Exelon Snips Guidance as Revenue Misses

CHICAGO (TheStreet) -- Power generator Exelon(EXC Quote) reported a slight uptick in third-quarter net income on Friday, though it also snipped the top-end of its guidance estimate for the year.

According to a press release, Exelon generated $4.34 billion in revenue during the quarter, down from a year-earlier $5.23 billion total. Adjusted revenue came to $4.36 billion. The energy provider fell well short of the $5.36 billion forecast by many, as the economic downturn and tough weather conditions pushed the sales slide.

Net income landed at $757 million, or $1.14 a share, versus last year's $700 million profit, or $1.06 a share. After adjusting for various items, earnings per share came to 96 cents, which equaled analysts' estimates provided by Thomson Reuters.

Looking ahead, Exelon dropped the top end of its previous 2009 adjusted earnings forecast to $4.00 to $4.10 after earlier announcing a range of $4.00 to $4.30.

Just after the opening bell, Exelon shares were sliding by 44 cents, or 0.8%, at $50.40.

Exelon also gave up on its long-running attempts to acquire NRG Energy(NRG Quote) in the third quarter, which would have created the country's biggest power-producing concern.

-- Written by Sung Moss in New York

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