones, Exelon's Chief Financial Officer. Other members of Exelon's senior management team are also with us today and they will be available to answer your questions following our prepared remarks.

Today's presentation, along with our earnings release and other financial information can be found in the Investor Relations section of Exelon's website. We would also like to remind you that today's presentation and the associated earnings release materials contain forward-looking statements, which are subject to risks and uncertainties. You can find the cautionary statements on these risks on Slide 2 of today's presentation or in our SEC filings.

In addition, today's presentation includes references to adjusted operating earnings and other non-GAAP measures. between these measures and the nearest equivalent GAAP measures can be found in the appendix of our presentation and in our earnings release. It is now my pleasure to turn the call over to Calvin Butler, Exelon's President and CEO.

Calvin Butler

Thank you, Andrew, and good morning, everyone. We appreciate you listening to our third quarter earnings call. Despite historically mild first 9 months of the year and pressures from storms in August and September, we delivered earnings right in line with the expectations laid out in our last earnings call. For the quarter, as you can see on Slide 4, we we earned $0.70 per share on a GAAP basis and $0.67 per share a non-GAAP basis. With the critical summer season behind us, we have narrowed our guidance range to $2.32 to to $2.40 per share for 2023. Jeanne will talk more about our results for the quarter and expected financial performance for the balance of the year. Operational performance across the platform remained very strong in the third quarter. With storms that brought 110-mile per hour wind gust and 29 major event days that impacted almost 1.3 million customers, we not only kept our financial plan on track but we also continued our track record of top quartile reliability performance, and we continue to make progress in safety and customer satisfaction.