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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Constellation Energy Corporation | NASDAQ:CEG | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
6.84 | 3.09% | 228.00 | 227.00 | 231.40 | 236.30 | 221.64 | 223.02 | 2,672,032 | 01:00:00 |
Earnings Release Highlights
Constellation Energy Corporation (Nasdaq: CEG) today reported its financial results for the fourth quarter and full year 2023.
“We had extremely strong financial and operational performance as our nuclear fleet continued to achieve unmatched reliability, allowing us to deliver carbon-free energy to our customers in all hours of the day under some of the harshest weather conditions in decades,” said Joe Dominguez, president and CEO of Constellation. “Our generation fleet was matched by an industry-leading commercial business serving the most competitive large industrial customers and three-fourths of the Fortune 100 last year, including top names in technology and other industries seeking to drive economic growth with clean energy across our nation. We took a disciplined approach to growing our business in 2023, completing our acquisition of a partial stake in the South Texas Project nuclear plant, repowering our wind assets, taking steps to extend the life of our nuclear plants and investing in new equipment to increase their output. We are delivering our hourly-matched carbon-free energy product to top sustainability leaders, and our results reflect growing acknowledgement by our customers that nuclear energy delivers unique value that can’t be matched anywhere in the marketplace.”
“Our high investment grade balance sheet and the competitive advantage of our integrated generation and commercial business delivered exceptional financial performance in 2023, earning $4.025 billion in adjusted EBITDA, up from $2.667 billion in the previous year and over $900 million above the midpoint of our original guidance,” said Dan Eggers, chief financial officer of Constellation. “We continue to invest in organic and inorganic growth opportunities, while doubling our dividend, completing our $1 billion share repurchase program and authorizing a second $1 billion repurchase program in December.”
Investor and Analyst Webcast Information
We will host a virtual investor and analyst event via webcast to highlight Constellation’s business and earnings outlook for 2024 and beyond, scheduled for tomorrow at 8:30 a.m. Eastern Time. The webcast and associated materials can be accessed at https://investors.constellationenergy.com.
Fourth Quarter 2023
Our GAAP Net Loss for the fourth quarter of 2023 was ($36) million, down from $34 million GAAP Net Income in the fourth quarter of 2022. Adjusted EBITDA (non-GAAP) for the fourth quarter of 2023 increased to $1,137 million from $605 million in the fourth quarter of 2022. For the reconciliations of GAAP Net Income (Loss) to Adjusted EBITDA (non-GAAP), refer to the tables beginning on page 4.
Adjusted EBITDA (non-GAAP) in the fourth quarter of 2023 primarily reflects:
Full Year 2023
Our GAAP Net Income for 2023 was $1,623 million, compared to ($160) million GAAP Net Loss in 2022. Adjusted EBITDA (non-GAAP) for 2023 increased to $4,025 million from $2,667 million in 2022.
Adjusted EBITDA (non-GAAP) for the full year 2023 primarily reflects:
Recent Developments and 2023 Highlights
GAAP/Adjusted EBITDA (non-GAAP) Reconciliation
Adjusted EBITDA (non-GAAP) for the three and twelve months ended December 31, 2023 and 2022 does not include the following items that were included in our reported GAAP Net Income:
Three Months Ended December 31,
Twelve Months Ended December 31,
(in millions)
2023
2022
2023
2022
GAAP Net Income (Loss) Attributable to Common Shareholders
$
(36
)
$
34
$
1,623
$
(160
)
Income Tax (Benefit) Expense
158
133
840
(339
)
Depreciation and Amortization
288
272
1,096
1,091
Interest Expense, Net
139
64
431
251
Unrealized Loss (Gain) on Fair Value Adjustments
1,002
413
658
1,058
Asset Impairments
—
—
71
—
Plant Retirements and Divestitures
—
(7
)
(28
)
(11
)
Decommissioning-Related Activities
(439
)
(306
)
(716
)
820
Pension & OPEB Non-Service Credits
(14
)
(31
)
(54
)
(116
)
Separation Costs
17
41
101
140
Acquisition Related Costs
9
—
12
—
ERP System Implementation Costs
5
6
25
22
Change in Environmental Liabilities
15
(2
)
43
10
Prior Merger Commitment
—
—
—
(50
)
Noncontrolling Interests
(7
)
(12
)
(77
)
(49
)
Adjusted EBITDA (non-GAAP)
$
1,137
$
605
$
4,025
$
2,667
________ 1Prior year dispatch match and energy capture was previously reported as 96.6% and 95.9%, respectively. The update reflects a change to include the Conowingo run-of-river hydroelectric operational performance within renewable energy capture, and remove the performance from dispatch match.
About Constellation
A Fortune 200 company headquartered in Baltimore, Constellation Energy Corporation (Nasdaq: CEG) is the nation’s largest producer of clean, carbon-free energy and a leading supplier of energy products and services to businesses, homes, community aggregations and public sector customers across the continental United States, including three fourths of Fortune 100 companies. With annual output that is nearly 90% carbon-free, our hydro, wind and solar facilities paired with the nation’s largest nuclear fleet have the generating capacity to power the equivalent of 16 million homes, providing about 10% of the nation’s clean energy. We are further accelerating the nation’s transition to a carbon-free future by helping our customers reach their sustainability goals, setting our own ambitious goal of achieving 100% carbon-free generation by 2040, and by investing in promising emerging technologies to eliminate carbon emissions across all sectors of the economy.
Non-GAAP Financial Measures
In analyzing and planning for our business, we supplement our use of net income as determined under generally accepted accounting principles in the United States (GAAP), with Adjusted EBITDA (non-GAAP) as a performance measure. Adjusted EBITDA (non-GAAP) reflects an additional way of viewing our business that, when viewed with our GAAP results and the accompanying reconciliation to GAAP net income included above, may provide a more complete understanding of factors and trends affecting our business. Adjusted EBITDA (non-GAAP) should not be relied upon to the exclusion of GAAP financial measures and is, by definition, an incomplete understanding of our business, and must be considered in conjunction with GAAP measures. In addition, Adjusted EBITDA (non-GAAP) is neither a standardized financial measure, nor a presentation defined under GAAP and may not be comparable to other companies’ presentations or deemed more useful than the GAAP information provided elsewhere in this press release and earnings release attachments. We have provided the non-GAAP financial measure as supplemental information and in addition to the financial measures that are calculated and presented in accordance with GAAP. Adjusted EBITDA (non-GAAP) should not be deemed more useful than, a substitute for, or an alternative to the most comparable GAAP Net Income measure provided in this earnings release and attachments. This press release and earnings release attachments provide reconciliations of Adjusted EBITDA (non-GAAP) to the most directly comparable financial measures calculated and presented in accordance with GAAP and are posted on our website: www.ConstellationEnergy.com, and have been furnished to the Securities and Exchange Commission on Form 8-K on February 27, 2024.
Cautionary Statements Regarding Forward-Looking Information
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties. Words such as “could,” “may,” “expects,” “anticipates,” “will,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “predicts,” and variations on such words, and similar expressions that reflect our current views with respect to future events and operational, economic, and financial performance, are intended to identify such forward-looking statements.
The factors that could cause actual results to differ materially from the forward-looking statements made by Constellation Energy Corporation and Constellation Energy Generation, LLC, (Registrants) include those factors discussed herein, as well as the items discussed in (1) the Registrants' 2023 Annual Report on Form 10-K (to be filed on February 27, 2024) in (a) Part I, ITEM 1A. Risk Factors, (b) Part II, ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, and (c) Part II, ITEM 8. Financial Statements and Supplementary Data: Note 19, Commitments and Contingencies, and (2) other factors discussed in filings with the SEC by the Registrants.
Investors are cautioned not to place undue reliance on these forward-looking statements, whether written or oral, which apply only as of the date of this press release. Neither of the Registrants undertakes any obligation to publicly release any revision to its forward-looking statements to reflect events or circumstances after the date of this press release.
Constellation Energy Corporation
GAAP Consolidated Statements of Operations and
Adjusted EBITDA (non-GAAP) Reconciling Adjustments
(unaudited)
(in millions, except per share data)
Three Months Ended December 31, 2023
Three Months Ended December 31, 2022
GAAP (a)
Non-GAAP Adjustments
GAAP (a)
Non-GAAP Adjustments
Operating revenues
$
5,796
$
(84
)
(b),(c)
$
7,333
$
(713
)
(b),(c)
Operating expenses
Purchased power and fuel
4,018
(898
)
(b)
5,708
(1,125
)
(b)
Operating and maintenance
1,422
(83
)
(c),(d),(f),(l),(n)
1,375
(86
)
(c),(d),(f),(g),(l)
Depreciation and amortization
288
(288
)
(h)
272
(272
)
(h)
Taxes other than income taxes
134
—
138
—
Total operating expenses
5,862
7,493
Gain (loss) on sales of assets and businesses
(1
)
—
(12
)
—
Operating income (loss)
(67
)
(172
)
Other income and (deductions)
Interest expense, net
(139
)
139
(i)
(64
)
64
(i)
Other, net
349
(326
)
(b),(c),(e),(m)
383
(367
)
(b),(c),(d),(e),(f),(g),(j),(m)
Total other income and (deductions)
210
319
Income (loss) before income taxes
143
147
Income tax (benefit) expense
182
(182
)
(j)
116
(116
)
(j)
Equity in income (losses) of unconsolidated affiliates
—
—
(4
)
—
Net income (loss)
(39
)
27
Net income (loss) attributable to noncontrolling interests
(3
)
7
(k)
(7
)
12
(k)
Net income (loss) attributable to common shareholders
$
(36
)
$
34
Effective tax rate
127.3
%
78.9
%
Earnings per average common share
Basic
$
(0.11
)
$
0.10
Diluted
$
(0.11
)
$
0.10
Average common shares outstanding
Basic
320
328
Diluted
321
329
__________ (a)
Results reported in accordance with GAAP.
(b)Adjustment for mark-to-market on economic hedges and fair value adjustments related to gas imbalances and equity investments.
(c)Adjustment for all gains and losses associated with NDTs, ARO accretion, ARO remeasurement, and any earnings neutral impacts of contractual offset for Regulatory Agreement Units.
(d)Adjustment for certain incremental costs related to the separation (system-related costs, third-party costs paid to advisors, consultants, lawyers, and other experts assisting in the separation), including a portion of the amounts billed to us pursuant to the TSA.
(e)Adjustment for Pension and Other Postretirement Employee Benefits (OPEB) Non-Service credits.
(f)Adjustment for costs related to a multi-year ERP system implementation.
(g)Adjustments related to plant retirements and divestitures.
(h)Adjustment for depreciation and amortization expense.
(i)Adjustment for interest expense.
(j)Adjustment for income taxes.
(k)Adjustment for elimination of the noncontrolling interest related to certain adjustments.
(l)Adjustment for certain changes in environmental liabilities.
(m)Adjustment includes amounts contractually owed to Exelon under the TMA.
(n)Adjustment for acquisition related costs.
Constellation Energy Corporation
GAAP Consolidated Statements of Operations and
Adjusted EBITDA (non-GAAP) Reconciling Adjustments
(unaudited)
(in millions, except per share data)
Twelve Months Ended December 31, 2023
Twelve Months Ended December 31, 2022
GAAP (a)
Non-GAAP Adjustments
GAAP (a)
Non-GAAP Adjustments
Operating revenues
$
24,918
$
(1,404
)
(b),(c)
$
24,440
$
1,184
(b),(c)
Operating expenses
Purchased power and fuel
16,001
(2,365
)
(b)
17,462
138
(b)
Operating and maintenance
5,685
(343
)
(c),(d),(f),(l),(o),(p)
4,841
(28
)
(c),(d),(e),(f),(g),(l),(n)
Depreciation and amortization
1,096
(1,096
)
(h)
1,091
(1,091
)
(h)
Taxes other than income taxes
553
—
552
(2
)
(d)
Total operating expenses
23,335
23,946
Gain (loss) on sales of assets and businesses
27
(27
)
(g)
1
1
(g)
Operating income (loss)
1,610
495
Other income and (deductions)
Interest expense, net
(431
)
431
(i)
(251
)
251
(i)
Other, net
1,268
1,184
(b),(c),(e),(m)
(786
)
845
(b),(c),(d),(e),(g),(j),(m)
Total other income and (deductions)
837
(1,037
)
Income (loss) before income taxes
2,447
(542
)
Income tax (benefit) expense
859
(859
)
(j)
(388
)
388
(j)
Equity in income (losses) of unconsolidated affiliates
(11
)
—
(13
)
—
Net income (loss)
1,577
(167
)
Net income (loss) attributable to noncontrolling interests
(46
)
77
(k)
(7
)
49
(k)
Net income (loss) attributable to common shareholders
$
1,623
$
(160
)
Effective tax rate
35.1
%
71.6
%
Earnings per average common share
Basic
$
5.02
$
(0.49
)
Diluted
$
5.01
$
(0.49
)
Average common shares outstanding
Basic
323
328
Diluted
324
329
__________ (a)
Results reported in accordance with GAAP.
(b)Adjustment for mark-to-market on economic hedges and fair value adjustments related to gas imbalances and equity investments.
(c)Adjustment for all gains and losses associated with NDTs, ARO accretion, ARO remeasurement, and any earnings neutral impacts of contractual offset for Regulatory Agreement Units.
(d)Adjustment for certain incremental costs related to the separation (system-related costs, third-party costs paid to advisors, consultants, lawyers, and other experts assisting in the separation), including a portion of the amounts billed to us pursuant to the TSA.
(e)Adjustment for Pension and OPEB Non-Service credits.
(f)Adjustment for costs related to a multi-year ERP system implementation
(g)Adjustments related to plant retirements and divestitures.
(h)Adjustment for depreciation and amortization expense.
(i)Adjustment for interest expense.
(j)Adjustment for income taxes.
(k)Adjustment for elimination of the noncontrolling interest related to certain adjustments.
(l)Adjustment for certain changes in environmental liabilities.
(m)Adjustment includes amounts contractually owed to Exelon under the tax matters agreement.
(n)Reversal of a charge related to a prior 2012 merger commitment.
(o)Adjustment for an asset impairment.
(p)Adjustment for acquisition related costs.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240226437222/en/
Emily Duncan Investor Relations 833-447-2783 investorrelations@constellation.com Paul Adams Corporate Communications 667-218-7700 paul.adams@constellation.com
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