Exelon (NYSE: EXC) reported Friday that its fourth quarter profit fell 18 percent, citing soft demand for electricity in the U.S., according to Associated Press.
Exelon, the biggest operator of nuclear power plants in the U.S., made $581 million, or 88 cents per share, for the quarter ended Dec. 31 compared with profit of $707 million, or $1.07 per share, in the year-ago quarter. Revenue fell to $4.12 billion from $4.49 billion a year ago.
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Without charges, Exelon made $610 million, or 92 cents per share, for the quarter.
Exelon said demand in the quarter at its Commonwealth Edison utility in the Chicago area fell 3.8 percent, and 2.3 percent for its PECO utility in the Philadelphia area.
Exelon reaffirmed its 2010 outlook, saying it expects operating earnings of $3.60 to $4 per share this year. Analysts surveyed by Thomson Reuters forecast profit of $4.04 per share.
For all of 2009, Exelon's earnings were flat with 2008 at $2.7 billion. Earnings per share were $4.09 for the year compared with $4.13 in 2008. Without charges and gains, Exelon made $4.12 per share for the year compared with $4.20 per share in 2008.
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