By Dave Sebastian

Exelon Corp. said its profit and revenue fell for the fourth quarter as utility earnings slid partly due to unfavorable weather at PECO and a decline in Generation earnings due to lower realized energy prices.

The Chicago-based utility on Wednesday posted net income attributable to shareholders of $360 million, down from $773 million in the year-ago period. Earnings were 37 cents a share, compared with 79 cents a share in the same period a year earlier.

Adjusted operating earnings were 76 cents a share, beating the 69 cents a share analysts polled by FactSet had expected.

Operating revenues fell to $8.12 billion from $8.34 billion. Analysts were looking for $7.9 billion.

"While we are proud of these results, looking ahead we must reckon with the impact of the devastating winter storms that overwhelmed the electric grid and disrupted millions of lives across Texas last week," Finance Chief Joseph Nigro said. "Though our gas plants routinely plan and train for harsh weather, this was an unprecedented and sustained winter event that caused periodic outages and severe financial impacts."

The company said utility earnings also decreased due to a fall in treasury rates at ComEd. Exelon said Generation earnings fell because of a reduction in load due to the Covid-19 pandemic, increased nuclear outage days and the absence of research and development income-tax benefits recognized in the fourth quarter of 2019.

Write to Dave Sebastian at dave.sebastian@wsj.com

(END) Dow Jones Newswires

02-24-21 0756ET