Exelon Corporation (EXC) has reported 22.10 percent fall in profit for the quarter ended Sep. 30, 2016. The company has earned $490 million in the quarter, compared with $629 million for the same period last year. On the other hand, adjusted net income for the quarter stood at $841 million, or $0.91 a share compared with $757 million or $0.83 a share, a year ago. Revenue during the quarter grew 21.63 percent to $9,002 million from $7,401 million in the previous year period. Gross margin for the quarter expanded 376 basis points over the previous year period to 32.33 percent. Total expenses were 85.93 percent of quarterly revenues, up from 83.79 percent for the same period last year. That has resulted in a contraction of 214 basis points in operating margin to 14.07 percent.
Operating income for the quarter was $1,267 million, compared with $1,200 million in the previous year period.
"During the third quarter, Exelon delivered on its commitment to provide value to our stakeholders through our strong operating performance at the legacy Exelon utilities, improved operational performance at PHI, the stellar performance of our generation assets during the summer heat, and the ability of our Constellation business to perform in low- and high-volatility market conditions." said Christopher M. Crane, Exelon president and chief executive officer.
For financial year 2016, the company projects diluted earnings per share to be in the range of $2.55 to $2.75.
Operating cash flow improves significantlyExelon Corporation has generated cash of $7,363 million from operating activities during the nine month period, up 29.77 percent or $1,689 million, when compared with the last year period. The company has spent $13,219 million cash to meet investing activities during the nine month period as against cash outgo of $5,689 million in the last year period. It has incurred net capital expenditure of $6,319 million on net basis during the nine month period, up 19.27 percent or $1,021 million from year ago period.
Cash flow from financing activities was $1,251 million for the nine month period, down 76.84 percent or $4,151 million, when compared with the last year period.
Cash and cash equivalents stood at $1,897 million as on Sep. 30, 2016, down 73.89 percent or $5,368 million from $7,265 million on Sep. 30, 2015.
Working capital drops significantly
Exelon Corporation has witnessed a decline in the working capital over the last year. It stood at $50 million as at Sep. 30, 2016, down 99.45 percent or $8,970 million from $9,020 million on Sep. 30, 2015. Current ratio was at 1 as on Sep. 30, 2016, down from 2.15 on Sep. 30, 2015.
Cash conversion cycle (CCC) has decreased to 17 days for the quarter from 31 days for the last year period. Days sales outstanding went down to 49 days for the quarter compared with 55 days for the same period last year.
Days inventory outstanding has decreased to 12 days for the quarter compared with 26 days for the previous year period. At the same time, days payable outstanding went down to 44 days for the quarter from 50 for the same period last year.
Debt increases substantially
Exelon Corporation has witnessed an increase in total debt over the last one year. It stood at $35,409 million as on Sep. 30, 2016, up 32.32 percent or $8,648 million from $26,761 million on Sep. 30, 2015. Total debt was 30.92 percent of total assets as on Sep. 30, 2016, compared with 28.13 percent on Sep. 30, 2015. Debt to equity ratio was at 1.29 as on Sep. 30, 2016, up from 0.98 as on Sep. 30, 2015. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net