BALTIMORE – Constellation Vitality Company (NASDAQ:CEG) reported third-quarter earnings that surpassed analyst expectations, however its shares tumbled 7%.
The power big posted adjusted earnings per share of $2.74 for the third quarter, beating the analyst consensus of $2.63. Income for the quarter got here in at $6.55 billion, considerably above the estimated $5.71 billion and representing a considerable improve from the identical interval final yr.
The corporate narrowed and raised the midpoint of its full-year 2024 adjusted earnings steerage to a variety of $8.00 to $8.40 per share, in comparison with the analyst consensus of $8.05. This steerage represents an enchancment from the earlier vary of $7.60 to $8.40.
CEO Joe Dominguez highlighted the corporate’s current 20-year energy buy settlement with Microsoft (NASDAQ:), stating, “Our customers are looking for clean, emissions-free energy that they can rely on in every hour of every day, and nothing exemplifies that imperative more than our 20-year agreement with Microsoft to restart the Crane Clean Energy Center.”
The corporate’s nuclear fleet, together with owned output from Salem and South Texas Venture Producing Stations, produced 45,510 gigawatt-hours in Q3, up from 44,125 gigawatt-hours in the identical quarter final yr. The nuclear crops achieved a 95.0% capability issue, excluding Salem and STP, in comparison with 97.2% in Q3 2023.
Constellation additionally introduced plans to restart Three Mile Island Unit 1, renamed because the Crane Clear Vitality Middle, which was retired in 2019. The venture is anticipated to require roughly $1.6 billion in capital expenditures, with an estimated in-service date of 2028.
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