ComEd parent Exelon's 4Q net income falls

CHICAGO — Nuclear power plant operator Exelon Corp. reported lower fourth-quarter earnings Wednesday on losses due to hedging transactions and costs of planning to retire some plants.

The company said net income fell to $524 million, or 79 cents per share, from $581 million, or 88 cents per share, a year earlier.

Exelon said that excluding what it deemed one-time costs for hedging and plant retirements, it would have earned 96 cents per share.

Revenue rose to $4.49 billion from $4.12 billion a year ago.

Analysts expected the company to earn 90 cents per share on revenue of $4.52 billion, according to FactSet.

Exelon estimated 2011 earnings between $3.90 and $4.20 per share. Analysts expect $4.08 per share on revenue of $18.16 billion.

In the fourth quarter, the company was helped by fewer outage days at its nuclear plants but hurt by higher nuclear fuel costs and depreciation due to increased capital spending.

The company took $113 million in charges to mark down its economic-hedging moves, which are designed to insulate it against rising commodity prices. It also took $17 million in charges for costs related to planned retirement of some power units.

Last month, the company announced it would close its Oyster Creek nuclear plant in New Jersey in 2019, citing additional costs to comply with environmental regulations. The company also operates non-nuclear plants.

For all of 2010, Exelon earned $2.56 billion, or $3.87 per share, on revenue of $18.64 billion. In 2009, it earned $2.71 billion, or $4.09 per share, on $17.32 billion revenue.

Exelon shares rose 15 cents to $43.35 in the opening minutes of morning trading.