Exelon Corp (EXC) has reported a 475.14 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $995 million, or $1.07 a share in the quarter, compared with $173 million, or $0.19 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $605 million, or $0.65 a share compared with $632 million or $0.68 a share, a year ago. Revenue during the quarter grew 15.63 percent to $8,757 million from $7,573 million in the previous year period. Gross margin for the quarter expanded 779 basis points over the previous year period to 27.38 percent. Total expenses were 85.20 percent of quarterly revenues, down from 93.62 percent for the same period last year. This has led to an improvement of 842 basis points in operating margin to 14.80 percent.
Operating income for the quarter was $1,296 million, compared with $483 million in the previous year period.
However, the adjusted operating income for the quarter stood at $1,171 million compared to $1,114 million in the prior year period. At the same time, adjusted operating margin contracted 134 basis points in the quarter to 13.37 percent from 14.71 percent in the last year period.
"Exelon delivered solid performance for shareholders and customers in the first quarter, achieving record reliability and operational excellence. We marked the one-year anniversary of our merger with Pepco Holdings, successfully executing on merger commitments and integration targets, while delivering tangible benefits to our new customers," said Christopher M. Crane, Exelon president and chief executive officer. "We completed the acquisition of the FitzPatrick power plant, and recently began earning zero-emissions credit revenues in New York, helping to preserve jobs and deliver clean energy across the state. I am proud of the hard work of our 34,000 employees who safely deliver on our commitments to customers, shareholders and communities every day."
Operating cash flow declines
Exelon Corp has generated cash of $1,201 million from operating activities during the quarter, down 18.47 percent or $ 272 million, when compared with the last year period. The company has spent $2,411 million cash to meet investing activities during the quarter as against cash outgo of $8,548 million in the last year period.
Cash flow from financing activities was $1,184 million for the quarter, down 22.77 percent or $349 million, when compared with the last year period.
Cash and cash equivalents stood at $609 million as on Mar. 31, 2017, down 36.56 percent or $351 million from $960 million on Mar. 31, 2016.
Working capital remains negative
Working capital of Exelon Corp was negative $2,243 million on Mar. 31, 2017 compared with negative $2,406 million on Mar. 31, 2016. Current ratio was at 0.84 as on Mar. 31, 2017, up from 0.83 on Mar. 31, 2016.
Cash conversion cycle (CCC) has decreased to 12 days for the quarter from 31 days for the last year period. Days sales outstanding went down to 21 days for the quarter compared with 53 days for the same period last year.
Days inventory outstanding has decreased to 11 days for the quarter compared with 23 days for the previous year period. At the same time, days payable outstanding went down to 44 days for the quarter from 45 for the same period last year.
Debt remains almost stable
Total debt of Exelon Corp remained almost stable for the quarter at $36,737 million, when compared with the last year period. Total debt stood at $36,737 million as on Mar. 31, 2017.
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