Shares of Exelon ( EXC) rose Wednesday after the company said second-quarter profit rose by more than 40% and easily beat analysts' estimates.

The Chicago-based energy utility said earning rose to $521 million, or 78 cents a share, from $372 million, or 57 cents a share. Revenue rose 2% to $3.55 billion.

Excluding items in both quarters, earnings rose to $476 million, or 71 cents a share, from $402 million, or 61 cents a share.

On that basis, analysts had forecast earnings of 66 cents a share on revenue of $3.87 billion, according to Thomson First Call.

The company attributed the improved results to higher wholesale margins, new acquisitions, cost savings and sales of certain segments. Higher retail deliveries in the company's energy delivery segment drove revenue for the company, while the acquisition of AmerGen increased capacity and volume.

Exelon said warmer weather increased earnings per share in the second quarter by between 2 and 3 cents.

For the third quarter, the company said it expects to earn 75 cents to 95 cents a share. The consensus analyst estimate is 93 cents a share.

For the full year, the company reaffirmed its earnings guidance of $2.78 to $2.93 a share, slightly above the current analyst consensus of $2.77 a share.

In addition, the company said President and Chief Operating Officer Oliver D. Kingsley plans to retire, effective Nov. 1. Chairman and Chief Executive John W. Rowe will assume the president title.

Shares of Exelon are recently up 78 cents, or 2.4%, to $33.67.

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