Commonwealth Edison parent Exelon Corp., helped by continued strong performance from its energy-generation subsidiary, returned to profitability in the third quarter.
In the year-ago period, Exelon reported a net loss of $44 million, or 7 cents a share, largely because of a $776 million write-down the Chicago-based utility holding company recorded on the value of its ComEd assets.
In the latest period, Exelon had net income of $780 million, or $1.15 a share.
Revenue rose 14 percent, to $5.03 billion, from the year-earlier period’s $4.4 billion.
The company’s “very fine third quarter,” said Exelon Chairman and Chief Executive John Rowe, reflects stronger profit margins from the company’s fleet of nuclear generating plants, warmer weather and other factors.
Those results were partially offset, Rowe said, by lower earnings at ComEd, which faced higher costs and also recorded an $80 million, or 12 cents a share, charge for costs associated with the company’s recently announced plan to provide rate relief to Illinois consumers.
Excluding one-time items in both periods, Exelon said, profit was $823 million, or $1.21 a share, up from $690 million, or $1.02 a share, a year earlier.
The company’s profit performance was in line with analyst forecasts, and Exelon on Friday reaffirmed its guidance that full-year adjusted earnings will be in the range of $4.15 to $4.30 a share.
Exelon shares gained $1.99, to $80.22, on the New York Stock Exchange.
In other earnings news:
– Fortune Brands Inc. said third-quarter earnings moved higher, as stronger sales in the Deerfield conglomerate’s liquor group “tempered the impact” of the housing sector’s decline.
In the latest quarter, Fortune’s net income rose 38 percent, to $208.9 million, or $1.33 a share, from the year-ago period’s net of $151.3 million, or 98 cents a share.
The earlier quarter was hurt by a big one-time charge. Excluding special items, Fortune’s earnings were up a more modest 4.9 percent, at $211.1 million, or $1.35 a share, compared with $201.2 million, or $1.30 a share.
Fortune is a big maker of spirits and wine, with such brands as Jim Beam and Maker’s Mark bourbon. Profit in that group climbed even though Fortune has significantly bolstered its marketing outlays. Fortune is also a maker of hardware and other items used in home construction and remodeling, cabinetry and Moen brand faucets, which have been hit by the downturn in the housing sector.
Shares gained 90 cents, to $83.72, in NYSE trading.
– Weak boat sales and a damaging one-time charge combined to give Brunswick Corp. a big third-quarter operating loss, but because the results weren’t as gruesome as analysts forecast, shares of the Lake Forest-based recreational products-maker surged Friday.
Brunswick is a leading maker of pleasure boats and marine engines, and as the U.S. economy has lost steam the last several quarters, consumers have been deferring purchases of big-ticket items.
In the latest quarter, Brunswick reported a net operating loss of $23.7 million, or 27 cents a share, compared with operating net income a year earlier of $50.4 million, or 54 cents a share.
Including one-time gains and results from discontinued operations, Brunswick posted net income of $1.9 million, or 2 cents a share, compared with $36.5 million, or 39 cents, a year ago.
Sales slipped less than 1 percent, to $1.33 billion from $1.34 billion.
Bottom-line results were skewed in both quarters by special items. The most prominent was a $66.4 million charge Brunswick took in the latest quarter to write down the book value of some of its boat brands, given the weak market.
Brunswick shares rose $1.66, or more than 8 percent, to $21.86, in NYSE trading.
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jpmiller@tribune.com
