Exelon Cuts Forecast for 3rd Quarter
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Exelon Corp., the largest U.S. nuclear energy producer, said third-quarter profit will miss its forecast and that it plans to cut 450 more jobs. Shares fell as much as 23%.
Exelon, which owns utilities in Chicago and Philadelphia, expects to earn $1.10 to $1.20 a share this quarter, a spokesman said. The company had said it would earn about $1.35 to $1.80.
Electricity demand has declined with the slowing economy and cooling weather, damping Exelon’s profit. Orders also have declined at Exelon’s telecommunications networks business.
The Chicago-based company already had announced the elimination of 2,900 jobs as part of the merger that created it last year.
Exelon shares fell $5.95 to close at $44.50 on the NYSE. The stock had fallen 28% this year.
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