ComEd 2008 Annual Report Download - page 5
Download and view the complete annual report
Please find page 5 of the 2008 ComEd annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.3
Weremainoneofthebestrunandmostprofitablecompaniesinourindustry.Wehavethebestlow-cost,
low-carbongenerationfleetinthecountry,whichweoperatewithworld-classefficiency.Westillenjoy
industry-leadingscopeandscale,astrongbalancesheetandoutstandingexpertiseinmanagingour
manyrisks.AndweadheretoourVisiontobethebestgroupofelectricgenerationandelectricandgas
deliverycompaniesintheUnitedStates.
SUSTAINABLEVALUE
LastyearwetitledourAnnualReport‘SustainableValue,’aplayonwordsreflectingnotonlyourstrong
environmentalperformanceandlow-carbongeneratingfleet,butalsoourconsistentrecordofoperating
andfinancialperformance.While2008testedthatclaim,theyeardemonstratedyetagainthatwecan
deliversustainablevalue.
Exelonrecordedoperating(non-GAAP)earnings*of$4.20persharefortheyear,comfortablywithin
ourearningsguidance.Whilelessthanthe$4.32persharewedeliveredin2007,onaverageExelon’s
operatingearningshavegrownbymorethan10percentperyearsincethePECO-Unicommergerin
2000.Our2008GAAPearningswere$4.13pershare,upfrom$4.05in2007.
Ourstockpricewasnotimmunetotheprecipitousdeclineintheoverallmarketduringthefinal
monthsof2008.Aftersixconsecutiveyearsofincreases,ourDec.31,2008,closingpriceof$55.61
reflectednearlya32percentdeclinefromtheyear-end2007closingpriceof$81.64.Ourperformance
wasslightlybetterthanthatoftheS&P500,whichdropped38percent,butslightlyworsethanthatof
thePhiladelphiaUtilityIndex,whichdeclined30percent.Nevertheless,Exelonremainsthemosthighly
valuedcompanyintheindustry.Ouryear-endmarketcapitalizationof$36.6billionwas$10billion
morethanournextlargestcompetitor.Ourtotalreturnsince2000remainsoutstanding;yourinvestment
hasincreasedby139percent,comparedto47percentforthePhiladelphiaUtilityIndex,andanegative
26percentfortheS&P500.
Makenomistake.Wearenotpleasedwiththeclosingpriceofourstockin2008.Butweareproudof
ourlong-termperformance,andwearedeterminedtobuilduponthatrecordintheyearsahead.
*Forareconciliationofadjusted(non-GAAP)operatingearningstoGAAP(accountingprinciplesgenerallyacceptedintheUnitedStates)
seeExelon’sfourthquarterearningsreleaseissuedJan.22,2009,postedontheinvestorrelationspageatwww.exeloncorp.comand
includedinthe8-KledwiththeSEConthatdate.