The utility Tuesday reported net income of $406 million, or $1.22 a share. That's up from the previous year's $361 million, or $1.11 a share.

Adjusted operating earnings fell due to decreased revenue at Exelon's Com-Ed subsidiary and nuclear refueling outages. Excluding other losses at Exelon Enterprises and Exelon
Generation, the company's profit was $1.26 per share.

Analysts surveyed by Thomson First Call had forecast first-quarter earnings of $1.24 a share.