Latest news with #PECO
Reuters
3 hours ago
- Business
- Reuters
Exelon beats second-quarter profit estimates on higher rates
July 31 (Reuters) - U.S. utility Exelon (EXC.O), opens new tab narrowly beat Wall Street estimates for second-quarter profit on Thursday, helped by higher electric and gas distribution rates in its PECO unit. Electric utilities are fielding massive requests for new power capacity as Big Tech scours the country for viable locations for new AI data centers. According to the U.S. Energy Information Administration, domestic power consumption is expected to reach record highs in 2025 and 2026. The S&P index tracking utilities (.SPLRCU), opens new tab rose 3.5% in the quarter ended June 30. Exelon reported overall revenue of $5.43 billion for the second quarter, compared with analysts' average estimate of $5.38 billion, according to data compiled by LSEG. Earnings at its PECO unit, Pennsylvania's largest electric and natural gas energy company, rose about 51% to $136 million, during the reported quarter. However, earnings at its Commonwealth Edison unit (ComEd), the largest electric utility in Illinois, fell 15.6% to $228 million. Exelon serves more than 10.5 million customers through six fully-regulated transmission and distribution utilities. The company reaffirmed its full-year 2025 adjusted profit forecast of $2.64 to $2.74 per share. Analysts were expecting $2.69 per share. The Chicago-based company posted adjusted operating earnings of 39 cents per share for the April to June period, compared with analysts' estimate of 37 cents.
Business Wire
4 hours ago
- Business
- Business Wire
Exelon Reports Second Quarter 2025 Results
CHICAGO--(BUSINESS WIRE)--Exelon Corporation (Nasdaq: EXC) today reported its financial results for the second quarter of 2025. "Exelon's second-quarter performance reflects our disciplined execution across all fronts," said Exelon President and Chief Executive Officer Calvin Butler. Share "Exelon's second-quarter performance reflects our disciplined execution across all fronts," said Exelon President and Chief Executive Officer Calvin Butler. "We remain focused on delivering long-term value through operational excellence, customer affordability solutions and a balanced investment strategy that supports grid modernization and energy security. As we reaffirm our financial guidance, we are confident in our ability to meet the evolving needs of our customers and communities while advancing a cleaner, more resilient energy future." 'I'm pleased to announce we delivered second quarter 2025 adjusted operating earnings of $0.39 per share, overcoming an active start to the summer storm season, including one of the largest in recent history at PECO with peak outages over 325,000 customers," said Exelon Chief Financial Officer Jeanne Jones. "We remain on track to deliver within our full-year earnings guidance range of $2.64 - $2.74 per share, and our performance underscores our ability to deliver strong financial and operational results while keeping our customers front and center.' Second Quarter 2025 Exelon's GAAP net income for the second quarter of 2025 decreased to $0.39 per share from $0.45 per share in the second quarter of 2024. Adjusted (non-GAAP) operating earnings for the second quarter of 2025 decreased to $0.39 per share from $0.47 per share in the second quarter of 2024. For the reconciliations of GAAP net income to Adjusted (non-GAAP) operating earnings, refer to the tables beginning on page 4. The GAAP net income and Adjusted (non-GAAP) operating earnings in the second quarter of 2025 primarily reflect: Lower utility earnings primarily due to timing of distribution earnings at ComEd, increased storm costs at PECO, lower impacts of the Maryland multi-year plan reconciliations at PHI, lower transmission peak load at ComEd, and higher credit loss and interest expense at PHI. This was partially offset by distribution rate increases at PECO and BGE, distribution and transmission rate increases at ComEd and PHI, and a higher return on regulatory assets at ComEd. Higher costs at Exelon holding company due to the Customer Relief Fund contribution and higher interest expense. The Customer Relief Fund is a one-time charitable contribution to trusted local nonprofits to assist low and middle-income customers with higher energy costs. Operating Company Results 1 ComEd ComEd's second quarter of 2025 GAAP net income decreased to $228 million from $270 million in the second quarter of 2024. ComEd's Adjusted (non-GAAP) operating earnings for the second quarter of 2025 decreased to $228 million from $285 million in the second quarter of 2024, primarily due to the timing of distribution earnings and lower transmission peak load, partially offset by higher distribution and transmission rate base driven by incremental investments to serve customers and higher return on regulatory assets primarily due to an increase in asset balances. Due to revenue decoupling, ComEd's distribution earnings are not intended to be affected by actual weather or customer usage patterns. PECO PECO's second quarter of 2025 GAAP net income increased to $136 million from $90 million in the second quarter of 2024. PECO's Adjusted (non-GAAP) operating earnings for the second quarter of 2025 increased to $136 million from $93 million in the second quarter of 2024, primarily due to higher electric and gas distribution rates associated with updated recovery of investments to serve customers, partially offset by an increase in storm costs. ___________ 1 Exelon's four business units include ComEd, which consists of electricity transmission and distribution operations in northern Illinois; PECO, which consists of electricity transmission and distribution operations and retail natural gas distribution operations in southeastern Pennsylvania; BGE, which consists of electricity transmission and distribution operations and retail natural gas distribution operations in central Maryland; and PHI, which consists of electricity transmission and distribution operations in the District of Columbia and portions of Maryland, Delaware, and New Jersey and retail natural gas distribution operations in northern Delaware. Expand BGE BGE's second quarter of 2025 GAAP net income increased to $55 million from $45 million in the second quarter of 2024. BGE's Adjusted (non-GAAP) operating earnings for the second quarter of 2025 increased to $55 million from $45 million in the second quarter of 2024, primarily due to distribution rates associated with updated recovery of investments to serve customers, partially offset by the derecognition of regulatory assets and liabilities as a result of the Next Generation Energy Act. Due to revenue decoupling, BGE's distribution earnings are not intended to be affected by actual weather or customer usage patterns. PHI PHI's second quarter of 2025 GAAP net income decreased to $143 million from $158 million in the second quarter of 2024. PHI's Adjusted (non-GAAP) operating earnings for the second quarter of 2025 decreased to $144 million from $162 million in the second quarter of 2024, primarily due to lower impacts of the Maryland multi-year plans reconciliations, increases in credit loss and interest expense, and storm costs at Pepco, partially offset by favorable distribution and transmission rates driven by updated recovery of investments to serve customers. Due to revenue decoupling, PHI's distribution earnings related to Pepco Maryland, DPL Maryland, Pepco District of Columbia, and ACE are not intended to be affected by actual weather or customer usage patterns. Recent Developments and Second Quarter Highlights Dividend: On July 29, 2025, Exelon's Board of Directors declared a regular quarterly dividend of $0.40 per share on Exelon's common stock. The dividend is payable on September 15, 2025, to Exelon's shareholders of record as of the close of business on August 11, 2025. Rate Case Developments: There were no rate case developments in the second quarter. Financing Activities: On May 16, 2025, BGE issued $650 million of its 5.45% Notes due June 1, 2035. BGE used the proceeds to repay outstanding commercial paper obligations and for general corporate purposes. On May 19, 2025, ComEd issued $725 million of its First Mortgage 5.95% Series Bonds due June 1, 2055. ComEd used the proceeds to repay outstanding commercial paper obligations and for general corporate purposes. On July 1, 2025, DPL completed the reoffering of its $78.4 million of its 2020 Series A Bonds. In connection with the reoffering of the Bonds, the interest rate was modified to 3.60% per annum, and the maturity date was modified to January 1, 2031. DPL did not directly receive any proceeds from the reoffering. Adjusted (non-GAAP) Operating Earnings Reconciliation Adjusted (non-GAAP) operating earnings for the second quarter of 2025 do not include the following items (after tax) that were included in reported GAAP net income: Adjusted (non-GAAP) operating earnings for the second quarter of 2024 do not include the following items (after tax) that were included in reported GAAP net income: Webcast Information Exelon will discuss second quarter 2025 earnings in a conference call scheduled for today at 9 a.m. Central Time (10 a.m. Eastern Time). The webcast and associated materials can be accessed at About Exelon Exelon (Nasdaq: EXC) is a Fortune 200 company and one of the nation's largest utility companies, serving more than 10.7 million customers through six fully regulated transmission and distribution utilities — Atlantic City Electric (ACE), Baltimore Gas and Electric (BGE), Commonwealth Edison (ComEd), Delmarva Power & Light (DPL), PECO Energy Company (PECO), and Potomac Electric Power Company (Pepco). Exelon's 20,000 employees dedicate their time and expertise to supporting our communities through reliable, affordable and efficient energy delivery, workforce development, equity, economic development and volunteerism. Follow @Exelon on X and LinkedIn. Non-GAAP Financial Measures In addition to net income as determined under generally accepted accounting principles in the United States (GAAP), Exelon evaluates its operating performance using the measure of Adjusted (non-GAAP) operating earnings because management believes it represents earnings directly related to the ongoing operations of the business. Adjusted (non-GAAP) operating earnings exclude certain costs, expenses, gains and losses, and other specified items. This measure is intended to enhance an investor's overall understanding of period over period operating results and provide an indication of Exelon's baseline operating performance excluding items that are considered by management to be not directly related to the ongoing operations of the business. In addition, this measure is among the primary indicators management uses as a basis for evaluating performance, allocating resources, setting incentive compensation targets, and planning and forecasting of future periods. Adjusted (non-GAAP) operating earnings is not a presentation defined under GAAP and may not be comparable to other companies' presentation. Exelon has provided the non-GAAP financial measure as supplemental information and in addition to the financial measures that are calculated and presented in accordance with GAAP. Adjusted (non-GAAP) operating earnings should not be deemed more useful than, a substitute for, or an alternative to the most comparable GAAP net income measures provided in this earnings release and attachments. This press release and earnings release attachments provide reconciliations of Adjusted (non-GAAP) operating earnings to the most directly comparable financial measures calculated and presented in accordance with GAAP, are posted on Exelon's website: and have been furnished to the Securities and Exchange Commission on Form 8-K on July 31, 2025. Cautionary Statements Regarding Forward-Looking Information This press release contains certain forward-looking statements within the meaning of federal securities laws that are subject to risks and uncertainties. Words such as 'could,' 'may,' 'expects,' 'anticipates,' 'will,' 'targets,' 'goals,' 'projects,' 'intends,' 'plans,' 'believes,' 'seeks,' 'estimates,' 'predicts,' 'should,' and variations on such words, and similar expressions that reflect our current views with respect to future events and operational, economic, and financial performance, are intended to identify such forward-looking statements. Accordingly, any such statements are qualified in their entirety by reference to, and are accompanied by, the following important factors that may cause our actual results or outcomes to differ materially from those contained in our forward-looking statements, including, but not limited to: unfavorable legislative and/or regulatory actions; uncertainty as to outcomes and timing of regulatory approval proceedings and/or negotiated settlements thereof; environmental liabilities and remediation costs; state and federal legislation requiring use of low-emission, renewable, and/or alternate fuel sources and/or mandating implementation of energy conservation programs requiring implementation of new technologies; challenges to tax positions taken, tax law changes, and difficulty in quantifying potential tax effects of business decisions; negative outcomes in legal proceedings; adverse impact of the activities associated with the past deferred prosecution agreement (DPA) and now-resolved SEC investigation on Exelon's and ComEd's reputation and relationships with legislators, regulators, and customers; physical security and cybersecurity risks; extreme weather events, natural disasters, operational accidents such as wildfires or natural gas explosions, war, acts and threats of terrorism, public health crises, epidemics, pandemics, or other significant events; disruptions or cost increases in the supply chain, including shortages in labor, materials or parts, or significant increases in relevant tariffs; lack of sufficient capacity to meet actual or forecasted demand or disruptions at power generation facilities owned by third parties; emerging technologies that could affect or transform the energy industry; instability in capital and credit markets; a downgrade of any Registrant's credit ratings or other failure to satisfy the credit standards in the Registrants' agreements or regulatory financial requirements; significant economic downturns or increases in customer rates; impacts of climate change and weather on energy usage and maintenance and capital costs; and impairment of long-lived assets, goodwill, and other assets. New factors emerge from time to time, and it is impossible for us to predict all of such factors, nor can we assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. For more information, see those factors discussed with respect to Exelon Corporation, Commonwealth Edison Company, PECO Energy Company, Baltimore Gas and Electric Company, Pepco Holdings LLC, Potomac Electric Power Company, Delmarva Power & Light Company, and Atlantic City Electric Company (Registrants) in the Registrants' most recent Annual Report on Form 10-K, including in Part I, ITEM 1A, any subsequent Quarterly Reports on Form 10-Q, and in other reports filed by the Registrants from time to time with the SEC. Investors are cautioned not to place undue reliance on these forward-looking statements, whether written or oral, which apply only as of the date of this press release. None of the Registrants undertakes any obligation to publicly release any revision to its forward-looking statements to reflect events or circumstances after the date of this press release. Exelon uses its corporate website, investor relations website, and social media channels to communicate with Exelon's investors and the public about the Registrants and other matters. Exelon's posts through these channels may be deemed material. Accordingly, Exelon encourages investors and others interested in the Registrants to routinely monitor these channels, in addition to following the Registrants' press releases, Securities and Exchange Commission filings and public conference calls and webcasts. The contents of Exelon's websites and social media channels are not, however, incorporated by reference into this press release. Consolidating Statements of Operations (unaudited) (in millions) Three Months Ended June 30, 2025 Operating revenues $ 1,836 $ 1,000 $ 1,029 $ 1,579 $ (17 ) $ 5,427 Operating expenses Purchased power and fuel 550 339 406 601 — 1,896 Operating and maintenance 422 305 264 340 (10 ) 1,321 Depreciation and amortization 387 112 154 233 16 902 Taxes other than income taxes 97 54 85 136 11 383 Total operating expenses 1,456 810 909 1,310 17 4,502 Gain on sale of assets — — — 2 — 2 Operating income (loss) 380 190 120 271 (34 ) 927 Other income and (deductions) Interest expense, net (131 ) (60 ) (61 ) (103 ) (176 ) (531 ) Other, net 31 10 11 17 (4 ) 65 Total other income and (deductions) (100 ) (50 ) (50 ) (86 ) (180 ) (466 ) Income (loss) before income taxes 280 140 70 185 (214 ) 461 Income taxes 52 4 15 42 (43 ) 70 Net income (loss) attributable to common shareholders $ 228 $ 136 $ 55 $ 143 $ (171 ) $ 391 Three Months Ended June 30, 2024 Operating revenues $ 2,079 $ 891 $ 928 $ 1,471 $ (8 ) $ 5,361 Operating expenses Purchased power and fuel 763 323 343 562 1 1,992 Operating and maintenance 449 270 250 281 (41 ) 1,209 Depreciation and amortization 374 107 162 235 16 894 Taxes other than income taxes 94 52 80 126 8 360 Total operating expenses 1,680 752 835 1,204 (16 ) 4,455 Gain on sale of assets 5 2 — — — 7 Operating income 404 141 93 267 8 913 Other income and (deductions) Interest expense, net (123 ) (57 ) (53 ) (92 ) (158 ) (483 ) Other, net 20 9 8 29 (2 ) 64 Total other income and (deductions) (103 ) (48 ) (45 ) (63 ) (160 ) (419 ) Income (loss) before income taxes 301 93 48 204 (152 ) 494 Income taxes 31 3 4 46 (38 ) 46 Net income (loss) attributable to common shareholders $ 270 $ 90 $ 44 $ 158 $ (114 ) $ 448 Expand Consolidating Statements of Operations (unaudited) (in millions) Six Months Ended June 30, 2025 Operating revenues $ 3,901 $ 2,333 $ 2,583 $ 3,357 $ (33 ) $ 12,141 Operating expenses Purchased power and fuel 1,239 841 1,016 1,322 — 4,418 Operating and maintenance 845 631 568 689 (65 ) 2,668 Depreciation and amortization 767 221 318 467 32 1,805 Taxes other than income taxes 196 115 181 276 20 788 Total operating expenses 3,047 1,808 2,083 2,754 (13 ) 9,679 Gain on sale of assets — — — 1 — 1 Operating income (loss) 854 525 500 604 (20 ) 2,463 Other income and (deductions) Interest expense, net (260 ) (124 ) (120 ) (203 ) (333 ) (1,040 ) Other, net 53 18 20 35 (9 ) 117 Total other income and (deductions) (207 ) (106 ) (100 ) (168 ) (342 ) (923 ) Income (loss) before income taxes 647 419 400 436 (362 ) 1,540 Income taxes 117 17 85 99 (78 ) 240 Net income (loss) attributable to common shareholders $ 530 $ 402 $ 315 $ 337 $ (284 ) $ 1,300 Six Months Ended June 30, 2024 Operating revenues $ 4,174 $ 1,945 $ 2,225 $ 3,077 $ (18 ) $ 11,403 Operating expenses Purchased power and fuel 1,670 727 807 1,197 — 4,401 Operating and maintenance 867 563 514 607 (70 ) 2,481 Depreciation and amortization 737 210 312 481 33 1,773 Taxes other than income taxes 188 103 169 254 17 731 Total operating expenses 3,462 1,603 1,802 2,539 (20 ) 9,386 Gain on sale of assets 5 4 — — — 9 Operating income 717 346 423 538 2 2,026 Other income and (deductions) Interest expense, net (246 ) (112 ) (103 ) (183 ) (306 ) (950 ) Other, net 41 18 16 57 7 139 Total other income and (deductions) (205 ) (94 ) (87 ) (126 ) (299 ) (811 ) Income (loss) before income taxes 512 252 336 412 (297 ) 1,215 Income taxes 49 13 28 86 (67 ) 109 Net income (loss) attributable to common shareholders $ 463 $ 239 $ 308 $ 326 $ (230 ) $ 1,106 Expand _____________ (a) Other primarily includes eliminating and consolidating adjustments, Exelon's corporate operations, shared service entities, and other financing and investment activities. Expand Exelon Consolidated Balance Sheets (unaudited) (in millions) June 30, 2025 December 31, 2024 Assets Current assets Cash and cash equivalents $ 724 $ 357 Restricted cash and cash equivalents 478 541 Accounts receivable Customer accounts receivable 3,529 3,144 Customer allowance for credit losses (465) (406) Customer accounts receivable, net 3,064 2,738 Other accounts receivable 1,156 1,123 Other allowance for credit losses (107) (107) Other accounts receivable, net 1,049 1,016 Inventories, net Fossil fuel 59 72 Materials and supplies 809 781 Regulatory assets 1,668 1,940 Prepaid renewable energy credits 349 494 Other 476 445 Total current assets 8,676 8,384 Property, plant, and equipment, net 80,609 78,182 Deferred debits and other assets Regulatory assets 8,835 8,710 Goodwill 6,630 6,630 Receivable related to Regulatory Agreement Units 4,411 4,026 Investments 297 290 Other 1,689 1,562 Total deferred debits and other assets 21,862 21,218 Total assets $ 111,147 $ 107,784 June 30, 2025 December 31, 2024 Liabilities and shareholders' equity Current liabilities Short-term borrowings $ 1,109 $ 1,859 Long-term debt due within one year 1,818 1,453 Accounts payable 3,043 2,994 Accrued expenses 1,318 1,468 Payables to affiliates 5 5 Customer deposits 486 446 Regulatory liabilities 485 411 Mark-to-market derivative liabilities 24 29 Unamortized energy contract liabilities 5 5 Renewable energy credit obligations 327 429 Other 536 512 Total current liabilities 9,156 9,611 Long-term debt 45,527 42,947 Long-term debt to financing trusts 390 390 Deferred credits and other liabilities Deferred income taxes and unamortized investment tax credits 13,221 12,793 Regulatory liabilities 10,644 10,198 Pension obligations 1,478 1,745 Non-pension postretirement benefit obligations 486 472 Asset retirement obligations 308 301 Mark-to-market derivative liabilities 119 103 Unamortized energy contract liabilities 18 21 Other 2,180 2,282 Total deferred credits and other liabilities 28,454 27,915 Total liabilities 83,527 80,863 Commitments and contingencies Shareholders' equity Common stock 21,544 21,338 Treasury stock, at cost (123 ) (123 ) Retained earnings 6,917 6,426 Accumulated other comprehensive loss, net (718 ) (720 ) Total shareholders' equity 27,620 26,921 Total liabilities and shareholders' equity $ 111,147 $ 107,784 Expand Exelon Consolidated Statements of Cash Flows (unaudited) (in millions) Six Months Ended June 30, 2025 2024 Cash flows from operating activities Net income $ 1,300 $ 1,106 Adjustments to reconcile net income to net cash flows provided by operating activities: Depreciation, amortization, and accretion 1,806 1,774 Gain on sales of assets — (9 ) Deferred income taxes and amortization of investment tax credits 165 72 Net fair value changes related to derivatives 3 — Other non-cash operating activities 734 246 Changes in assets and liabilities: Accounts receivable (460 ) (443 ) Inventories (20 ) (25 ) Accounts payable and accrued expenses (38 ) (120 ) Collateral received, net 14 13 Income taxes (3 ) (39 ) Regulatory assets and liabilities, net (294 ) 265 Pension and non-pension postretirement benefit contributions (302 ) (125 ) Other assets and liabilities (194 ) (261 ) Net cash flows provided by operating activities 2,711 2,454 Cash flows from investing activities Capital expenditures (3,959 ) (3,466 ) Proceeds from sales of assets 2 — Other investing activities (5 ) (1 ) Net cash flows used in investing activities (3,962 ) (3,467 ) Cash flows from financing activities Changes in short-term borrowings (750 ) (670 ) Proceeds from short-term borrowings with maturities greater than 90 days — 150 Repayments on short-term borrowings with maturities greater than 90 days — (549 ) Issuance of long-term debt 3,800 4,225 Retirement of long-term debt (807 ) (903 ) Issuance of common stock 173 — Dividends paid on common stock (808 ) (761 ) Proceeds from employee stock plans 11 22 Other financing activities (56 ) (67 ) Net cash flows provided by financing activities 1,563 1,447 Increase in cash, restricted cash, and cash equivalents 312 434 Cash, restricted cash, and cash equivalents at beginning of period 939 1,101 Cash, restricted cash, and cash equivalents at end of period $ 1,251 $ 1,535 Expand Exelon Reconciliation of GAAP Net Income (Loss) to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings Three Months Ended June 30, 2025 and 2024 (unaudited) (in millions, except per share data) Change in environmental liabilities (net of taxes of $0) — — — — (1 ) — (1 ) Change in FERC Audit Liability (net of taxes of $5) 0.01 14 — — — 1 15 Cost management charge (net of taxes of $1, $0, $2, and $3, respectively) (1) 0.01 — 3 1 5 — 9 2024 Adjusted (non-GAAP) operating earnings (loss) $ 0.47 $ 285 $ 93 $ 45 $ 162 $ (113 ) $ 472 Year over year effects on Adjusted (non-GAAP) operating earnings: Weather $ (0.01 ) $ — (b) $ (6 ) $ — (b) $ (1 ) (b) $ — $ (7 ) Load (0.01 ) — (b) (11 ) — (b) 1 (b) — (10 ) Distribution and transmission rates (2) 0.14 9 (c) 82 (c) 15 (c) 33 (c) — 139 Other energy delivery (3) — (33 ) (c) 7 (c) 3 (c) 18 (c) — (5 ) Operating and maintenance expense (4) (0.13 ) (20 ) (26 ) (11 ) (46 ) (33 ) (136 ) Pension and non-pension postretirement benefits — (1 ) (1 ) — — — (2 ) Depreciation and amortization expense (5) — (9 ) (4 ) 8 1 1 (3 ) Interest expense and other (6) (0.06 ) (3 ) 2 (5 ) (24 ) (26 ) (56 ) Total year over year effects on Adjusted (non-GAAP) Operating Earnings $ (0.08 ) $ (57 ) $ 43 $ 10 $ (18 ) $ (58 ) $ (80 ) 2025 GAAP net income (loss) $ 0.39 $ 228 $ 136 $ 55 $ 143 $ (171 ) $ 391 Income tax-related adjustments (entire amount represents tax expense) (7) — — — — 1 — 1 2025 Adjusted (non-GAAP) operating earnings (loss) $ 0.39 $ 228 $ 136 $ 55 $ 144 $ (171 ) $ 392 Expand Note: Amounts may not sum due to rounding. Unless otherwise noted, the income tax impact of each reconciling item between GAAP net income and Adjusted (non-GAAP) operating earnings is based on the marginal statutory federal and state income tax rates for each Registrant, taking into account whether the income or expense item is taxable or deductible, respectively, in whole or in part. For all items, the marginal statutory income tax rates for 2025 and 2024 ranged from 24.0% to 29.0%. (a) Other primarily includes eliminating and consolidating adjustments, Exelon's corporate operations, shared service entities, and other financing and investment activities. (b) For ComEd, BGE, Pepco, DPL Maryland, and ACE, customer rates are adjusted to eliminate the impacts of weather and customer usage on distribution volumes. (c) ComEd's distribution rate revenues increase or decrease as fully recoverable costs fluctuate. For regulatory recovery mechanisms, including transmission formula rates and riders across the utilities, revenues increase and decrease i) as fully recoverable costs fluctuate (with no impact on net earnings), and ii) pursuant to changes in rate base, capital structure and ROE (which impact net earnings). (1) Primarily represents severance and reorganization costs related to cost management. (2) For ComEd, reflects higher distribution and transmission rate base. For PECO, reflects increased distribution revenue primarily due to higher electric and gas rates. For BGE, reflects increased distribution and transmission revenue due to higher rates. For PHI, reflects higher distribution and transmission revenue primarily due to higher rates. (3) For ComEd, reflects decreased electric distribution revenues due to the timing of distribution earnings and lower transmission peak load, partially offset by a higher return on regulatory assets. For PHI, reflects higher distribution and transmission revenues due to higher fully recoverable costs. (4) Represents Operating and maintenance expense, excluding pension and non-pension postretirement benefits. For ComEd, reflects increased contracting costs. For PECO, primarily reflects increased storm costs for which PECO anticipates filing a petition with the PA PUC in the third quarter of 2025 to defer the extraordinary June storm costs. For PHI, reflects lower impacts of the Maryland multi-year plans reconciliations and increased credit loss expense. For Corporate, primarily reflects the Customer Relief Fund contribution. (5) Across all utilities, reflects ongoing capital expenditures offset by regulatory asset amortization. (6) For PHI and Corporate, primarily reflects an increase in interest expense. Expand Exelon Reconciliation of GAAP Net Income (Loss) to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings Six Months Ended June 30, 2025 and 2024 (unaudited) (in millions, except per share data) 2024 GAAP net income (loss) $ 1.10 $ 463 $ 239 $ 308 $ 326 $ (230 ) $ 1,106 Change in environmental liabilities (net of taxes of $0) — — — — (1 ) — (1 ) Change in FERC audit liability (net of taxes of $13) 0.04 40 — — — 2 42 Cost management charge (net of taxes of $1, $0, $2, and $3, respectively) (1) 0.01 — 3 1 5 — 9 2024 Adjusted (non-GAAP) operating earnings (loss) $ 1.16 $ 503 $ 242 $ 309 $ 330 $ (228 ) $ 1,156 Year over year effects on Adjusted (non-GAAP) operating earnings: Weather $ 0.03 $ — (b) $ 27 $ — (b) $ 4 (b) $ — $ 31 Load — — (b) (2 ) — (b) 3 (b) — 1 Distribution and transmission rates (2) 0.29 17 (c) 164 (c) 37 (c) 71 (c) — 289 Other energy delivery (3) 0.13 65 (c) 27 (c) 3 (c) 35 (c) — 130 Operating and maintenance expense (4) (0.16 ) (1 ) (55 ) (24 ) (64 ) (21 ) (165 ) Pension and non-pension postretirement benefits (0.01 ) (2 ) (2 ) (1 ) 1 (2 ) (6 ) Depreciation and amortization expense (5) (0.01 ) (22 ) (7 ) 5 10 — (14 ) Interest expense and other (6) (0.10 ) (7 ) 7 (14 ) (52 ) (32 ) (98 ) Total year over year effects on Adjusted (non-GAAP) operating earnings $ 0.15 $ 50 $ 159 $ 6 $ 8 $ (55 ) $ 168 2025 GAAP net income (loss) $ 1.29 $ 530 $ 402 $ 315 $ 337 $ (284 ) $ 1,300 Change in FERC audit liability (net of taxes of $1) — 2 — — — — 2 Cost management charge (net of taxes of $0) (1) — — (1 ) — — — (1 ) Income tax-related adjustments (entire amount represents tax expense) (7) — — — — 1 — 1 Regulatory matters (net of taxes of $7) (8) 0.02 21 — — — 1 22 2025 Adjusted (non-GAAP) operating earnings (loss) $ 1.31 $ 553 $ 401 $ 315 $ 338 $ (283 ) $ 1,324 Expand Note: Amounts may not sum due to rounding. Unless otherwise noted, the income tax impact of each reconciling item between GAAP net income and Adjusted (non-GAAP) operating earnings is based on the marginal statutory federal and state income tax rates for each Registrant, taking into account whether the income or expense item is taxable or deductible, respectively, in whole or in part. For all items, the marginal statutory income tax rates for 2025 and 2024 ranged from 24.0% to 29.0%. (a) Other primarily includes eliminating and consolidating adjustments, Exelon's corporate operations, shared service entities, and other financing and investment activities. (b) For ComEd, BGE, Pepco, DPL Maryland, and ACE, customer rates are adjusted to eliminate the impacts of weather and customer usage on distribution volumes. (c) ComEd's distribution rate revenues increase or decrease as fully recoverable costs fluctuate. For other regulatory recovery mechanisms, including transmission formula rates and riders across the utilities, revenues increase and decrease i) as fully recoverable costs fluctuate (with no impact on net earnings), and ii) pursuant to changes in rate base, capital structure, and ROE (which impact net earnings). (1) Primarily represents severance and reorganization costs related to cost management. (2) For ComEd, reflects higher distribution and transmission rate base. For PECO, reflects increased distribution revenue primarily due to higher electric and gas rates. For BGE, reflects increased distribution and transmission revenue due to higher rates. For PHI, reflects increased distribution and transmission revenue primarily due to higher rates. (3) For ComEd, reflects increased electric distribution revenues due to timing of distribution earnings, increased electric distribution, transmission, and energy efficiency revenues due to higher fully recoverable costs, and a higher return on regulatory assets, partially offset by lower transmission peak load. For PECO, reflects increased energy efficiency revenues due to regulatory required programs, offset in Operating and maintenance expense. For PHI, reflects higher distribution and transmission revenues due to higher fully recoverable costs. (4) Represents Operating and maintenance expense, excluding pension and non-pension postretirement benefits. For PECO, reflects program costs related to regulatory required programs, offset in Other energy delivery, as well as increased storm costs for which PECO anticipates filing a petition with the PA PUC in the third quarter of 2025 to defer the extraordinary June storm costs. For BGE, reflects increased contracting costs. For PHI, reflects lower impacts of the Maryland multi-year plans reconciliations and increased credit loss expense. For Corporate, reflects the Customer Relief Fund contribution, partially offset by a decrease in Operating and maintenance expense with an offsetting decrease in other income for an absence of costs billed to Constellation for services provided by Exelon through the TSA. (5) Across all utilities, reflects ongoing capital expenditures offset by regulatory asset amortization. (6) For PECO, primarily reflects lower income tax expense due to timing of tax repairs deduction partially offset by an increase in interest expense. For BGE and PHI, primarily reflects an increase in interest expense. For Corporate, primarily reflects an absence of billings to Constellation for services provided by Exelon through the TSA with an offsetting decrease in Operating and maintenance expense and an increase in interest expense. (7) (8) Represents the probable disallowance of certain capitalized costs. Expand % Change Heating and Cooling Degree-Days 2025 2024 Normal From 2024 From Normal Heating Degree-Days 676 445 697 51.9 % (3.0 )% Cooling Degree-Days 330 358 266 (7.8 )% 24.1 % Expand Six Months Ended June 30, 2025 and 2024 Electric Deliveries (in GWhs) 2025 2024 % Change Weather - Normal % Change 2025 2024 % Change Electric Deliveries and Revenues (a) Residential 13,227 13,210 0.1 % 0.1 % $ 2,087 $ 1,900 9.8 % Small commercial & industrial 14,279 13,717 4.1 % 0.4 % 1,153 1,154 (0.1 )% Large commercial & industrial 13,734 13,674 0.4 % 2.3 % 472 589 (19.9 )% Public authorities & electric railroads 444 379 17.2 % 16.1 % 29 32 (9.4 )% Other (b) — — n/a n/a 461 523 (11.9 )% Total electric revenues (c) 41,684 40,980 1.7 % 1.1 % 4,202 4,198 0.1 % Other Revenues (d) (301 ) (24 ) 1,154.2 % Total electric revenues $ 3,901 $ 4,174 (6.5 )% Purchased Power $ 1,239 $ 1,670 (25.8 )% Expand % Change Heating and Cooling Degree-Days 2025 2024 Normal From 2024 From Normal Heating Degree-Days 3,661 3,013 3,750 21.5 % (2.4 )% Cooling Degree-Days 330 358 266 (7.8 )% 24.1 % Expand Number of Electric Customers 2025 2024 Residential 3,758,791 3,722,798 Small commercial & industrial 397,795 395,951 Large commercial & industrial 1,922 2,060 Public authorities & electric railroads 5,789 5,798 Total 4,164,297 4,126,607 Expand __________ (a) Reflects revenues from customers purchasing electricity directly from ComEd and customers purchasing electricity from a competitive electric generation supplier, as all customers are assessed delivery charges. For customers purchasing electricity from ComEd, revenues also reflect the cost of energy and transmission. (b) Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue. (c) Includes operating revenues from affiliates totaling $10 million and $2 million for the three months ended June 30, 2025 and 2024, respectively, and $17 million and $4 million for the six months ended June 30, 2025 and 2024, respectively. (d) Includes alternative revenue programs and late payment charges. Expand % Change Heating and Cooling Degree-Days 2025 2024 Normal From 2024 From Normal Heating Degree-Days 333 351 419 (5.1 )% (20.5 )% Cooling Degree-Days 425 537 386 (20.9 )% 10.1 % Expand Six Months Ended June 30, 2025 and 2024 Electric and Natural Gas Deliveries Revenue (in millions) Electric (in GWhs) Electric Deliveries and Revenues (a) Residential 6,889 6,751 2.0 % (1.1 )% $ 1,186 $ 1,042 13.8 % Small commercial & industrial 3,778 3,747 0.8 % (1.9 )% 317 254 24.8 % Large commercial & industrial 6,739 6,763 (0.4 )% (1.0 )% 159 118 34.7 % Public authorities & electric railroads 352 314 12.1 % 12.1 % 18 14 28.6 % Other (b) — — n/a n/a 153 147 4.1 % Total electric revenues (c) 17,758 17,575 1.0 % (1.0 )% 1,833 1,575 16.4 % Other Revenues (d) 3 2 50.0 % Total electric revenues 1,836 1,577 16.4 % Natural Gas (in mmcfs) Natural Gas Deliveries and Revenues (e) Residential 26,405 23,420 12.7 % 0.5 % 346 256 35.2 % Small commercial & industrial 13,803 12,809 7.8 % (0.3 )% 117 89 31.5 % Large commercial & industrial 14 16 (12.5 )% (1.0 )% — — n/a Transportation 12,678 12,016 5.5 % 1.6 % 21 13 61.5 % Other (f) — — n/a n/a 12 9 33.3 % Total natural gas revenues (g) 52,900 48,261 9.6 % 0.5 % 496 367 35.1 % Other Revenues (d) 1 1 — % Total natural gas revenues 497 368 35.1 % Total electric and natural gas revenues $ 2,333 $ 1,945 19.9 % Purchased Power and Fuel $ 841 $ 727 15.7 % Expand % Change Heating and Cooling Degree-Days 2025 2024 Normal From 2024 From Normal Heating Degree-Days 2,684 2,440 2,807 10.0 % (4.4 )% Cooling Degree-Days 426 537 387 (20.7 )% 10.1 % Expand Number of Electric Customers 2025 2024 Number of Natural Gas Customers 2025 2024 Residential 1,538,280 1,533,909 Residential 509,671 506,193 Small commercial & industrial 154,977 156,036 Small commercial & industrial 44,646 44,697 Large commercial & industrial 3,155 3,162 Large commercial & industrial 7 7 Public authorities & electric railroads 10,343 10,712 Transportation 623 644 Expand __________ (a) Reflects delivery volumes and revenues from customers purchasing electricity directly from PECO and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from PECO, revenues also reflect the cost of energy and transmission. (b) Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue. (c) Includes operating revenues from affiliates totaling $3 million and $2 million for the three months ended June 30, 2025 and 2024, respectively, and $5 million and $3 million for the six months ended June 30, 2025 and 2024, respectively. (d) Includes alternative revenue programs and late payment charges. (e) Reflects delivery volumes and revenues from customers purchasing natural gas directly from PECO and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from PECO, revenue also reflects the cost of natural gas. (f) Includes revenues primarily from off-system sales. (g) Includes operating revenues from affiliates totaling less than $1 million for both the three months ended June 30, 2025 and 2024, respectively, and $1 million for both the six months ended June 30, 2025 and 2024, respectively. Expand % Change Heating and Cooling Degree-Days 2025 2024 Normal From 2024 From Normal Heating Degree-Days 356 362 483 (1.7 )% (26.3 )% Cooling Degree-Days 291 339 246 (14.2 )% 18.3 % Expand Six Months Ended June 30, 2025 and 2024 Electric and Natural Gas Deliveries Revenue (in millions) Electric (in GWhs) Electric Deliveries and Revenues (a) Residential 6,370 6,165 3.3 % (2.3 )% $ 1,145 $ 999 14.6 % Small commercial & industrial 1,354 1,346 0.6 % (1.7 )% 199 178 11.8 % Large commercial & industrial 6,373 6,386 (0.2 )% (0.4 )% 284 271 4.8 % Public authorities & electric railroads 97 104 (6.7 )% (6.3 )% 17 15 13.3 % Other (b) — — n/a n/a 230 194 18.6 % Total electric revenues (c) 14,194 14,001 1.4 % (1.5 )% 1,875 1,657 13.2 % Other Revenues (d) (14 ) 7 (300.0 )% Total electric revenues 1,861 1,664 11.8 % Natural Gas (in mmcfs) Natural Gas Deliveries and Revenues (e) Residential 25,239 22,280 13.3 % (2.8 )% 486 360 35.0 % Small commercial & industrial 5,917 5,212 13.5 % 2.2 % 86 65 32.3 % Large commercial & industrial 22,321 21,832 2.2 % (2.1 )% 142 112 26.8 % Other (f) 4,351 897 385.1 % n/a 31 8 287.5 % Total natural gas revenues (g) 57,828 50,221 15.1 % (2.0 )% 745 545 36.7 % Other Revenues (d) (23 ) 16 (243.8 )% Total natural gas revenues 722 561 28.7 % Total electric and natural gas revenues $ 2,583 $ 2,225 16.1 % Purchased Power and Fuel $ 1,016 $ 807 25.9 % Expand % Change Heating and Cooling Degree-Days 2025 2024 Normal From 2024 From Normal Heating Degree-Days 2,659 2,381 2,812 11.7 % (5.4 )% Cooling Degree-Days 291 339 246 (14.2 )% 18.3 % Expand Number of Electric Customers 2025 2024 Number of Natural Gas Customers 2025 2024 Residential 1,219,904 1,212,331 Residential 660,049 656,690 Small commercial & industrial 115,316 115,384 Small commercial & industrial 37,806 37,859 Large commercial & industrial 13,345 13,156 Large commercial & industrial 6,387 6,340 Public authorities & electric railroads 257 260 Total 1,348,822 1,341,131 Total 704,242 700,889 Expand __________ (a) Reflects revenues from customers purchasing electricity directly from BGE and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from BGE, revenues also reflect the cost of energy and transmission. (b) Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue. (c) Includes operating revenues from affiliates totaling $1 million for both the three months ended June 30, 2025 and 2024, respectively, and $3 million for both the six months ended June 30, 2025 and 2024, respectively. (d) Includes alternative revenue programs and late payment charges. (e) Reflects delivery volumes and revenues from customers purchasing natural gas directly from BGE and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from BGE, revenue also reflects the cost of natural gas. (f) Includes revenues primarily from off-system sales. (g) Includes operating revenues from affiliates totaling $1 million for both the three months ended June 30, 2025 and 2024, respectively, and $1 million and $2 million for the six months ended June 30, 2025 and 2024, respectively. Expand Pepco Statistics Three Months Ended June 30, 2025 and 2024 Electric Deliveries (in GWhs) Revenue (in millions) 2025 2024 % Change Weather- Normal % Change 2025 2024 % Change Electric Deliveries and Revenues (a) Residential 1,737 1,770 (1.9 )% 5.4 % $ 348 $ 315 10.5 % Small commercial & industrial 269 265 1.5 % 6.0 % 48 43 11.6 % Large commercial & industrial 3,488 3,409 2.3 % 5.5 % 292 251 16.3 % Public authorities & electric railroads 172 128 34.4 % 34.5 % 12 7 71.4 % Other (b) — — n/a n/a 91 75 21.3 % Total electric revenues (c) 5,666 5,572 1.7 % 6.2 % 791 691 14.5 % Other Revenues (d) (15 ) 9 (266.7 )% Total electric revenues $ 776 $ 700 10.9 % Purchased Power $ 256 $ 234 9.4 % Expand % Change Heating and Cooling Degree-Days 2025 2024 Normal From 2024 From Normal Heating Degree-Days 218 218 292 — % (25.3 )% Cooling Degree-Days 525 646 517 (18.7 )% 1.5 % Expand Six Months Ended June 30, 2025 and 2024 Electric Deliveries (in GWhs) Revenue (in millions) 2025 2024 % Change Weather- Normal % Change 2025 2024 % Change Electric Deliveries and Revenues (a) Residential 4,073 3,868 5.3 % 5.1 % $ 772 $ 659 17.1 % Small commercial & industrial 569 550 3.5 % 4.3 % 99 89 11.2 % Large commercial & industrial 6,827 6,701 1.9 % 2.7 % 581 513 13.3 % Public authorities & electric railroads 332 290 14.5 % 13.8 % 20 18 11.1 % Other (b) — — n/a n/a 176 138 27.5 % Total electric revenues (c) 11,801 11,409 3.4 % 3.9 % 1,648 1,417 16.3 % Other Revenues (d) (13 ) 42 (131.0 )% Total electric revenues $ 1,635 $ 1,459 12.1 % Purchased Power $ 574 $ 514 11.7 % Expand % Change Heating and Cooling Degree-Days 2025 2024 Normal From 2024 From Normal Heating Degree-Days 2,205 2,006 2,342 9.9 % (5.8 )% Cooling Degree-Days 550 651 521 (15.5 )% 5.6 % Expand Number of Electric Customers 2025 2024 Residential 883,151 871,009 Small commercial & industrial 53,952 54,080 Large commercial & industrial 23,175 23,057 Public authorities & electric railroads 205 207 Total 960,483 948,353 Expand __________ (a) Reflects revenues from customers purchasing electricity directly from Pepco and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from Pepco, revenues also reflect the cost of energy and transmission. (b) Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue. (c) Includes operating revenues from affiliates totaling $1 million and $2 million for the three months ended June 30, 2025 and 2024, respectively, and $4 million and $3 million six months ended June 30, 2025 and 2024 respectively. (d) Includes alternative revenue programs and late payment charge revenues. Expand DPL Statistics Three Months Ended June 30, 2025 and 2024 Electric and Natural Gas Deliveries Revenue (in millions) 2025 2024 % Change Weather - Normal % Change 2025 2024 % Change Electric (in GWhs) Electric Deliveries and Revenues (a) Residential 1,090 1,122 (2.9 )% (2.4 )% $ 210 $ 202 4.0 % Small commercial & industrial 587 564 4.1 % 4.9 % 64 60 6.7 % Large commercial & industrial 1,033 1,027 0.6 % 0.5 % 31 31 — % Public authorities & electric railroads 11 10 10.0 % 9.3 % 5 4 25.0 % Other (b) — — n/a n/a 77 64 20.3 % Total electric revenues (c) 2,721 2,723 (0.1 )% 0.3 % 387 361 7.2 % Other Revenues (d) 1 1 — % Total electric revenues 388 362 7.2 % Natural Gas (in mmcfs) Natural Gas Deliveries and Revenues (e) Residential 803 852 (5.8 )% (0.7 )% 17 15 13.3 % Small commercial & industrial 535 531 0.8 % 4.4 % 8 7 14.3 % Large commercial & industrial 405 402 0.7 % 0.7 % 1 1 — % Transportation 1,282 1,340 (4.3 )% (3.4 )% 4 4 — % Other (f) — — n/a n/a 3 1 200.0 % Total natural gas revenues 3,025 3,125 (3.2 )% (0.7 )% 33 28 17.9 % Other Revenues (d) — — n/a Total natural gas revenues 33 28 17.9 % Total electric and natural gas revenues $ 421 $ 390 7.9 % Purchased Power and Fuel $ 172 $ 156 10.3 % Expand Electric Service Territory % Change Heating and Cooling Degree-Days 2025 2024 Normal From 2024 From Normal Heating Degree-Days 368 391 440 (5.9 )% (16.4 )% Cooling Degree-Days 406 398 350 2.0 % 16.0 % Expand Natural Gas Service Territory % Change Heating Degree-Days 2025 2024 Normal From 2024 From Normal Heating Degree-Days 373 404 482 (7.7 )% (22.6 )% Expand Six Months Ended June 30, 2025 and 2024 Electric and Natural Gas Deliveries Revenue (in millions) 2025 2024 % Change Weather - Normal % Change 2025 2024 % Change Electric (in GWhs) Electric Deliveries and Revenues (a) Residential 2,735 2,610 4.8 % — % $ 508 $ 458 10.9 % Small commercial & industrial 1,173 1,121 4.6 % 3.9 % 128 122 4.9 % Large commercial & industrial 1,971 2,000 (1.5 )% (2.1 )% 60 60 — % Public authorities & electric railroads 21 20 5.0 % 5.1 % 9 8 12.5 % Other (b) — — n/a n/a 148 126 17.5 % Total electric revenues (c) 5,900 5,751 2.6 % — % 853 774 10.2 % Other Revenues (d) (4 ) 6 (166.7 )% Total electric revenues 849 780 8.8 % Natural Gas (in mmcfs) Natural Gas Deliveries and Revenues (e) Residential 5,393 4,764 13.2 % 7.0 % 73 61 19.7 % Small commercial & industrial 2,502 2,244 11.5 % 4.9 % 28 24 16.7 % Large commercial & industrial 837 834 0.4 % 0.3 % 4 3 33.3 % Transportation 3,387 3,301 2.6 % 0.4 %
CBS News
a day ago
- General
- CBS News
Senior citizens evacuated in hot weather after electrical fire at Philadelphia apartment complex
Residents of a senior apartment complex were evacuated on a hot evening as firefighters worked to put out an electrical fire that broke out at the complex Tuesday, officials said. It's the second electrical fire at the complex in the last five weeks. The fire broke out at the Courtyard Apartments at Riverview, on South 4th Street near Washington Avenue in Queen Village, just before 7 p.m. Tuesday. It took firefighters more than five hours to get the blaze under control. Philadelphia Second Alarmers provided rehab services to firefighters as they fought through hot and humid conditions, and SEPTA brought out a cooling bus for residents. "All my food is trashed, and I'm not reimbursed, not one nickel," resident Sam Holbrook said. "No excuses given, we tried to reach the corporate office in New Jersey, and they just put a wall up." In June, hundreds of firefighters evacuated over 200 residents from the building after an electrical fire. PECO had to shut off power for several hours. "I got the text this morning, outage undetermined," Holbrook said. "That is unacceptable, because if it happened twice, it's going to happen again." We're working to find out how many people were evacuated, if the building is still without electricity, and when things will be back to normal. A spokesperson for the American Red Cross said a temporary shelter was established at Kensington High School for the Creative and Performing Arts, but was awaiting information on whether any Riverview residents used the shelter. This is a developing story and will be updated.
Yahoo
15-07-2025
- Business
- Yahoo
Westwood Financial Appoints KC Bills as CEO
LOS ANGELES, July 15, 2025--(BUSINESS WIRE)--Westwood Financial, one of the largest privately held retail real estate investment firms in the nation, announced today the appointment of KC Bills as the company's new Chief Executive Officer. The appointment comes as the firm celebrates its 55th anniversary of owning and operating best-in-class retail centers across the country. Based in Los Angeles and founded in 1970, Westwood Financial's portfolio includes more than 125 top-performing grocery-anchored and service-oriented shopping centers, with a large concentration in high-growth Sunbelt markets. Effective July 28th, Bills will lead the firm's national team of professionals to drive overall Shareholder value. "I am honored to lead Westwood Financial into the future and thankful for the confidence of Steve and Howard, and the Board of Directors, whose vision and leadership have built an extraordinary platform," said Bills. "I look forward to working with the exceptional Westwood team to elevate the company even further. The opportunities ahead are tremendous; I am confident in our ability to grow and create lasting value for our investors, partners, and communities." Prior to joining Westwood Financial, Bills served as Senior Vice President and President of the West Portfolio at Philips Edison & Company, Inc. (PECO), a leading owner and operator of grocery-anchored center retail. While at PECO, he was instrumental in enhancing the performance of a national portfolio through streamlined management processes, operational improvements, and strategic planning. His leadership supported the long-term value creation and positioned the company for sustained growth. "We are excited to have KC lead our firm with his in-depth knowledge and experience in the daily needs shopping center asset class," states Howard Banchik, Founder & Co-Chairman. "I am excited that a new generation is taking control of this new chapter in Westwood's evolution," states Steve Fogel, Founder & Co-Chairman. Westwood Financial's strategic adaptability and deep understanding of market dynamics have enabled it to withstand decades of change in the retail industry. It applies its operational expertise to each of its properties, enhancing asset value and investing in capital improvements that strengthen tenant retention and increase rents. In 2024, the firm increased its same-store NOI by 5.6%. "KC's arrival marks an exciting new phase for Westwood," said Chief Operating Officer Lauren Ball and Chief Financial Officer Juyuan Wei. "We're proud of the foundation that's been built and are looking forward to collaborating alongside him as we continue supporting the team and growing the business." For more information, visit its website and follow along on LinkedIn and Instagram. About Westwood Financial Westwood Financial owns, manages, and operates over 125 high-quality shopping centers in top U.S. metropolitan markets, including Atlanta, Charlotte, Dallas, Denver, Los Angeles, Orlando, Phoenix, and Raleigh. Top-tier grocers and leading service and experiential-based operators primarily anchor the centers. Established in 1970 by Howard Banchik and Steven Fogel, Westwood Financial is headquartered in Los Angeles, with regional offices in Atlanta, Dallas, and Phoenix. View source version on Contacts Volker SchrammDirector of MarketingVSchramm@
Business Wire
15-07-2025
- Business
- Business Wire
Westwood Financial Appoints KC Bills as CEO
LOS ANGELES--(BUSINESS WIRE)--Westwood Financial, one of the largest privately held retail real estate investment firms in the nation, announced today the appointment of KC Bills as the company's new Chief Executive Officer. The appointment comes as the firm celebrates its 55th anniversary of owning and operating best-in-class retail centers across the country. Based in Los Angeles and founded in 1970, Westwood Financial's portfolio includes more than 125 top-performing grocery-anchored and service-oriented shopping centers, with a large concentration in high-growth Sunbelt markets. Effective July 28 th, Bills will lead the firm's national team of professionals to drive overall Shareholder value. 'I am honored to lead Westwood Financial into the future and thankful for the confidence of Steve and Howard, and the Board of Directors, whose vision and leadership have built an extraordinary platform,' said Bills. 'I look forward to working with the exceptional Westwood team to elevate the company even further. The opportunities ahead are tremendous; I am confident in our ability to grow and create lasting value for our investors, partners, and communities.' Prior to joining Westwood Financial, Bills served as Senior Vice President and President of the West Portfolio at Philips Edison & Company, Inc. (PECO), a leading owner and operator of grocery-anchored center retail. While at PECO, he was instrumental in enhancing the performance of a national portfolio through streamlined management processes, operational improvements, and strategic planning. His leadership supported the long-term value creation and positioned the company for sustained growth. 'We are excited to have KC lead our firm with his in-depth knowledge and experience in the daily needs shopping center asset class,' states Howard Banchik, Founder & Co-Chairman. 'I am excited that a new generation is taking control of this new chapter in Westwood's evolution,' states Steve Fogel, Founder & Co-Chairman. Westwood Financial's strategic adaptability and deep understanding of market dynamics have enabled it to withstand decades of change in the retail industry. It applies its operational expertise to each of its properties, enhancing asset value and investing in capital improvements that strengthen tenant retention and increase rents. In 2024, the firm increased its same-store NOI by 5.6%. 'KC's arrival marks an exciting new phase for Westwood,' said Chief Operating Officer Lauren Ball and Chief Financial Officer Juyuan Wei. 'We're proud of the foundation that's been built and are looking forward to collaborating alongside him as we continue supporting the team and growing the business.' For more information, visit its website and follow along on LinkedIn and Instagram. About Westwood Financial Westwood Financial owns, manages, and operates over 125 high-quality shopping centers in top U.S. metropolitan markets, including Atlanta, Charlotte, Dallas, Denver, Los Angeles, Orlando, Phoenix, and Raleigh. Top-tier grocers and leading service and experiential-based operators primarily anchor the centers. Established in 1970 by Howard Banchik and Steven Fogel, Westwood Financial is headquartered in Los Angeles, with regional offices in Atlanta, Dallas, and Phoenix.
