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Business & Money

Will dividends become the sole focus for investor valuations of utilities?
Fortnightly Magazine - June 15 2003

improved results to higher gas sales, increased revenue at its ComEd unit, lower depreciation and amortization expense, fewer nuclear outages, and lower interest expense, which more than offset higher operating expenses such as pension and benefit costs. For 2003, Exelon still expects operating earnings of $4.80 to $5 a share, assuming normal weather for the rest of the year. Wall Street expects the company to earn $4.91 a share in 2003, according to a survey by First Call. In 2002, Exelon posted operating earnings of $4.83 a share. Second-quarter earnings should represent between 21 percent and 23 percent of full-year operating earnings, Exelon said.

The company also said it expects to meet or exceed its target for annual earnings growth of 5 percent and to generate cash that will provide flexibility to successfully handle the end of the regulatory transition in Illinois in 2007.

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