Exelon Corp (NASDAQ:EXC) stock rose 0.57% (As on May 4, 12:15:35 AM UTC-4, Source: Google Finance) after the company beat first-quarter profit estimates, as the U.S. electric and gas utility company benefited from customer additions and higher prices. ComEd’s Adjusted (non-GAAP) Operating Earnings for the first quarter of 2023 increased to $251 million from $193 million in the first quarter of 2022, primarily due to increases in electric distribution formula rate earnings (reflecting higher allowed ROE due to an increase in U.S. treasury rates and the impacts of higher rate base) and carrying costs related to the CMC regulatory assets. PECO’s Adjusted (non-GAAP) Operating Earnings for the first quarter of 2023 decreased to $166 million from $208 million in the first quarter of 2022, primarily due to unfavorable weather, an increase in credit loss expense and depreciation expense, partially offset by gas distribution rate increases.

EXC in the first quarter of FY 23 has reported the adjusted earnings per share of 70 cents, beating the analysts’ estimates for the adjusted earnings per share of 66 cents, according to Refinitiv data. The company had reported 4.9 percent fall in the adjusted revenue to $5.56 billion in the first quarter of FY 23, missing the analysts’ estimates for revenue of $5.27 billion.

The company has affirmed full year 2023 Adjusted (non-GAAP) Operating Earnings guidance range of $2.30-$2.42 per share. The company has reaffirmed fully regulated operating EPS compounded annual growth target of 6-8% from 2021 and 2022 guidance midpoints through 2025 and 2026, respectively, with expectation to be at midpoint or better of growth range

On the other hand, ACE filed an electric distribution rate case with the New Jersey Board of Public Utilities (NJBPU) in February seeking an increase in base rates to support significant investments in infrastructure to maintain safety, reliability, and service for customers. BGE filed its second multi-year plan with the Maryland Public Service Commission (MDPSC) in February seeking an increase in electric and gas distribution base rates over the period of 2024 to 2026 to continue providing safe, reliable service to customers while laying the foundation for BGE to support the achievement of Maryland’s state policy goals. Pepco filed its second multi-year plan with the Public Service Commission of the District of Columbia (DCPSC) in April seeking an increase in base rates over the period of 2024 to 2026 to support a climate ready grid and enable cleaner energy programs and technologies that further support the District’s goal to be carbon neutral by 2045