“We expect the revenue shaping and O&M timing to reverse in the balance of the year.”

In context

“e same period. Earnings are higher in the first quarter relative to the same period last year, primarily driven by $0.14 of new distribution and transmission rates in effect across our jurisdictions, $0.03 of favorable weather at PECO and $0.02 of tax repairs timing partially offset by $0.03 of higher interest expense due to higher levels of debt at increased interest rates. As anticipated, results are also impacted by timing at ComEd, which totaled $0.09 for the quarter and includes $0.02 due to the lower revenue recognition in 2024, as we awaited updated rates from the rehearing order and eventual approval of our refiled grid plan. The remaining $0.07 is due to year-over-year revenue shaping and O&M timing including higher storm and IT project related spend in the first quarter of 2024. We expect the revenue shaping and O&M timing to reverse in the balance of the year. These results are slightly ahead of our indications on the fourth quarter call primarily due to this timing of O&Ms as well as timing of tax repairs. As we look ahead, our second quarter earnings are expected to be approximately 14% of the midpoint of our projected full year earnings guidance range, which contemplates partial reversal of the ComEd timing along with normal weather and storm activity. In combination with Q1 results, this would result in recognizing 48% of projected full year earnings in the first half of the year, consistent with seasonal shaping in prior years, allowing us to remain on track for full year operating earnings of $2.64 to $2.74 per share with the goal to be at the midpoint or better. Finally, we are reaffirming our annualized earnings growth rate of 5% to 7%”